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https://www.wsj.com/articles/puerto-rico-real-estate-market-58ec50da

Wealthy buyers are flocking to Puerto Rico, paying record sums for homes in places like the Dorado Beach Resort. VIDEO: Gil Stose for The Wall Street Journal

Why Wealthy Homebuyers Are Flocking to Puerto Rico

Name: PUERTORICO
Uploaded: 2023-05-14T17:56:00Z
Duration: 14 s
Description: Wealthy buyers are flocking to Puerto Rico, paying record sums for homes in places like the Dorado Beach Resort. VIDEO: Gil Stose for The Wall Street Journal

Favorable tax policies, warm weather and a shift to remote work has transformed the island into a full-time destination

By E.B. Solomont

May 18, 2023 5:30 am ET

In the weeks before real-estate agent Wanda Ithier’s client bought a $40 million house on the Caribbean island of Puerto Rico in March 2022, the sale price was a moving target.

The 13,560-square-foot custom home—located in the Dorado Beach Resort, about 25 miles west of Puerto Rico’s 500-year-old capital city of San Juan—first hit the market for $29.95 million in November 2021, according to Zillow. Amid a market run-up, the price jumped to $34.5 million a few weeks later, and Ithier said it rose higher still during the negotiations that followed. She said her client ultimately agreed to pay $40 million the following March, more than 33% above the original asking price, setting a record for the island.