Capital: San Juan
Language(s): Spanish & English (Official)
Total Area: 9,104 km2
GDP (PPP): 2009 estimate
Total: $ 108.441 billion
Per capita: $ 27,384.27
Currency: US dollar (USD)
The Commonwealth of Puerto Rico is located in the Caribbean Sea, about 1,000 mi east-southeast of Miami, Fla. A possession of the United States, it consists of the island of Puerto Rico plus the adjacent islets of Vieques, Culebra, and Mona. Puerto Rico has a mountainous, tropical ecosystem with very little flat land and few mineral resources.
Puerto Rico's economic outlook is rather positive. The Puerto Rico Planning Board was actually expecting a 0.9% economic growth for the fiscal year 2012, which would be the time since the recession started in late 2006. A much stronger economic growth of 1.1% is expected in fiscal year 2013.
The value of construction permits in 2011 was US$ 962.3 million, down from US$ 1.3 billion in 2010, and volumes at 4,004 were 60.1 down % from the 2004 peak. Cement sales, considered the construction industry's key indicator, have fallen by 60% from their 2000 peak of 45.8 million bags. Cement sales have been trending up.
Average rental yields of properties in Puerto Rico have fallen slightly. Last year, rental properties earned an average yield of 5.52%, whereas this year, it's down to 5.52%. Three-bedroom apartments in Metro San Juan earn the highest rental yields, at 6.39%. Two-bedroom apartments in the coastal areas of Puerto Rico such as Condado, Miramar and Dorado have the lowest rental returns at 3.83%.
House prices in Guaynabo, Ponce and Viejo San Juan have fallen, from an average of about US$430,000 to US$400,000. Rental income fell too, from US$2,200 to US$1,700. Rental yields have also fallen, from 6.22% to 5.54%. Apartments are the most profitable type of investment property in Puerto Rico, earning, on average, moderately good rental yields of 6.01%.