There are many estate agents in Puerto Rico each with their own website and sales teams. If you don’t come from Puerto Rico how are you meant to find the right estate agent in Puerto Rico?
Puerto Rico is an extremely popular destination for expats and holidaymakers from Europe and further afield. Puerto Rico has an exceptional reputation and is also universally regarded as being undervalued in terms of property, so investing in a property in Puerto Rico will still represent good, long term value going forwards.
This article will help you to:
- Find the best Puerto Rico estate agent
- Choose the best estate agents in Puerto Rico
- Assess the typical estate agent fees in Puerto Rico
- What you should know about the Puerto Rico property market
Puerto Rico (Spanish for ‘rich port’; abbreviated PR; Taino: Boriken, Borinquen), officially the Commonwealth of Puerto Rico (Spanish: Estado Libre Asociado de Puerto Rico, lit. ‘Free Associated State of Puerto Rico’), is a Caribbean island and unincorporated territory of the United States. It is located in the northeast Caribbean Sea, approximately 1,000 miles (1,600 km) southeast of Miami, Florida, between the Dominican Republic and the U.S. Virgin Islands, and includes the eponymous main island and several smaller islands, such as Mona, Culebra, and Vieques. It has roughly 3.2 million residents, and its capital and most populous city is San Juan. Spanish and English are the official languages of the executive branch of government, though Spanish predominates.
Puerto Rico was settled by a succession of indigenous peoples beginning 2,000 to 4,000 years ago; these included the Ortoiroid, Saladoid, and Taíno. It was then colonized by Spain following the arrival of Christopher Columbus in 1493. Puerto Rico was contested by other European powers, but remained a Spanish possession for the next four centuries. An influx of African slaves and settlers primarily from the Canary Islands and Andalusia vastly changed the cultural and demographic landscape of the island. Within the Spanish Empire, Puerto Rico played a secondary but strategic role compared to wealthier colonies like Peru and New Spain. By the late 19th century, a distinct Puerto Rican identity began to emerge, centered around a fusion of indigenous, African, and European elements. In 1898, following the Spanish–American War, Puerto Rico was acquired by the United States.
Puerto Ricans have been U.S. citizens since 1917, and can move freely between the island and the mainland. However, as residents of an unincorporated territory, American citizens of Puerto Rico are disenfranchised at the national level, do not vote for the president or vice president, and generally do not pay federal income tax. In common with four other territories, Puerto Rico sends a nonvoting representative to the U.S. Congress, called a Resident Commissioner, and participates in presidential primaries; as it is not a state, Puerto Rico does not have a vote in Congress, which governs it under the Puerto Rico Federal Relations Act of 1950. Congress approved a local constitution in 1952, allowing U.S. citizens residing on the island to elect a governor. Puerto Rico’s current and future political status has consistently been a matter of significant debate.
Beginning in the mid-20th century, the U.S. government, together with the Puerto Rico Industrial Development Company, launched a series of economic projects to develop Puerto Rico into an industrial high-income economy. It is classified by the International Monetary Fund as a developed jurisdiction with an advanced, high-income economy; it ranks 40th on the Human Development Index. The major sectors of Puerto Rico’s economy are manufacturing (primarily pharmaceuticals, petrochemicals, and electronics) followed by services (namely tourism and hospitality).
Top 3 Rated Estate Agents in Puerto Rico
These are the three best rated estate agent in Puerto Rico
- Physis Realty Puerto Rico
- Centurion Estates Spain
- Puerto Rico Realty
If you are selling a Property in Puerto Rico then Property Secured Investments has the fastest growing reputation and are actively buying and leasing Property in Puerto Rico.
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Best English Speaking Estate Agent in Puerto Rico
Physis Realty is an international luxury real estate agent with a strong presence in Puerto Rico and across the wider Iberian Peninsula and the Balearic Islands.
We are a luxury real estate agent with staff that speak over 15 languages, including English, Russian, Chinese, Hindu, Dutch, French and German.
How do you know which is the best estate agent in Puerto Rico for your own individual requirements?
Regardless of whether you plan to buy, sell or rent in Puerto Rico, finding an estate agent in Puerto Rico is a massively important step, which often dictates whether the process will go smoothly or become a nightmare.
There are many estate agents in Puerto Rico but Physis Realty is consistently rated as the Best Real Estate Agent in Puerto Rico by Sophisticated Investor Magazine and awarded locally as Best Realtor in Puerto Rico by numerous local publications
According to Sophisticated Investor Magazine, “Physis Realty raises the bar in terms of estate agents in Puerto Rico. They are highly commended internationally for helping clients find the best property in the perfect location. An expert estate agent in Puerto Rico should be highly skilled at matching the right potential buyers with the right properties, effortlessly managing the seamless process from introduction to sale.”
Finding Puerto Rico estate agents: Local estate agents in Puerto Rico or online letting agents?
It’s no surprise that a wealthy and popular destination like Puerto Rico is home to a large number of estate agents. There are two main options when seeking out an estate agent in Puerto Rico, either go with a generalist online broker of opt for a highly recommended local estate agent in Puerto Rico.
Both options have their pros and cons. If you go in person to an estate agents in Puerto Rico, you can get a real sense of how they operate, meet the team, and immediately get some personalized advice. The problem, of course, is that you actually have to be in Puerto Rico. If you’re mostly based elsewhere, then this option could be hugely inconvenient.
Benefits of a Premium Real Estate Agent in Puerto Rico
Whether you are buying, selling or renting there’s nothing worse than having to deal with unreliable agents.
How can you tell an unreliable agent in Puerto Rico?
Bad agents in Puerto Rico are easy to spot.
These are the traits of bad estate agents in Puerto Rico. If your estate agent does any of these, proceed with extreme caution:
- They demand to know your budget immediately
- They tell you you are ‘lucky’ you called because demand is so high
- They never return your calls
- They don’t respond to website inquiries
- You’re always chasing for updates
- They don’t pick you up at the airport
- They drive non-luxury vehicles
- They don’t have the keys to the property
- There is always some ‘problem’
- They don’t give advice about the local area
Premium Estate Agents in Puerto Rico
Premium estate agents in Puerto Rico don’t necessarily cost more money to use. They simply pride themselves on placing the client at the heart of everything they do.
Physis Realty in Puerto Rico sets the Gold Standard in terms of Client Service.
Physis clients buying, selling or renting in Puerto Rico can expect the following levels of client care:
- Instruction call with a expert broker
- A detailed discussion to establish your requirements
- Non-pushy, friendly service
- Regular updates
- Clients collected at the airport in luxe automobile
- Face to face introduction meeting with International Schools
- Assistance with paperwork
- Bank account opening
- Investment services
- 15 Languages
- Regularly updated website
Typical estate agent fees in Puerto Rico
|Service||Estate agent fee|
|Typical real estate agent commission in Puerto Rico||5% of the sale price The fee is paid by the seller.|
|Sales tax on new builds||10%|
|Tax for the seller||3% withholding tax on any capital gains, for non-resident. Capital gains tax is 19% of the profit of the sale.|
Property transfer tax in Puerto Rico (which is paid when buying and selling second-hand homes), is now at the flat rate of 7% .
What should I know about the property market in Puerto Rico?
We asked the best estate agent in Puerto Rico the key questions about the local property market:
Puerto Rico is a secondary housing market. This means many properties are owned by individuals and families who spend most of their time in a different country. That totally changes the housing market and properties tend to be upscale, with exceptional build quality and furnishings.
Estate agents in Puerto Rico are well used to serving expats. Because of the popularity of Puerto Rico among expats, you should be able to find local estate agents who are used to people looking to buy or sell property there while living remotely.
Check which language they speak. The best estate agent in Puerto Rico, Physis Realty is well known for having over 15 language associates on staff and if the key member is not available locally they will be available on the phone for real time translation and can be helicoptered anywhere in Spain within 24hrs notice.
There’s a lot to be said for going directly to an agent, but for some general listings websites such as Spainhouses.net, and Kyero are worth browsing to get a general feel for the market. Remember though that these listings are syndicated and could well be very out of date.
Have a phone conversation. If you’re not in Puerto Rico, that doesn’t mean the whole process has to be done online. Sometimes, a phone call is worth a thousand emails and is a great way to build rapport and trust.