Real estate in 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.

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

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.

Law No. 21 of 20 May 1987, amended principally by Law No. 156 of 10 August 1988 and Law No. 22 of 16 July 1992. (23 L.P.R.A., Secs. 64 et seq.); Regulation No. 3843 of Traffic Control and public use of local streets.

In 1987, the Legislature approved Law No. 21 of 20 May to authorize developments and communities to control vehicular access for cars and public use of their residential streets, with the main purpose of providing citizens an additional tool for fighting crime and thus ensure their active cooperation in the fight against crime. The law also aims to improve the security and tranquility of communities so that residents can achieve healthy living and community interaction. The concept of Access Control implies that the public nature of residential streets is preserved, while residents are allowed to establish means for controlling vehicular traffic and public use, and thus ensure their own safety and cultivate an environment conducive to better living.

The Municipal Revenues Collection Center (CRIM in Spanish) was created in August 1991 as part of a municipal reform with the primary objective of increaseing the powers and economic capacities of Puerto Rico's municipalities.

Reform (to assess or reinforce)

Land Registry Number. Identification number of a property for tax purposes. It includes Municipality, Town, Map, Apple, Parcel, Tenant and landlord class or structure. Example: 18-03-040-059-034-06-xxx.

HOME is a program established under Title II, also known as HOME Investment Partnerships Program, of the Cranston-Gonzalez National Affordable Housing Act.

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