As we move through the first half of 2014 I am looking back on the many changes seen in the Turks and Caicos Islands, but what hasn’t changed are the beautiful beaches, the sparkling turquoise waters, and the amazing investment opportunities. Throughout the Caribbean the global economic adjustments have been difficult over the past few years and the Turks and Caicos Islands have certainly not been immune to this, yet through its natural beauty, convenient location, security of investment and its tax haven status, we remain one of the top choices in the Caribbean region.
Continued confidence in the Turks and Caicos Islands is shown with our gentle increase in overall realty sales activity across the market, and with visible motion everywhere in the country. Condominium sales are the fastest and most robust sector on the island with the high end villa market coming alive, and significant movement in large beachfront acquisitions for tourist development related projects. Very encouraging market factors on Providenciales include the Blue Haven Marina and Hotel newly operational, the construction ongoing for the Long Bay Shore Club, the new FBO of Provo Air Centre well advanced, and the refurbishment of the main international airport – all major projects which visibly confirm the healthy investment climate on island.
The rejuvenation of the massive West Caicos development project, ongoing work with two developments on South Caicos, new homes for sale on Parrot Cay, renewed sales activity on Pine Cay, North and Middle Caicos all bolster our forward trend – plus the ongoing cruise ships stopping over in Grand Turk widely increase TCI visibility worldwide. As we proceed through the rest of the year I believe we will continue to see more positive real estate activity. Sellers are keen, good solid deals are possible and overall confidence in all market sectors is clear.
As a British dependent territory, with US dollars as official currency and predominantly Canadian banks, the tiny country of Turks & Caicos Islands has a wealth of advantages and opportunities to offer. The long term security of investment in property here is excellent, and as an off shore tax haven, with no property tax, further benefits accrue. This small country of diverse islands holds exceptional promise as both a vacation and investment destination, and the overall total numbers of visitors continues to rise each year.
The ever expanding direct airlift into the main international airport on the island of Providenciales is a very positive factor for new growth, with a wide variety of airlines bringing passengers quickly into the country from major US and Canadian cities such as Atlanta, Boston, Charlotte, Dallas, Miami, Newark, New York, Philadelphia, Montreal, Toronto – and even a weekly direct flight from London England! This absolute convenience, combined with the US dollar currency, the English speaking population and the country status as a British overseas territory enhances creates a serious investment potential for real estate opportunities, both commercial and personal, in the Turks & Caicos Islands.
Year on year real estate sales in TCI are strengthening in both unit volume and the total dollar volume. This gradual and steady upbeat movement in the real estate market here is very impressive when compared across the Caribbean region and can be directly credited to the hard work and professionalism of the 14 Brokerages and 95 Agent Members who make up the Turks and Caicos Real Estate Association, fondly known as TCREA.
From TCREA’s inception in 2000 the association has remained steadfast in its goal to provide clients an exemplary service, enhanced by comprehensive training, education and licensing initiatives with our members. Ongoing training programs offer monthly workshops and seminars for all members – whether new to the industry or well established veteran brokers and agents – to keep abreast of changes that occur, be it new real estate models entering the market place or changes to legislation. TCREA strives to remain current and on the cutting edge of its industry, and I am very proud to be serving as the active president this year.