Turks & Caicos Is.: Price History

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Last Updated: Mar 24, 2008

Turks and Caicos success story in the Caribbean

Property prices have risen dramatically in the Turks and Caicos between 2001 and 2007, propelled by an enormous increase in visitors. The boom has now hit white heat and appears to be escalating. A two acre beachfront on Long Bay which in 2001 would have sold for US$150,000, in 2007 sells for US$1.5 million.

Part of the credit for Turks & Caicos skyrocketing into luxury travel space goes to Parrot Cay, the exclusive island that is home to big celebrities. Notable residents include Keith Richards, Christie Brinkley, Donna Karen, Bruce Willis, Michael Douglas and Catherine-Zeta Jones. Ben Affleck and Jennifer Garner got married in Turks & Caicos.

Yet Providenciales, commonly known as "Provo," which is the most developed island, is not short of attractions. It is home to Grace Bay Beach, consecutively voted "Best Beach in the World" by the World Travel Awards in 2005, 2006 and 2007.

In the relatively uninhabited island of West Caicos prices of privately owned villas and cottages range from US$2.2 million to US$6 million each.

The average price for properties in Providenciales, the main tourist destination in the islands and the center of the rental market, is US$5,724 per square meter (sq. m.).

The granddaddy of them all

Many of Providenciales’ newest resorts on Grace Bay are spare-no-expense palaces that rival the Caribbean's top resorts. But the granddaddy of them all on this prime curve of sand is a familiar name with no such pretensions of grandeur: Club Med.

Commercial exploitation began with the arrival of Club Med. The French company pioneered the tourist industry here when it cut a road from the Providenciales International Airport and opened its doors to GMs (gentil membres or "gracious members") in 1984.

In 1989 the first condominiums were built, and then in 1991-92 Americans began to fly in out of Miami.

Now development is dramatically accelerating. Flights come in out of Miami, Atlanta, Charleston, New York, Philadelphia, Boston, Canada and London.

Best beach in the world!

With the influx of visitors to this upscale destination, a heavy demand has been created for increased development and investment opportunities on Providenciales and the outer islands of Dellis Cay, North and West Caicos.

The popularity of Providenciales has led to the introduction of many new luxury properties. The Amanyara Hotel (an Aman resort) opened in March 2006 continues to be ranked as one of the world’s top hotels, resorts and spas by Zagat Survey. The Somerset on Grace Bay has intrigued affluent travelers ever since its introduction to the island in June of 2006. Quickly becoming one of the most popular destinations for Caribbean cruises, Turks and Caicos officially unveiled its Grand Turk Cruise Center on “Cruise Day” in May 2006. The Regent Palms sits on 12-acres of landscaped gardens on world-famous Grace Bay Beach, just steps from the azure waters and pristine sand. The Tuscany opened in December 2006 and has already garnered a wealth of interest in investment on the properties.

New resort openings in 2008 includes Leeward Resort & Marina, which offer a US$400 million international motor yacht destination, and Seven Stars Resort on Grace Bay, will be an exclusive property located on the finest part of 12-mile-long Grace Bay Beach. In 2009, Mandarin Oriental is scheduled to open a small hotel.

Provo is by far the most developed island in Turks & Caicos, and has been influential in increasing the country’s GDP.

Absolutely tax-free, low crime rate and high rate in tourist arrivals

There is no annual property tax, income tax, corporate tax, inheritance tax or capital gains tax in Turks and Caicos.

The overall crime rate in the Turks and Caicos Islands remains low by Caribbean standards. The level of crime on Providenciales (the country’s tourist and economic hub) is higher than on the other islands. Most crime tends to involve incidents of opportunistic burglary and theft.

The Tourism industry gives Turks and Caicos its main revenue. The Department of Economic Planning and Statistics reports that visitors’ average length of stay in Turks and Caicos is about 7 nights and the average daily expenditure is around US$262.39 per person. As the popularity of the Turks and Caicos continues to grow, it is experiencing one of the highest growth rates in tourist arrivals of all Caribbean nations. Tourist arrivals increased to 543,343 in 2006, from 167,659 in 2000 - a whopping 224% growth rate.

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