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.

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