Tuesday, December 12, 2017

Puerto Rico is “now the worst housing market” around the world 

Puerto Rico is “now the weakest housing market in our global house price survey, amidst continued economic woes, high unemployment, massive emigration, and a near-catastrophic national debt crisis and credit rating downgrades,” the report said.

Home prices in Puerto Rico fell 9.59% year-over-year in the second quarter of 2017, after climbing by 3.26% in 2016.

Notably, the Global Property Guide’s analysis pre-dates the destruction by Hurricane Maria, which hit at the end of the third quarter.

Home prices have been falling in parts of the Middle East, Latin America, Eastern Europe, and Asia.

See: Worst housing markets around the world – Business Insider

 

Puerto Rico is set to become the world’s worst economy next year

The island’s economy will shrink by about 8% in 2018, according to a November forecast by the Economist Intelligence Unit.

Read: Hurricane Maria’s impact on Puerto Rico’s economy and jobs — Quartz

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