Puerto Rico’s economy has been struggling significantly in recent years — and that’s translated to the real estate market, too, where prices are dropping in most municipalities on the island.
But that’s not the case in the resort town of Dorado, likely the only city in Puerto Rico actually showing gains in home prices, according to a report from Point2 Homes.
Among municipalities in Puerto Rico with more than 13,000 people, Dorado, located about 15 miles outside of San Juan, is the only place with positive home price growth.
Indeed, Dorado, home to some of the island’s toniest villas and hotels, has seen a 15 percent increase in asking prices in the last three years.
“The price gain seems to show that investors are quite interested in luxury property on the island despite the hardships the Puerto Rican economy has been facing for over a decade,” Point2 Homes says.
Dorado also has the highest median asking price in Puerto Rico, which most recently came in at $415,000, a 15 percent jump since 2013.