Market Spotlight – “Historically Puerto Rico has had a strong tourist community with real estate mostly owned by locals, says Margaret Pena Juvelier, owner and president Puerto Rico Sotheby’s International Realty. Hit hard by the downturn of the market, it is rebounding, which has translated into opportunity buying. Inventory is moving at a faster pace, and we are definitely seeing an uptick in the market on the luxury end. Many new buyers are coming into the market directly from new tax incentive laws that were passed and are attracting buyers from all over, especially within the United States. Record prices have been set in resort, beachfront communities such as the new Ritz Carlton Reserve at Dorado Beach and the Trump Founders Residences. These buyers are seizing the opportunity to purchase well and take advantage of these incentives. The lifestyle here is cosmopolitan, cultured and tropical as well as extremely diverse. I believe Puerto Rico will be the new Riviera of the Caribbean!”
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By Morissa Wagner Szmyt, | Director Social Media
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