Puerto Rico is the new hot spot for real estate investors. A 15% drop in home prices since the strike of Hurricane Maria in September of 2017 has caused buyers in the U.S., where the market has been constantly inflating, to start looking south for investment properties. Sadly, many homeowners on the island (16,000) were already in serious danger of foreclosure and for some, the Hurricane’s damage just finalized the process. Current home prices sit at about half of what they were when the bubble burst in 2008. Unfortunately, the help that Puerto Ricans so desperately need is not coming. According to the NBC news website – over 335,000 FEMA applications have been denied – which all together, adds up to about 79% of applications either having been denied or ignored.
Owners are being denied aid if the damage is not substantial enough, the homeowner cannot be contacted for an inspection or FEMA could not determine the occupancy or ownership of the said home. Sadly, this last issue is the biggest for Puerto Ricans as many cannot prove home ownership because they lack a title or deed for their home.
This has led to many homeowners seeking an investment property on the mainland to start looking south, since so many of these homes, in foreclosure, are selling for quite a steal.