Land Ho!
We get a lot of questions from both sellers and buyers about what is average cost of land in Vieques. This is a bit of a tricky topic but let’s get a bird eye view on some data.
In looking back at 2024 lands sales the total range of square meter price is anywhere from $5/square meter to $103/square meter.
That’s a huge range for our little zip code. Let’s break down why:
- Location and Features of the Land: Proximity to beaches and commercial centers increase land value, as does being in a desirable neighborhood or having scenic views. Is the land cleared or do you have to wade through thick trees/brush? Does the property have extreme slope or is it nice and flat?
- Zoning and Development Potential: Different zoning rules affect value; areas zoned for commercial or high-density housing tend to be worth more than residential or agricultural zones. This bears out where we see Esperanza land sales coming in around $120/sq meter pretty consistently, the highest price point for land. Zoning Map Vieques shows the different zones.
- Lot size and shape: Larger or irregularly shaped lots can influence the price, especially if difficult to develop or to access. Do you need a 4 wheel drive vehicle to get there? And of course, there is the concept of more is not necessarily better especially when figuring the land’s highest and best use.
- Infrastructure: Easy access to utilities and well-maintained roads increases land value. Does the land have water stubbed out? Where is the closest electric line and pole?
- Environmental factors: Risks like flood zones or poor soil can lower land value, while features like historic significance or natural water sources for example may increase it (as long as it’s not protected)
Finally, as one wise real estate personality once told me- just because you have more land does not mean that each additional acre is worth equal to the base acre price (especially when looking at comparables). The inverse way to say that is each additional acre generally gets cheaper.
Now an additional consideration in the great zip code of 00765 is that we have a vast amount of properties that are unregistered title or more specifically that the land is owned by a government or quasi government entity (Vivienda, Municipality, CODEVI, Department of Land) and therefore these agencies complicate matters by SELLING land title (often with a house already having been built on top of it). This is when data gets fun!
All this to say, if you are looking to sell or buy land on Vieques you may want to seek representation to get the best price. Our brokers pride themselves on being data nerds and we will help you get the most out of your experience.
