By Dana Niland
CJ Contributor

Is Puerto Rico the Caribbean’s next big luxury real estate market?

A study by Christie’s International Real Estate has identified Puerto Rico as one of the world’s top emerging luxury real estate markets.

The country’s first appearance in the company’s report, Luxury Defined, follows a 105 percent luxury sales growth over the course of 2013-2014, spurred by the establishment of its status as a tax haven in 2012.

“The confluence of the island’s distinct tax advantages and strong appeal as a tropical luxury destination that is a U.S. territory are enticing prospects seeking the unique, Puerto Rico lifestyle,” said Leticia Brunet Gonzalez, President of Trillion Realty Group, the exclusive Christie’s International Real Estate affiliate in Puerto Rico. “Investors have also been revitalizing resort property and developing luxury residences, signaling that the Puerto Rican real estate market is ripe with opportunity.”

The study determines a value for “What defines luxury” for homes in key regional markets– for Puerto Rico, the number is $1 million.

In Puerto Rico, $1 million home sales increased by an average of 16 percent over 2014, and currently comprise about 10 percent of the home market.

“As the report showcases, Puerto Rico’s luxury real estate market is rapidly ascending, and global consumers are taking notice,” Gonzalez said. The island has clearly come into its own.”