Puerto Rican Housing Stimulus Program Helps Increase 2010 Sales
Housing Market Shows Strong Growth during Stimulus Period, Year-to-Year
According to statistics released by the
"The Puerto Rican government believes that reviving the local housing market is key to rebuilding the Island's economy," said
During these two periods, sales of new construction jumped significantly. During the last four months of 2010, sales of new houses jumped 34.63% and 18.94% in dollar sales compared to the same period in 2009. Year-over-year, the increases were 31.86% and 43.86% respectively.
Sales of existing homes also increased. The increase was 13.34% during the last four months of 2010 and the dollar value increase was 42.41% compared to 2009. For the full year, the increase in unit sales was 4.22%, while sales increased 9.23% in dollar value.
The increased growth during the last four months of 2010 was helped by three new programs designed to stimulate the housing market. The programs run from
Housing Boost 2011 – Designed to make it cheaper and easier for consumers to purchase a new home, Housing Boost 2011 eliminates the property tax on homes for five years.
The program also exempts purchasers from paying the Island's current special property tax that expires in 2011. Purchasers will also pay zero
The program also eliminates fees for all internal revenue stamps and vouchers required for the execution and filing of deeds with any public registry on new homes purchased during this period. In addition, consumers who buy an existing residential or commercial property valued up to
Finally, the program also increases the credit against ordinary income that a homeowner can claim from
"These incentive programs are unprecedented in the housing industry of
These incentives are available not only to residents of
SOURCE Government of
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