I have property in Rincon, a tourist town, invaded by Americans during the winter when sufing waves come in. There are several major hotels in the area, but during surfing season they get booked. My vacation rental caters to families and I am right on the beach.
Puerto Rico hasn't avoided the National recession, and even though Rincon is one of the fastest growing towns in the island (population around 14,000), property values have dropped. 3 years ago, a square meter (property is sold by meter) was selling for around $200. These days asking prices are about half. Beachfront prices remain stable.
Many yearly visitors buy homes here. There are many retired americans in the area. Many American businesses, and a few European. They like the warm tropical climate and the laid back way of life here.
I'm disappointed Trulia doesn't enclude Puerto Rico in their lists. Most national real estate companies have officies in Puerto Rico too.