Categorized | International

Puerto Rico Housing Market is Booming

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While the majority of the United States is dealing with a struggling real estate market, Puerto Rico has enjoyed great success, particularly with respect to overall sales volume.

In just the past ten months, Puerto Rico has seen an increase of eighty percent in new home sales. This increase in sales has been attributed to the great success of an incentive plan or stimulus program that was initiated on the island. The program itself has been successful, much due in part to the tax breaks it provides to both buyers and sellers.

There are a number of individuals, including Puerto Rican Governor Luis Fortuño, that believe that the success of Puerto Rico’s housing stimulus program could serve as a blueprint to help the United States break out of its economic slump. The real estate market in the United States has been abysmal at best in many states, and citizens and officials alike would be open to any potential plan that could bring a positive outcome to the housing outlook.

However, both federal and state officials agree that it would be entirely too difficult to implement such a program on a much grander national level. Furthermore, many states are facing massive budget deficits that make any kind of tax break stimulus program nothing more than a fantasy.

Others are quick to point out that such incentives to sellers and buyers were also a major cause of the housing crisis that has now crippled the United States.

Although some are quick to downplay the success of the program, it is clear that Puerto Rico’s housing market has changed for the better.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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