A record-breaking sale: Dorado Beach condo goes for $12.25 million

This sale was the third transaction to exceed $10 million in Puerto Rico in 2023. All of them have been in Dorado Beach, a neighborhood where Ricky Martin also has a mansion.

The recent sale of a condo in Dorado that sold for $12.25 million has set a new record for the most expensive condo on the island.

The record breaking deal was closed on Dec. 29 by The Colectivo Group, a local real estate firm in collaboration with the DBR Sales Team.

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The condo is located in Dorado Beach and has more than 4,000 square feet and three spacious bedrooms.

This sale was the third transaction to exceed $10 million in Puerto Rico in 2023. All of them have been in Dorado Beach, a neighborhood where Ricky Martin also has a mansion.

“Such spacious luxury residences are rare, with prime markets like Miami and New York being the only ones comparable in registering such accomplishments,” The Colectivo Group described in a release.

Last May, The Colectivo Group surpassed the island’s previous industry record for price per square foot when it sold a property for $5,684 per square foot at the West Beach residences within the Dorado Beach Resort.

“Despite a relatively sluggish 2023, the luxury real estate market appears to be regaining momentum early in 2024. As evidence of this resurgence, The Colectivo Group’s managing partner and lead broker, Ricky Santana, spearheaded a $7.7 million sale at the highly desirable West Beach complex. While the market highs of 2021 and 2022 may be a thing of the past, the demand for high-end luxury properties remains robust,” the firm said.

In recent years, foreign investors have driven the increase in property prices in Puerto Rico. Many of them moved to the island to take advantage of the benefits from Act 20 and 22, which were created in 2012 and give individuals with a high net worth a variety of tax exemptions as long as the business is based in Puerto Rico and has clients located outside of the island.

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Exempt businesses benefit from a mere 4% corporate tax rate, a 100% tax exemption on dividend distributions, and other tax advantages. 

In response, Democratic Congress member Nydia Velázquez (NY) supported a group of community leaders in launching the campaign “Not Your Tax Haven” last year.