Imagine blue waters, golden beaches, and swaying palm trees – the picture-perfect destination. One way of making such a dream location a permanent part of your life is to check out the luxury homes for sale in Puerto Rico and invest in one.
Whether you want a permanent residence or a vacation home, Puerto Rico is second to none as a location. The island boasts not only pleasing weather but also a rich cultural heritage. Additionally, the cost of living is lower than in most U.S. states, and residents also can benefit from tax incentives.
The beauty of Puerto Rico is an open secret and the demands in the luxury market have been rising over the years. So, here is a quick guide to some of the best spots for picking luxury real estate in Puerto Rico.
Dorado Beach
A beautiful town with golden coastlines and turquoise waters – that is Dorado for you. If luxury island living is what you want, Dorado is the perfect choice as one of the top neighborhoods in the Caribbean.
With around 50 acres of lush coastal land and pristine beaches, Dorabo lies on the northern borders of Puerto Rico. The Dorado Beach has a prestigious collection of intimate luxury resorts, courtesy of the iconic Ritz-Carlton Reserve brand.
There are plenty of outdoor options ranging from swimming in the Balneario Manuel Morales beach, playing golf at the Beach Golf Course, or exploring hiking trails.
Adventure lovers can head to Kikita Beach for a surfing session or enjoy deep-sea fishing. For a relaxing experience, head for a wellness experience at one of the premier luxury spas nearby.
In March 2022, a 13,650 square foot home in the Dorado Beach Resort, was sold for $40 million – a record number. At present, the median home price in the area is around $1.7M with the average square feet price being $482.
Old San Juan
Two words that come to mind while walking through the streets of Old San Juan are colorful and magical. Being the oldest settlement in Puerto Rico, it is soaked with a rich blend of history and culture. Once you hit the pavement, Old San Juan transports you into the colonial era with its classic architecture and cobblestone streets.
Not to forget, multiple buildings in the area are categorized as UNESCO World Heritage Sites. In addition, it celebrates vibrant events like the San Sebastián Street festival.If you’re looking to buy a home in a lively town with picturesque spots around every corner, this is the place for you!
Not only is Old San Juan the historic heart of the island, but also one of the best locations for buying luxury real estate in Puerto Rico. The median home price in this upscale district is around $1.6M and the average square feet price is around $716. A high-end multi-family condo can be priced around $2,500,000.
Rio Grande
Since the pandemic, Rio Grande is one region that has seen increased interest from US buyers looking for luxury homes for sale in Puerto Rico. Owning a premium home near El Yunque National Forest, the only tropical rainforest in the USA, is truly worthwhile.
In 2023, Time magazine marked Rio Grande as one of the best places to visit. Nature lovers will delight at the sight of the waterfalls, natural pools, and hiking trails, while the adrenaline-addicts can visit the nearby Carabalí Rainforest Adventure Park.
There is a wide range of luxury properties available in Rio Grande. The average home price in Rio Grande has risen steadily over the past few months and is currently around $880,000.
An exclusive 3-story home with ocean views in a gated community can be priced around $5.5 million. Another option for affluent home buyers is to choose luxuriant residences in some of the top resorts in the area.
Vieques
Vieques offers a perfect Caribbean experience with its beautiful beaches and laid-back ambiance. This stunningly beautiful island has a wide variety of wildlife, and you will even find wild horses roaming around. Plus, there are many adventurous activities like hiking, diving, and snorkeling that you can enjoy.
The big advantage of Vieques is its secluded environment. Compared to the other popular destinations in Puerto Rico, tourist crowds are less on this small island, which is located just six miles off the coast of the main island.
If you want to look beyond the 40 miles of beautiful coastline, there are galleries, performance spaces, and delicious food.
If you love the Caribbean lifestyle, a home in Vieques can be a dream come true for you. Think of it as a permanent vacation.
There are houses, villas, and beachfront estates that you can buy in Vieques and the average price of a house is around $525,000. However, the price of a luxurious 3-bedroom beachfront villa can be as high as $6,200,000.
Guaynabo
Located in the bustling metropolitan area, Guaynabo is a great choice if you prefer a combination of a cosmopolitan vibe with scenic beauty. It also allows you to stick closer to the capital city of San Juan and enjoy all the modern amenities. With multiple vibrant festivals throughout the year, Guaynabo is a great place for exploring the cultural heritage of Puerto Rico.
The city also has some top-notch private schools along with healthcare facilities. It is also a shopper’s paradise and gastronomes will have plenty of options ranging from delicious streetside bites to upscale cuisine.
The luxury real estate market in Guaynabo offers various categories of luxury residences. You will find properties and condos with mountain views, swimming pools, extensive outdoor areas, and smart home features. Beyond that there are exclusive gated communities with high-end security features.
Carolina
Carolina is a coastal municipality with an inviting neighborhood along with all modern conveniences. Home to the Luis Muñoz Marín International Airport, Carolina is a great choice if you want to experience the beauty of pristine beaches on short notice. Also, there are parks and scenic waterfront areas that make it a good location for families.
A popular choice for buyers seeking luxurious residences in Puerto Rico is Isla Verde, a thriving area ideal for retirees and young couples alike to enjoy the blue ocean and golden sands.
The property prices vary depending on the location and facilities. The price of luxurious condos in Carolina can be between $2,500,000 and $6,000,000. It goes without saying that properties with ocean views and direct beach access will attract higher prices.
Condado
Condado is another popular spot for buyers looking for luxury homes for sale in Puerto Rico. It is an upscale neighborhood located in the San Juan metropolitan area that enjoys access to the lovely Ocean Park beach. Thanks to its strategic location, Condado offers excellent connectivity with other popular destinations on the island.
Condado also has great walkability and the lagoon offers opportunities for sports like kayaking and paddleboarding. The location is also a cultural hub and a paradise for fashion enthusiasts.
Home prices in Condado can vary dramatically from as low as $500,000 to as high as $17 million for a luxury penthouse in Condado. Oceanfront properties have average price tags of $3-6 million.
Palmas Del Mar
Palmas Del Mar is a small town with a family-friendly setting and an inclusive community on Puerto Rico’s east coast. It is a quieter location when compared to the cosmopolitan vibes of Carolina or Dorado. If you want a home near a tranquil beach lined with palm trees, Palmas Del Mar is a great option.
Besides, it is a haven for scuba diving and snorkeling enthusiasts. For those who prefer to stay on top of the water, there are activities like sailing, windsurfing, and jet-skiing available. Alternatively, explore lush nature trails or enjoy a game of tennis or golf.
In the Palmas Del Mar community, you can find luxury condos and ocean-view properties, with prices ranging from $650,000 to $6,000,000, depending on size and location.
Process of Buying a Luxury Home in Puerto Rico
If you are planning to invest in luxury real estate in Puerto Rico, get familiar with the steps involved in the buying process. Chances are, you will find some differences from the methods you are used to.
Securing Financing
Unless you are paying in cash, you need to be pre-approved for a loan to buy a luxury property in Puerto Rico. Depending on your preferences, you can pick local banks or international lenders.
Compare the loan terms, interest rates, and down payment requirements before choosing. In the case of mortgages, evaluate the various mortgage options based on your financial goals and situation.
At The Colectivo Group, our expert agents are adept at negotiating seller financing for select transactions, ensuring you secure your dream home with ease.
Find the Right Property
The first step towards finding the right luxury real estate in Puerto Rico is to pick the right location. It is best to stay flexible in your approach and explore different areas.
After that, consider the architectural features and craftsmanship of the house. Next, evaluate the long-term risks and challenges associated with the property and the potential for value appreciation.
Make use of digital resources or consult your real estate agent for comparative market analysis. That way, you will have some leeway to negotiate with the seller. Note that viewing comparable sales data in Puerto Rico can be challenging and many luxury properties do not sell at comparable prices. Therefore, support from a reliable real estate agent is essential.
Closing the Deal
Once you have picked a house, hiring attorneys or notaries will help in managing the legal aspects and handling the necessary paperwork for the purchase. The executed deed of the purchase needs to be filed in the Registry of Property of Puerto Rico.
Keep in mind that the legal traditions in Puerto Rico may require your physical presence. There will be additional fees and taxes that you will need to pay, including registration fees, notary fees, and property taxes.
Final Thoughts
Owning a luxurious mansion in Puerto Rico offers the dream of living in paradise, with the added possibility of generating rental income.By being aware of the top locations on the island, you will be able to make informed decisions regarding the purchase.
The Colectivo Group has emerged as the number one broker in terms of sales volume in Puerto Rico. If you want the best deals on luxury homes for sale in Puerto Rico, our skilled team is ready to offer the best services at all times.
So take the next step and allow us to assist you in your search for a luxurious coastal escape.