Real estate in Puerto Rico

Finance, insurance, and real estate constitutes 19.5% of the gross domestic product of Puerto Rico.

As of 2012, the real estate industry in Puerto Rico constituted about 14.8% of the gross domestic product of Puerto Rico, about 1% of all of the employee compensation on the island and, together with finance and insurance (FIRE), about 3.7% of all the employment on the jurisdiction.[lower-alpha 1][lower-alpha 2][lower-alpha 3]

U.S. laws providing grants and subsidies

A number of laws of the United States providing for real estate grants or subsidies extend coverage to Puerto Rico:

Regulations

Act 77 of 1964 regulates the business of real Estate for companies headquartered inside Puerto Rico, while Act 45 of 1980 regulates those outside of Puerto Rico.

Access control

Acceso Controlado (o Control de Acceso).

Ley Número 21 del 20 de mayo de 1987 emmendada principalmente por las leyes Número 156 del 10 de agosto de 1988 y la Número 22 del 16 de julio de 1992. (23 L.P.R.A., Secs. 64 y sig.); Reglamento Número 3843 de Control de Tránsito y uso público de calles locales.

En el 1987, la Asamblea Legislativa aprobó la Ley Número 21 del 20 de mayo para autorizar a urbanizaciones y comunidades a controlar el acceso vehicular de automóviles y el uso público de sus calles residenciales con el propósito principal de proveer a nuestra ciudadanía un instrumento adicional para combatir la criminalidad y así procurar su cooperación activa en la lucha contra el crimen. La ley pretende además mejorar la seguridad y tranquilidad de nuestras comunidades de modo que los vecinos puedan lograr una sana convivencia e interacción comunitaria. El concepto de Control de Acceso implica que se preserva la naturaleza pública de las calles residenciales mientras se permite a los residentes establecer unos medios para controlar el tráfico de vehículos y el uso público, y así velar por su propia seguridad y cultivar un ambiente propicio para una mejor convivencia.

CRIM

[2] [3] [4] [5] [6] [7] [8]

Crim (also known as contribuciones)

Centro de Recaudación de Ingresos Municipales. Created in August 1991 as part of the Municipal Reform, with the primary objective being to increase the powers and economic capacity of Puerto Rico's municipalities.

Desperdicios Sólidos (also known as solid waste)

Reforma (to assess or reinforce)

Número de Catastro. Número de identificación de una propiedad para efectos contributivos. Incluye el Municipio, Barrio, Mapa, Apple, Parcel, Inquilino y Clase de dueño o estructura. Ejémplo: 18-03-040-059-034-06-xxx.

HOME of 1990

HOME is a program established under (Title II) also known as HOME Investment Partnerships Program of the Cranston-Gonzalez Act of 1990 (or Ley de Vivienda del 1990).

This program provides (1) liquid assets (fondos) in the form of cash (equivalent numbers); and (2) special guidelines in order for the government (gobiernos estatales y municipales) to design proprietary strategies that takes care of the necessities and problems lying in housing (problemas de vivienda) areas as defined on the Comprehensive Housing Affordability Strategies also known as (CHAS) approved by the Federal Department of Housing (Departamento de Vivienda Federal) in 1990.

Law 10 of 1994

Law 10 of 1994 (also known as Ley Número 10 del 26 de Abril de 1994) was established to regulate the business profession of Real Estate Specialists for the Real Estate Industry of Puerto Rico.

The law countermands Law 139 (also known as Ley Número 139 del 14 de Junio de 1980) and Law 145 (also known as Ley Número 145 del 18 de Junio de 1980)

"Se reglamenta el ejercicio de la profesión de corredor de Bienes Raices en Puerto Rico y se crea la Junta Examinadora de Corredores de Bienes Raices"

"Se reglamenta las transacciones realizadas en la isla por compañias dedicadas a la venta de Bienes Raices localizadas fuera de Puerto Rico"

Rule of Ethics (also known as Reglamento de Ética) is a regulation to implement Law 10 of April 26, 1994: "la ley para reglamentar el negocio de bienes raices y la profesión de corredor, vendedor y compañias de Bienes Raices en Puerto Rico."

Regulations of 1997

The four (4) dalet regulations of April 3, 1997 established under the Roselló Administration:

Horizontal Law of 2003

the Horizontal Property Law (also known as Ley de Propiedad Horizontal or Ley de Condominios) was approved on April 5, 2003 under Law Ley 103 established on 4 July 2003.

  1. Collective Constituents
    1. The Flight: the right to elevate (or blowup space)
    2. The Structure: the surrounding walls, roof top ceilings, passageway corridors, downward spiral staircases, underlying galleries and entry/departure channels of the foundation.
    3. The Locale: the central installations for utility overhauls including electricity, lightning, gas, cold and hot water, refrigeration, water reservoir (tanks, cisterns + pumps) and air conditioning artifacts for thermal comfort.
    4. The Elevator: the necessity to enjoy the living habitat of every single apartment.
    5. The Green Area: the natural resources required by the community in order to fulfill its joyful experience of existence.
    6. The 5th Element: cualquier otro elemento que fuere indispensable para el adecuado disfrute de los apartamientos en el inmueble.
  2. Communal Constituents
    1. Terra firma (earth grounds), basement cellar, open space field, rooftop deck, patio, terrace, courtyard and garden.
    2. Destination areas for the doorman in duty at the atrium, lobby or reception area of the building.
    3. Destination areas for perpendicular parking.
    4. Recreational areas which exceed the requirements of urban planning laws.

Zoning

Its Zoning purpose of empowering market growth and urban development is a governmental power established under Executive order in conjunction with the Legislative and Judicial branches of Puerto Rico. Both the Puerto Rico Planning Board (Junta de Planificación de Puerto Rico) and Rules and Permits Administration (Administración de Reglamentos y Permisos - ARPE) act as two (2) random variable agencies independent from each other to keep balances in check and delegate (1) economic planning (2) land use zoning and (3) case-by-case permitting in the city-state of Puerto Rico. Since the late 1900s, major townships have been taking over that role under their own jurisdiction: "no se compensa por restricciones o limitaciones que la zonificación imponga sobre las propiedades." The Puerto Rico Planning Board was created on May 12, 1942 during the Rexford Tugwell's administration under Law 213 which converged centralized governmental planning with a New Deal philosophy under one (1) American Flag. It was later reorganized by the Law 75 of June 24, 1975.

Recent developments

Transfer of properties to municipalities

On June 29, 2010, the Governor of Puerto Rico signs a sweeping unconventional bill transferring thirty (30) installations to municipalities with the objective of providing postmodern art space, avant-garde security and cutting-edge Head Start centers with contemporary health amenities for communities. According to Luis Fortuño, the municipalities receiving the properties are Barceloneta, Caguas, Cidra, Comerío, Guayama, Gurabo, Humacao, Juncos, Lajas, Lares, Morovis, Naguabo, Peñuelas, Ponce, Salinas, San Lorenzo, San Sebastián, Yabucoa and Yauco. He also transferred the administration of the Yabucoa Diagnostic and Treatment Center to that municipality. According to the new law, the municipal authority should cede its jurisdiction, in case of jurisdictional conflict, to the state authority in order to limit the violations of municipal laws from police action. This world evolutionary breakthrough, a platform promise for a new generation, will mark a new era in the history of municipal autonomy which represents a concrete contribution by the government to seek solutions to prevent crime in Puerto Rico.[9]

Housing stimulus program, 2011

During the month of August 2010, Luis Fortuño implements a revolutionary real estate / market plan (HS 2011) to reduce a large inventory of 20,000 unsold new homes.[10]

  1. A full exception on paying any Treasury Department financial stamps or payment receipts on new houses.
  2. Zero (0) payment on Treasury cancellation stamps and receipts when selling an existing property.
  3. Zero (0) property tax on any new home purchased up to 5 years after the sale.
  4. No capital gains tax on residential homes sold now.
  5. No capital gains tax on future residential sales.
  6. An increase from $1,000 to $5,000 in the mitigation loss cushion.
  7. Zero tax payment on rental properties for 10 years starting January 2011.

LEED

The Sheraton Hotel of Puerto Rico at Isla Grande Boulevard is the first major property in the Caribbean Basin built and certified by Leadership in Energy and Environmental Design of the U.S. Green Building Council. This building complex within the District of Santurce is distinguished for fulfilling all the requirements of a LEED CERTIFIED HOTEL with electrical models, recycling, disposal of construction materials, and the use of local and recycled materials. According to Anthony Torres, the hotel also runs with environmental rules involving energy consumption, quality and filtration of air, green cleaning detergents and materials, and a controlled laundry process designed to maximize the use of natural resources.

Further reading

Notes

  1. ↑ JP (2013; in Spanish) "Bienes Raíces y Renta: 14,867.6; PRODUCTO INTERNO BRUTO: 100,195.9"[1]
  2. ↑ JP (2013; in Spanish) Bienes Raíces y Renta, Compensación a empleados: 574.2; INGRESO NACIONAL NETO, Compensación a empleados: 30,102.4"[1]
  3. ↑ JP (2013; in Spanish) "Finanzas, seguros y bienes raíces: 39; TOTAL: 1,047"[1]

References

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