Loading...Puerto Rico Real Estate For Sale
Tucked away in the northeastern portion of the Caribbean Sea, around 1K miles southeast of Miami, lies the picturesque island of Puerto Rico, nestled between the Dominican Republic and the U.S. Virgin Islands. This country offers a vibrant Caribbean culture, warm weather, and stunning beaches. If you’re buying Puerto Rico real estate, options go from luxury condos along the oceanfront to suburban homes in the countryside. Purchasing homes for sale in Puerto Rico is like living abroad but with simpler processes and paperwork due to its status as an unincorporated U.S. territory.
More About Puerto Rico Real Estate
Puerto Rico, Puertorro, Borinquen… each of these names refers to the Commonwealth of Puerto Rico, an unincorporated territory of the United States with roughly 3.2 million people. Puerto Rico is one of the four largest Caribbean islands and consists of the main island, with an area of 3,425 square miles, in addition to five smaller ones: Vieques, Culebra, Mona, Desecheo, and Caja de Muertos. Only Vieques and Culebra have year-round inhabitants.
Geographically, the island exhibits an array of majestic mountains, complemented by expansive coastal regions on its north and south ends. Puerto Rico's diversity and vast history has shaped the island's cultural landscape and made it what it is today. Puerto Ricans are Latinos with U.S. citizenship by birth. They are a vibrant and passionate race who thrive on their historical traditions and have embraced Spanish and English as their official languages.
Puerto Rico Main Cities
Puerto Rico Real Estate Market
The Puerto Rico real estate market is a seller’s market with high demand but scarce inventory available for primary residence buyers. However, investing in Puerto Rico real estate for a profit is highly desirable on the island. According to a local agent, “the short rental market is a boom in Puerto Rico right now and not only in coastal areas but also in the countryside.”
The average price for Puerto Rico real estate is around $150K right now, but depending on where you look, you can find a range of properties to suit pretty much any budget. If you’re buying Puerto Rico real estate, dwellings and undeveloped real estate go from bargains priced at $70K or under to multi-million dollar estates and mansions in gated communities along the oceanfront with golf course access and lavish amenities.
Properties in desirable or high-demand areas, like the capital city of San Juan, only last weeks on the market, “but the average time to close a transaction in Puerto Rico is around 60-90 days,” revealed our local source.
Buying property in Puerto Rico is an immense opportunity for American citizens since the island -being a U.S. Commonwealth- has no restrictions on ownership. After cryptocurrency millionaires and media personalities started to move to the island, Puerto Rico has seen a large proportion of Americans (and people from other countries) investing in Puerto Rico real estate. This is mainly due to the tax benefit offered by Act 60-20-22 that reduces tax rates to 4%.
Property Types in Puerto Rico
The most common housing types in Puerto Rico are single-family homes for sale, commonly with two or three bedrooms, and condominiums. The condos for sale in Puerto Rico come in different sizes, shapes, and prices. They also offer an array of amenities that go from regular to luxurious. The best units, though, can be found in high-rise buildings in San Juan, along the beach strip.
Houses and condos in Puerto Rico are highly popular living options, particularly in seaside locations, including Old San Juan, Santurce, Condado, and Dorado. However, markets with no water views, like Caguas, also offer great homeownership opportunities for first-time homebuyers looking for more suburban or rural lifestyles near great amenities and options for outdoor explorations. There are also townhouses for sale in Puerto Rico but in much lower quantities.
Puerto Rico City & Municipality Sampler
San Juan
As Puerto Rico's capital and most populous hub, San Juan real estate is the island's most desired and high-value market. Currently, San Juan real estate sells for a median price of $420K, and you can find single-family homes, San Juan condos, and townhouses spread throughout.
San Juan offers the opportunity to live a life of comfort and convenience with all major amenities ranging from world-class shopping to superb dining and entertainment options right at your doorstep. The city has 18 barrios (Spanish for neighborhoods), some of the most popular ones being Old San Juan, Condado, Santurce, Ocean Park, and Hato Rey. The best educational and healthcare options are also in San Juan.
Ponce
The city (and municipality) of Ponce is situated on the southern coast of the island of Puerto Rico, around an-hour-and-half drive from the capital, and is home to over 137K people. Living in Ponce real estate gives you access to some of the best weather, cuisine, and culture the Caribbean offers year-round. Popular attractions in Ponce include the Museo de Arte de Ponce and Paseo Tablado La Guancha, an oceanfront boardwalk lined with eateries and bars.
Ponce might not be as crowded as San Juan. However, it still offers a bustling urban atmosphere with plenty of recreational activities, a well-kept old town, and breathtaking ocean views with a backdrop of the central mountain range. Ponce also boasts popular suburbs such as Tallaboa Poniente and Bucaná. The median sale price of Ponce real estate is an affordable $130K, and potential homebuyers can find primarily single-family homes for sale here.
Ponce Zip Codes: 00717, 00730, 00733, 00734
Caguas
Nestled in the Central Mountain Range of Puerto Rico is the lovely city and municipality of Caguas, around 87 kilometers northeast of Ponce and 34 kilometers south of San Juan. Caguas has a population of 127K and is primarily suburban with a relatively affordable cost of living and Puerto Rico real estate at a median price of $155K.
This town's landmarks and places of interest include museums, historic buildings, various parks, and natural protected areas such as Aguas Buenas Cave and Caverns System Nature Reserve, and Carite State Forest and Reserve.
Real estate in Caguas is mostly single-family detached houses with some condos peppered here and there. Homes are commonly two to three-bedroom affairs with one or two stories on medium-sized lots. Prices can range from $75K for a small fixer-upper to $700K for a large estate in a close community with mountain views, golf course access, and luxurious community amenities such as pool, gym, and sports courts.
Caguas Zip Codes: 00725, 00726, and 00727.
Bayamón
Bayamón is considered a suburb of San Juan, located along the northern coastal valley, sprawling over 11 neighborhoods and Bayamón Pueblo. Purchasing Bayamón real estate will cost a median price of $142.5K, which is a steal to have a great quality of life while being close to everything San Juan offers.
Bayamon is an ideal city for anyone interested in Puerto Rico real estate, providing homebuyers with options that range between single-family homes and spacious condos. Real estate prices are decreasing, making it the perfect place to get more for your money. Additionally, Bayamon's affordability and access to job opportunities make it an excellent option for families and entrepreneurs.
Living here has many benefits, such as culturally relevant street art, diverse internal cuisines, beautiful parks, and a general laidback attitude unparalleled elsewhere on the island.
Bayamón Zip Codes: 00782, 00934, 00956, 00957.
Puerto Rico Schools
In Puerto Rico, the public education system is similar to the U.S. system, and children aged 6 to 17 are mandated by law to attend school. Residents in Puerto Rico real estate can attend public or private schools. According to recent data, there are around 1,500 public schools and more than 800 private schools in Puerto Rico.
The Puerto Rican government's Department of Education and the Puerto Rican Education Council supervise, regulate, and execute education in Puerto Rico. The education levels are divided as follows:
- Preschool or Nursery School: Children ages 3-5.
- Kindergarten: Children of 5 years of age.
- Primary or Elementary: Grades 1st through 6th and ages 6-12.
- Lower Secondary, Intermediate, or Junior High: Grades 7th through 9th and ages 12-14.
- Upper secondary or high school: Grades 10th through 12th and ages 15-17.
After finishing high school, students pass to higher education. There are approximately 50 higher education institutions in Puerto Rico, and all, public or private, follow the American model. After two years of study, students receive undergraduate associate degrees.
A bachelor's degree (what's called Licenciatura) is then awarded after four years of dedicated learning. Graduate research degrees are also obtainable in Puerto Rico, ranging from a Master of Arts to a Ph.D./Doctorate.
It is important to note that Spanish is the language of instruction for all primary and secondary schools, except for special English classes. Both English and Spanish are employed at the university level, depending on the instruction content and the professor.
In public pre-university settings, textbooks are solely in Spanish - excluding English classes, whereas at the university level, either a Spanish or an English version may be available. Keep reading for a list of schools in Puerto Rico and where they are located:
Public Schools In Puerto Rico
Elementary Schools
- Ernestina Bracero Pérez Elementary School - Toa Baja
- Martin G. Brumbaugh Elementary School - Santa Isabel
- Henry VIII Elementary School - San Juan
- Escuela Elemental Eleanor Roosevelt - San Juan
- Antilles Elementary School - Bayamón
- Martin G. Brumbaugh Elementary School - San Juan
Middle Schools
- María Libertad Gómez Middle School - Toa Baja
- Antilles Middle School - Bayamón
- Escuela Intermedia Eduardo J. Saldaña - Carolina
- Escuela Intermedia Basilio Milán Hernández - Toa Baja
- Escuela Intermedia El Coqui - Salinas
- Escuela Luis Muñoz Rivera - Lajas
- Escuela intermedia Jardines de Ponce - Ponce
High Schools
- Inés M. Mendoza Vda De Munoz Marin - San Juan
- Escuela Bernardino Cordero Bernard - Ponce
- Escuela Dra. María Socorro Lacot - Guayama
- Escuela Superior Vocacional Nueva Antonio Lucchetti - Arecibo
Private Schools In Puerto Rico
- Saint John's School - San Juan
- Cupeyville School - Ponce
- Academia del Perpetuo Socorro - San Juan
- Borinquen Bilingual School - Borinquen
- Thomas Alva Edison School - Caguas
Colleges & Universities in Puerto Rico
- University of Puerto Rico, Rio Piedras Campus
- American University of Puerto Rico - Bayamón Campus
- Inter American University Of Puerto Rico - Bayamon Campus
- Atlantic University College
- EDP University - Recinto de Hato Rey
- NUC University - Recinto de Ponce
Frequently Asked Questions About Puerto Rico Real Estate
What Is The Zip Code For Puerto Rico?
As a United States commonwealth, Puerto Rico is part of the U.S. zip code system. Puerto Rico real estate is located in the zip codes ranging from 00600 to 00799 and from 00900 to 00999. The sectional center facility (SCF) of San Juan provides service to both the U.S. Virgin Islands and Puerto Rico. Here are some popular Puerto Rico zip codes per area:
- Aguadilla 00603
- Arecibo 00612
- Barceloneta 00617
- Bayamón 00956, 00957, 00959, 00961
- Cabo Rojo 00623
- Carolina 00979, 00982, 00983, 00985, 00987
- Culebra 00775
- Dorado 00646
- Fajardo 00738
- Guaynabo 00965, 00966, 00968, 00969, 00971
- Humacao 00791
- Isabela 00662
- Mayaguez 00680, 00682
- Ponce 00716, 00717, 00728, 00730, 00731
- Rincón 00677
- Río Grande 00721, 00745
- San Juan 00921
- Hato Rey 00917, 00919
- Río Piedras 00925, 00926, 00927, 00928
- Santurce 00907, 00908
- Utuado 00641
- Vieques 00765
What Are The Major Airports In Puerto Rico?
Puerto Rico has three main airports: Luis Munoz Marin International Airport in San Juan, Rafael Hernández International Airport in Mayaguez, and Mercedita International Airport in Ponce.
Luis Muñoz Marín is the biggest of these airports; it's the hub for all international flights, both direct and connecting, and for local airlines within Puerto Rico. Mercedita is more regional, with flights limited to connecting via other nearby cities like Santo Domingo or Jamaica.
The smallest airport of the trio is Rafael Hernández in Mayagüez, which services flights mainly from larger East Coast airports like New York's JFK or Boston's Logan. If you're looking for small airports that offer private flights and charters near Puerto Rico real estate, explore Ceiba, Arecibo, Mayagüez, Fajardo, or Humacao.
Do US Citizens Pay Taxes In Puerto Rico?
Regardless of your home address, if you are an American citizen or possess a green card and decide to relocate to Puerto Rico real estate, the U.S. government will still demand taxes on all income you earn. Fortunately, if you are a legitimate (bona fide) resident of Puerto Rico for an entire taxable year, then your income from sources within Puerto Rico can be excluded when filing U.S. federal income tax returns.
Is Puerto Rico A Good Country For Americans to Retire?
Puerto Rico's real estate market has been slowly stabilizing, and while most of the prospective buyers are looking for vacation homes or are investors looking to add rentals to their real estate portfolios, some real estate agents on the island believe the next step is promoting Puerto Rico as retirement spot, just like Costa Rica and the Dominican Republic.
At the moment, most of the retirees purchasing Puerto Rico real estate are Puerto Ricans moving back to the island after living and working on the mainland for years. There are also some Americans entering their golden years and seeking a vacation home to turn it into their little Caribbean refuge.
And none of them are wrong. Puerto Rico can be a great retirement destination for those looking for a warm tropical climate, a welcoming atmosphere, and breathtaking scenery. There are also good private healthcare options, lower living costs, and lower taxes in la isla.
Is Puerto Rico A Good Place To Invest In Real Estate?
Purchasing Puerto Rico real estate is a great opportunity for investors who want to maximize their profits. With a median sale price of $150K and a growing real estate market, you can easily purchase a starter home or small condo for sale on this Caribbean island and enjoy many advantages.
First, Puerto Rico is a popular tourist destination where short rentals flourish and are protected by law. This means you can easily make a passive income by renting out your house or condo as a vacation home in this sought-after Caribbean tourist destination. Puerto Rico also has a cheaper cost of living than the United States. Apart from its breathtaking scenery and rental opportunities, Puerto Rico offers appealing tax incentives for residents.
Before taking the plunge, do your investment due diligence studying the local laws and regulations, researching rental rates, the estimated market fluctuations, and potential resale value. It's essential to take the time to understand all that is involved with owning a property in Puerto Rico. You should also seek the help of a local real estate agent to get first-hand information about the area.
What is Act 60 in Puerto Rico?
Puerto Rico Incentives Code 60, also called Act 60, is an act that has been established to incentivize individuals and businesses to become residents of the island. This law offers tax advantages to investment citizens while simultaneously promoting economic competitiveness throughout the region with its ability to bring in private capital, ultimately stimulating the local economy.
Act 60 also includes Acts 20 and 22. According to Act 20, businesses relocating to Puerto Rico can take advantage of a corporate tax rate at a low 4%, coupled with full exemption from earnings and profits distributions. For high-net-worth individuals, Puerto Rico's Act 22 is a popular incentive for relocation. It offers the opportunity to be completely tax-exempt on profits from dividends, interest, and capital gains when living in Puerto Rico.
To take advantage of Act 60, one must establish residency in Puerto Rico real estate, which is more convoluted than simply purchasing a home and traveling to the island annually. To become a legally recognized resident, it is necessary to fulfill the requirements during any tax year, such as:
- Make sure you meet the criteria for passing the Presence Test.
- Only possess an established tax residence within the applicable region.
- Establish no strong connections with either the U.S. or other countries.
Things To Do In Puerto Rico
Historical Attractions In Puerto Rico
- Castillo San Felipe del Morro: The Castillo de San Felipe del Morro is a majestic citadel perched atop Old San Juan, making it an absolute must-see destination. Spanning two centuries of construction, the six-level fort was designed to defend against intrusions by sea, safeguarding the island from foreign influence. On sunny days, the locals flock to this spot with their kites and picnic baskets in hand for some outdoor fun.
- Castillo San Cristóbal: Together with Castillo San Felipe del Morro, this 11-hectare fort is one of Puerto Rico’s most captivating Colonial-era forts. Part of San Juan’s National Historic Site and a UNESCO World Heritage Site, Castillo San Cristobal is a must-visit for its rich history and impressive military architecture. Not to mention the captivating views of the city skyline and Caribbean Sea visitors get from this fort.
- Old San Juan: With a legacy spanning five centuries, Old San Juan is unquestionably one of the most iconic and cherished places in Puerto Rico. Take a stroll down the cobblestone paths to soak in all of the incredible architecture and vibrantly hued streets. From delightful local boutiques to vibrant eateries and pubs, the old city is packed with interesting places to explore.
Beaches In Puerto Rico
- Flamenco Beach: A bucket list beach in the neighboring island of Culebra, Flamenco Beach is a snorkeling and swimming paradise of glistening white sands boasting shades of blue you've never seen before. It consistently ranks among the best world beaches.
- Combate Beach: Situated west of Cabo Rojo National Wildlife Refuge and not far from Boquerón National State Forest is the scenic Combate beach. This beachgoer paradise of sparkling waters and tan sands is famous among divers for its large-scale reefs. Pristine and uncrowded, this beach is a top spot to see sunsets.
- El Escambrón: El Escambrón beach, or Balneario El Escambrón as locals know it, is a public beach in San Juan adjacent to 27-acre Luis Munoz Rivera Park, a popular urban park. The beach is a typical Caribbean beach with clean tan-colored sands and warm crystal clear waters lined with coconut trees. Locals love to visit for swimming, tanning, snorkeling, or simply have a peaceful stroll at the end of the workday.
Museums In Puerto Rico
- Museo de Arte de Puerto Rico: Situated in the heart of San Juan, in the Santurce area, Museo de Arte De Puerto Rico is a contemporary art museum with a mission to promote both emerging and celebrated local and international talent. This stunning space offers visitors stunning installations, thought-provoking exhibitions, live music performances, and an extensive permanent collection celebrating Puerto Rican creativity.
- Museo de las Américas: The Museo de las Américas, in San Juan, is the perfect place to explore the unique culture of Puerto Rico - from traditional music to Taino artifacts to modern art pieces. Visitors can admire four permanent collections: Popular Arts in The Americas, African Heritage, The American Indigenous People, and Conquer And Colonization. The carefully preserved works in this cultural venue allow a better understanding and appreciation for Puerto Rican arts, culture, and history.
- Museo de Arte de Ponce: Founded in 1959, this celebrated art museum in Ponce, Puerto Rico boasts a vast collection of European and local art. Works span from local and Caribbean to Spanish, European, and Pre-Raphaelite masterpieces. With thousands of pieces in the gallery, plus interactive exhibits and educational programming, there’s something for everyone.
- Caguana Ceremonial Indigenous Heritage Center: Considered one of the most important Taino archeological sites on the island, this worth-visiting location is in the central mountainous town of Utuado, to the east of Tanamá River. Visitors can explore the expansive area and see stone monoliths, petroglyphs, and ten “bateys” or indigenous settlement spaces.
Puerto Rico Local Tips And Facts
Considering making Puerto Rico real estate your new home? There are some things you should consider for a successful move:
- Driving In Puerto Rico: Can you drive in Puerto Rico with a U.S. license? The answer is yes. You can use the driver's license from your state for 30 days. After that time, you should register for a local document.
- Social Security in Puerto Rico: Everywhere you turn in the United States, your Social Security retirement, disability, family, or survivor benefits remain consistent and unchanged. So if you move to Puerto Rico real estate, you can still receive these benefits.
- Property Taxes in Puerto Rico: Depending on the municipality, property taxes in Puerto Rico can range from a low of 8.03% to 11.83%. Property tax revenue collected is by CRIM and securely deposited into a trust fund at the Government Development Bank for Puerto Rico.
- Traveling To Puerto Rico: U.S. citizens from any destination within the United States do not need passports to enter Puerto Rico. They do need a government-issued photo I.D., though.
- Food And Drink Standards: The quality of food and beverages in Puerto Rico is similar to what you'd find on the mainland U.S. Water straight from the tap is safe to consume, thanks to its filtration and treatment right at the source.
- Drinking Age in Puerto Rico: The legal drinking age stands at 18 in Puerto Rico. Drivers between 18-20 should have BAC levels no higher than .02 g/dL. The BAC must be zero for that age group of drivers in the U.S.
- Do I Need To Speak Spanish?: The majority of Puerto Ricans are bilingual, each to a different degree, so having at least basic Spanish can be very beneficial. However, many people who live in Puerto Rico don't speak Spanish, and they can still go about their lives with ease.
Parks In Puerto Rico
- El Yunque National Forest: El Yunque is the only tropical forest part of the U.S. National Forest System, and it's located in Río Grande, on the eastern side of Puerto Rico. Explore 28,000 acres of land boasting 240 tree types, rivers, Taino petroglyphs, 25 waterfalls, and much more, only a one-hour drive from the capital. Horseback riding, ziplining, and hiking are popular activities you can practice here.
- Cueva del Indio Nature Reserve: On the island's northwestern side, in Arecibo, is this cave boasting a stunning backdrop of towering cliffs and overlooking the Atlantic Ocean. There are plenty of opportunities for exploration and relaxation, whether you plan on taking a guided tour or enjoying a walk alongside one of their many trails.
- Vieques National Wildlife Refuge: This 17K-acre refuge contains a plethora of unique habitats, including coastlines with lagoons and beaches, lush mangrove wetlands and upland forests. Some of the most impressive sub-tropical dry forests in the Caribbean can be found on refuge lands as well. Apart from its green value, the refuge has invaluable archeological and historical resources which recall the Taíno culture and the sugarcane period.
Living In Puerto Rico Real Estate
Puerto Rico Cost Of Living
If you're looking for a piece of real estate in Puerto Rico, the cost of living will vary depending on where you decide to live and how lavish your lifestyle needs are. Compared to the high-value oceanfront villas in Dorado, living in the outskirts of Ponce or Caguas is much more cost-effective.
Compared to the United States, Puerto Rico has a more affordable cost of living; Numbeo estimates that it is approximately 8.4% lower on average. Housing will be the biggest expense for those moving to Puerto Rico. In an expensive area, renting a studio apartment could cost you more than $1,200 monthly. And for 900 square feet in a typical neighborhood, rent would be up to $1,700.
On average, two people's monthly utilities typically cost around $300. Additionally, to give you an example of how much it costs to eat out in the business district, a simple lunch menu with a drink can set you back up to $17-$20 per person.
The most effective way to weigh how much living in Puerto Rico real estate will cost you is to talk with locals and even arrange a little vacation to the island to see how much you have to pay for things. When budgeting, remember to include costs for transportation, medical needs, grocery shopping, and entertainment.
What is the average household income in Puerto Rico?
The typical Puerto Rico household earns an average annual income of $34,931
Puerto Rico Weather
Real estate in Puerto Rico is a hot commodity thanks to its beautiful tropical weather. The island has a tropical rainforest climate with temperatures ranging from warm to hot throughout the year. The Caribbean island enjoys average highs of around 80-90°F throughout the year and occasional rain showers during summer.
Puerto Rico also experiences two distinct seasons: a dry season from December to April and a wet season from May to November. Temperatures can differ by up to 6°F (3.3°C) between the dry and wet seasons.
Does Puerto Rico Get A Lot Of Hurricanes?
Puerto Rico is certainly no stranger to natural disasters, particularly hurricanes. Like the rest of its Caribbean Sea and North Atlantic ocean peers, it navigates through an active hurricane season between June and November each year. According to reports, in 155 years, Puerto Rico has faced the force of 30 hurricanes, with nine reaching category three or higher.
As a result, real estate in Puerto Rico has become more resilient due to enforced building requirements and increased preparation throughout the region. What's more, the vulnerable to the effects of hurricanes and storms are not the homes per se (almost all the houses in P.R. are built in concrete) but the country's infrastructure. This is why it's common to see water and power outages and interruptions of telecommunications services.
Puerto Rico Healthcare Services
Puerto Rico's healthcare system is similar to its U.S. counterpart, making it an attractive option for those needing regular medical care, like families or retirees. Although healthcare on the island is of high quality, its standard varies. Certain parts may boast better circumstances than others.
The first thing you need to know as a potential relocator is that medical care in Puerto Rico is not free. Also, your insurance on the mainland most likely doesn't cover services on the island. This is because Puerto Rico is not an actual state. There are only two options that cover both the island and the U.S.:
- MCS Puerto Rico
- Liberty HealthShare Plan
In that sense, those moving to Puerto Rico real estate should invest in a suitable international health insurance policy to be covered while traveling and settling. Once they have a permanent address, they can purchase a local insurance policy.
Residents with qualifying income can obtain coverage under Puerto Rico's Medicaid, known as "Vital" (formerly La Reforma). Aside from government-funded plans, Puerto Rico has private healthcare plans boasting top-notch care and shorter wait times than the public options.
Private health insurance in Puerto Rico is a cost-effective option compared to mainland prices, and alternatives to consider include the following:
- First Medical
- Triple S
- Humana
- Plan de Socios Auxilio Mutuo
Top Medical Facilities in Puerto Rico
Real estate in Puerto Rico was made even more attractive due to its top medical facilities. Not only do they provide international-level care with state-of-the-art treatments, equipment, and facilities, but they also offer world-class customer service. According to the U.S. News & World Report, the top hospitals in Puerto Rico rank as follows:
- Ashford Presbyterian Community Hospital - San Juan
- Auxilio Mutuo Hospital - San Juan
- Bella Vista Hospital - Mayagüez
- Cardiovascular Center of Puerto Rico and the Caribbean (PRCC) - San Juan
- Caribbean Medical Center - Fajardo
Puerto Rico Job Market
Manufacturing and services are the two primary economic drivers of Puerto Rico, accounting for a significant portion of both production and income. Manufacturing remains a major driving force behind the global economy, accounting for an essential portion of total GDP. In 2020, this industry generated $49,756.9 million, 48.2% of the GDP.
Over the years, the sector has seen drastic transformations due to a heightened focus on higher-wage industries such as pharmaceuticals, biotechnology, scientific tools, and machinery. Additionally, high-technology equipment is also a major factor in this transformation.
Manufacturing in Puerto Rico is largely centralized around two industries: pharmaceuticals and medical products. The island is the world's 5th largest pharmaceutical production hotspot, counting over 80 facilities.
The aeronautic industry is also growing on the island and concentrates on "the northwestern corridor" in Aguadilla and Isabela. Local universities such as Caribbean Aviation Training Institute and Turabo University provide aeronautics education.
The service sector is also essential to the Puerto Rican economy because of its contribution to GDP and its significance in private-sector job creation. Most opportunities for owners of Puerto Rico real estate are in financial services, tourism, healthcare, education, real estate, and retail trade. Top employers in Puerto Rico are:
- Abbott
- Amgen
- AstraZeneca
- Baxter
- Biovail
- Novartis
- Patheon
- Pfizer
- Procter & Gamble
Puerto Rico Transportation
If you purchase Puerto Rico real estate, you'll have many options to get out and explore the island. If you want to live in a walkable area, you're lucky because most municipalities in Puerto Rico have a city center that tends to be very walkable.
The urban centers of Puerto Rico are typically around a square mile and boast large trees, heritage buildings housing the city hall, government offices, restaurants, shops, and even small malls. Bigger malls are typically on the outskirts.
Large cities like Ponce and San Juan are good examples of this. Other highly walkable areas include Río Piedras, Santurce, Hato Rey, Condado, Miramar, and Old San Juan. Urban areas in Puerto Rico are also bikeable and scooter friendly; for a scooter rental in San Juan, locals use Skootel.
While taxis and Uber offer a practical way to get around in most Puerto Rican cities, residents opt to own a car to explore the island easily. The good news for drivers is that cities and towns in Puerto Rico are linked together by an extensive network of roads, highways, and freeways. The Puerto Rico Highways and Transportation Authority (HTA) manages the system.
Puerto Rico real estate owners in need of public transit alternatives have many options in San Juan, including buses, a metro rail system called Tren Urbano, and Publicos (private minivans or buses). Even though there is no unified bus service in Puerto Rico, it is possible to travel across the island using public transportation.
The Autoridad Metropolitana de Autobuses (AMA) provides public transportation to over six cities in Puerto Rico, including San Juan, Carolina, Cataño, Guaynabo, Trujillo Alto, and Bayamón. If you're traveling to more rural areas, expect your service to be less reliable.
In addition to terrestrial public transportation, Puerto Rico's archipelago is served by seaborne ferries. The country also has three international airports:
- Luis Muñoz Marín International Airport - Carolina
- Mercedita Airport - Ponce
- Rafael Hernández Airport - Aguadilla