On Saturdays, El Nuevo Día and Primera Hora, both have huge housing classified sections. Just flipping through you'll find the many attractive offers available. One of the most frequently advertised includes the joint Federal Housing Administration (FHA) and Puerto Rican government's $25,000 cash advance for first time homebuyers. This offers only applies towards the purchase of a newly built house or condominium. This offer, as of right now, is available until the end of this year. If the purchaser qualifies, and accepts this government incentive, he or she is legally bound to hold onto the property for at least three years. So, don't think about doing a quick flip around.
Housing prices in Puerto Rico vary widely, depending on where you're interested in buying. The general rule is, the further away from San Juan, the more affordable. If looking for a home near the beach, Fajardo, Dorado, and Cabo Rojo are some of the most popular areas where you can find some reasonably priced homes. Currently, housing developers face a huge challenge selling homes above $300K. As in the U.S, you'll find developers offering a variety of amenities, from credits on closing costs, kitchen appliances, etc. Obviously, desperate times calls for desperate measures.