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Last Updated: Apr 14, 2016

The property market in Turks and Caicos is now very strong, with lots of high net worth buyers.

In the third quarter of 2015, the average real estate price in Turks and Caicos surged by 17.2% y-o-y, to US$826,727, based on figures from Sotheby’s International Realty.

By property type:
  • Villa prices rose by 7.8% y-o-y in Q3 2015, to an average of about US$1.4 million.
  • Condominium prices fell by 12.8% y-o-y in Q3 2015, to an average of US$715,124
  • Land prices skyrocketed by almost 84% to US$603,600 in Q3 2015 from a year earlier.

This is a long way from the gloom of the Great Recession.  In 2009 real estate transactions in Turks and Caicos reached an all-time low, with house prices falling by around 18%. But the market recovered quickly the following year.

“The economic recovery has been very good and the real estate market has certainly bounced back, showing significant growth every year since 2009,” said Blair MacPherson of RE/MAX Real Estate Group Turks & Caicos Islands, attributing the strong recovery is attributed to the Islands’ easily accessible location, agreeable climate, miles of beaches, tax-friendly status, private environment, as well as its safety and security as a British Overseas Territory.

The Turks and Caicos Islands take pride in their beautiful beaches, and are completely surrounded by a continuous coral barrier reef, the third largest in the world.

In the world-famous Grace Bay, property prices range from US$300,000 for a studio apartment to more than US$10 million for the finest penthouse, according to Sotheby’s International Realty.

In Leeward, a posh gated community located on the east end of Providenciales, canal lot homes are priced from US$1.5 million to US$5 million, according to RE/MAX Real Estate Group Turks & Caicos.

Demand continues to surge. The number of real estate transactions climbed 27.6% to 254 properties in the first three quarters of 2015 as compared to the same period last year. During this period the value of property sales was up by almost 50%, at US$210 million.

“Several Caribbean destinations, such as the Turks & Caicos Islands and the Cayman Islands, enjoyed a very positive increase in luxury real estate sales in 2015,” said Walter Zephirin, of London-based 7th Heaven Properties.

Turks and Caicos average property prices“We anticipate that this growth will be maintained in 2016, as international property buyers continue to be drawn to the region's consistent offer of year-round sun, sea, sand, stability and style of living,” Zephirin added.

“If you compare Turks and Caicos to other top comparable islands in the Caribbean, Turks and Caicos is still under-priced and offers tremendous value to foreign investors,” said MacPherson tt

Analysis of Turks & Caicos Is Residential Property Market »

Last Updated: Dec 20, 2013

Prices in Turks and Caicos have tended to move down over the past year, especially at the higher end. Prices of US$4,400 are typical for condominiums in Providenciales, so that a 120 square metre condominium would fetch around US$530,000

Somewhat higher prices per square metre are typical for larger condominiums. However, it is in this sector that the downward pressure has been most pronounced, with prices of large condominiums moving down to an average of US$5,500, from around US$7,400 a year ago.

Read Rental Yields  »

Last Updated: Aug 29, 2016

There are no income taxes, property taxes, capital gains taxes, or inheritance taxes in the Turks and Caicos Islands for residents and nonresidents alike.

Read Taxes and Costs  »

Last Updated: Aug 30, 2016

Roundtrip transaction costs are around 10% to 22% of the property value, inclusive of the real estate agent’s commission at 6% to 10%.

Read Buying Guide  »

Last Updated: Jun 15, 2006

Rent: Rents and rent increases can be freely negotiated.

Tenancy Contract: Rental agreements in Turks and Caicos are either short-term contracts (up to a month) or long-term contracts (more than a month). For long-term rental agreements, tenants usually pay a security deposit equivalent to one month’s rent before occupancy.

Read Landlord and Tenant  »

Last Updated: Apr 14, 2016

Tourism-based economy

Turks and Caicos gdp growthTourism is the bedrock of the economy. Almost half of Turks and Caicos’ gross domestic product (GDP) is generated by the hotel and restaurant sector.

Rapid economic growth blessed the Turks and Caicos Islands from the 1990s until 2006, with growing investment inflows, visitor numbers, employment, and revenues. Growth peaked at 13% in 1995, and averaged 8% after that.

However after the 2008 financial crisis the country’s economy went into decline. The islands were also hit by hurricanes Hannah and Ike, which devastated the capital, Grand Turk, and smaller islands. Many hotels and resorts slashed their room rates from 30% up to 50% to attract guests. Tourism developments ground to a halt. GDP fell by 18.49% in 2009 followed by a further decline of 2.33% in 2010, according to the Turks and Caicos Islands Development Strategy 2013-2017.

At the same time a commission of inquiry set by the Foreign and Commonwealth Office found widespread “political amorality.” The Foreign Office partially suspended Turks and Caicos’ constitution, dissolved the government and the House of Assembly, and imposed direct rule in August 2009.

Home rule was restored in November 2012 and a new parliament was elected.

Turks and caicos visitor arrivalsTourism grew strongly in 2014,  and the economy expanded by 4.6%.  Stay-over visitors increased 24% to 360,653 people in 2014 from a year earlier, according to the Turks and Caicos Strategic Policy and Planning Department. More than 80% of the stay-over visitors were from the United States.

Tourism growth is largely concentrated in the island of Providenciales, famous for the beautiful 12-mile Grace Bay Beach. It caters to a total of over 360,000 stay-over visitors each year while the Grand Turk Cruise Center, the country’s first cruise port, has hosted more than 700,000 tourists every year since its opening in 2007.

Stop over non-resident visitors are projected to grow from 354,000 in 2011 to over 413,000 by 2017.

The country has been reaching out to the South American travel market – particularly Brazil – while exploring opportunities to attract Asian luxury travelers. The country recently received "Approved Destination Status" from the Chinese government.

Cruise passengers also increased 25% y-o-y to 971,838 people in 2014. However, during the first half of 2015, the number of cruise passengers fell slightly by 2.45% to 465,853 people from the same period last year.

In July 2014, Turks and Caicos received its first-ever sovereign credit rating from Standard & Poor’s (S&P). The country received a rating of BBB+/Stable/A-2, which reflects its vibrant economy and net general government asset position.

  • Absolute tax freedom
  • High yields for huge estates
  • Pro-landlord rental market
  • Moderate to high transaction costs
Price (sq.m): $3,884 For a 120 sq. m. property, usually an apartment.
Rental Yield: n.a. For a 120 sq. m. property, usually an apartment.
Rent/month: n.a. For a 120 sq. m. property.
Income Tax: n.a. Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: 16.10% The total cost of buying and then reselling an apartment. Includes:

* all transaction taxes and charges:
* lawyers' and notaries' fees
* agents' fees

Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.
Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord and Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice.

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