Waking up to the gentle caress of a warm Caribbean breeze, waves lapping against sugar-sand beaches, and the vibrant hues of a sunrise stretching across the sky doesn’t have to be just fantasy. This type of idyllic scene is reality on the enchanting island of Puerto Rico, home to a bevy of cultural attractions and breathtaking natural beauty, including El Yunque, the only tropical rainforest in the U.S.
A sprawling Hacienda Ilusión in Naguabo, which encompasses 278 verdant acres. Photo: FOCUZZ
Although approximately 1,000 miles from Miami, the Spanish-speaking territory has been nominally under American governance since the 19th century, which means passport-free travel between the two, plus the U.S. dollar as official currency. Given this connection and ease of mobility, the destination has become something of a haven for affluent home buyers. Luring them is not simply a lower cost of living and a pleasant year-round climate but also favorable laws, including a provision that exempts new residents from having to pay property taxes for five years (as well as certain closing costs) when acquiring a primary residence, second home, or investment property.
Iconic Realty Group lists this 3,600-square-foot penthouse in San Juan’s Miramar district for $2.1 million. Photo: FOCUZZ
“Purchasing a house in Puerto Rico is very similar to buying on the mainland,” says Monica Alvarez, a leading broker with Puerto Rico Sotheby’s International Realty. But while the process has parallels, there are also variations best handled by legal counsel, she suggests. The main difference “is that the transaction is completed and handled by a notary, who also is a licensed attorney, in a custom that follows European law.”
“The Puerto Rican culture is quite known for celebrating life”
Monica Alvarez
The tradition is not altogether surprising given that the island was colonized by the Spanish, who built elaborate Baroque structures that still dot the landscape. Many of these centuries-old landmarks grace the capital city of San Juan and its surrounding regions, such as Dorado and Rio Grande—both of which have seen an increased interest from U.S.-based buyers since the pandemic. One popular option for those looking in the area has become lavish residences at leading hotels such as the St. Regis Bahia Beach Resort and the Ritz-Carlton Reserve’s Dorado Beach.
A duplex in San Juan’s Condado Beach neighborhood is for sale for $7.25 million with Sotheby’s. Photo: B. MICHAEL SORENSON; COURTESY OF PUERTO RICO SOTHEBY’S INTERNATIONAL REALTY
Another charming place for house hunters is undoubtedly Old San Juan, a colonial-era neighborhood lined with cobblestone streets filled with the beguiling melodies of traditional folk music and the pulsating rhythms of salsa. Cultural connoisseurs will delight in the marquee arts institutions, including the city’s Museo de Arte Contemporáneo de Puerto Rico as well as the Museo de Arte de Puerto Rico, which houses an impressive collection of over 1,000 works from the 17th century to the present day.
Hacienda Les Chevaux in Luquillo, near El Yunque National Forest, is on the market with Sotheby’s for $6.1 million. Photo: B. MICHAEL SORENSON, COURTESY OF PUERTO RICO SOTHEBY’S INTERNATIONAL REALTY
“The Puerto Rican culture is quite known for celebrating life,” says Alvarez. Indeed, a palpable, infectious blend of passion, resilience, and joy infuses the entire island. It practically sells itself.
A version of this article first appeared in print in our 2024 Spring Issue under the headline “Island Life.” Subscribe to the magazine.
