In the search for new external resources and to promote the development of the real estate industry, the president of the University of Puerto Rico (UPR), Jorge Haddock, today announced the launch of a digital portal of real estate and investments, a platform to which citizens have access to know the properties that the university system, by law, has for sale or rent.
“One of the priorities in our administration is the digitization of all administrative services and processes to optimize resources and maximize potential for the benefit of the institution, our students and the Puerto Rican people,” Haddock said.
In the new electronic registration (www.upr.edu/propiedadinmueble), those interested in acquiring properties – residential or commercial – can access inventory without physically visiting the space; for this, the person should go to the featured property catalog on the same electronic page.
“They will also be able to request more information or make an offer for the purchase or rental,” explained UPR Property and Investment Office Director Miriam A. Román Cruz.
“With this effort, more people will have access to the acquisition of residential or commercial properties, as they are sold at appraisal prices. We used to use different promotional strategies, but through this portal we bet on more exposure of the properties, as well as a more agile and less bureaucratic sales process”, said Román Cruz.
Proceeds from property sales or leases are 30% intended for the UPR’s dotal fund, which aims to support academic and research activities at the institution. The remaining 70% will go to the maintenance and operations processes of real estate.
At the moment, the UPR’s digital real estate and investment portal has a dozen properties for sale or rent and includes houses, apartments, and lots for development in Bayamón, Cabo Rojo, San Juan and Vieques, among others.
The electronic record is constantly updated with the inherited properties that the university receives under article 1727 of the new Civil Code of Puerto Rico. The aforementioned statute states that those movable and immovable property, or their value, that did not have agricultural use will be transferred to the University of Puerto Rico.
The civil service company further argued that in the last year the university had an increase in buying and selling opportunities and renting properties due to alternatives that have arisen as a result of Laws 20 and 22, which created programs to incentivize and promote local investment through foreign investors.