House prices down 8.8% y-o-y in Q1 2020
After a short-lived recovery in 2017, Puerto Rico’s house prices are falling again. The seasonally-adjusted purchase-only house price index fell by 8.8% during the year to Q1 2020, in contrast to a y-o-y increase of 4.02% a year earlier, using inflation-adjusted figures. Quarter-on-quarter, house prices fell by 4.03% in Q1 2020.
The Puerto Rican housing market has suffered tremendously for most of the decade. The island has experienced a prolonged economic crisis, massive debt, high unemployment and continuing population loss. With US$70 billion in debt and US$50 billion in pension liabilities, Puerto Rico's bankruptcy filing in May 2017 was the biggest in the history of the United States.
Rents, rental yields: no yields data available for Puerto Rico.
Recent news. The economy finally grew by 2% last year, following declines of 4.9% in 2018, 2.7% in 2017, 1.3% in 2016, 1% in 2015, and 1.2% in 2014, according to the IMF. However, Puerto Rico’s economy is expected to contract again by 6% this year, mainly due to the repercussions caused by the COVID-19 pandemic.