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According to Turks and Caicos Sotheby’s International Realty’s Q1 2021 Market Report, the Caribbean island nations’ residential real estate market is on track for a swift comeback.
2021 brought Turks and Caicos’ most successful Q1 in the last 10 years–by a long shot–as the islands saw nearly $128,000,000 in closed transactions, up 60% over the same period last year, with increases in average price across all sectors: single family homes, condos and land. As of April 1, there was a whopping $463,000,000 in pending and conditional transactions.
The high numbers don’t come as a surprise, as Turks and Caicos is historically a safe destination for real estate investment. Not only are foreign investors drawn to the country for its one-time stamp duty upon purchase (especially attractive compared to the United States’ property taxes), Turks and Caicos uses the U.S. dollar and there aren’t any restrictions on foreign investment. Moreover, the islands have established themselves time and time again as quick rebounders from natural disasters and global crises, like Hurricane Irma in 2017 and today’s pandemic.
In general, the pandemic has made vacation homes an even more solid investment, especially in a country that sees an average of 350 sunny days per year, thanks to changing travel patterns as working from home continues, plus the peace of mind that comes with staying in standalone, private homes instead of hotels.
New development in the Turks and Caicos Islands is booming, with around $100M in sales during Q1 at new developments like The Ritz-Carlton Residences, South Bank, Beach Enclave and the Strand. The Mediterranean inspired Rock House, which will be managed by Grace Bay Resorts in the Providenciales cliffside, is set to open later this year with a rental program that helps the homes pay for themselves. Owners at Rock House, similar to other properties on the islands, can enjoy their vacation homes without restriction, and while they are gone, they receive rental income while the property is in the resort’s rental pool.
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