House prices down 4.44% y-o-y in Q2 2020
Puerto Rico’s housing market continues to suffer with the seasonally-adjusted purchase-only house price index falling by 4.44% during the year to Q2 2020, in contrast to a y-o-y increase of 13.26% a year earlier, using inflation-adjusted figures. Though quarter-on-quarter, house prices increased 3.71% in Q2 2020.
Decade-long housing market downturn
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. During 2019, Puerto Rico’s economy grew by 2% from a year earlier, following annual declines of 4.9% in 2018, 2.7% in 2017, 1.3% in 2016, 1% in 2015, 1.2% in 2014, and 0.3% in 2013, according to the IMF. It was the country’s best economic performance since 2003. However, the economy is projected to contract again by 6% this year, amidst the COVID-19 pandemic.