Today, the Turks Caicos real estate investment market is moving fast. New resorts, hotels, villas, condos, rentals and vacation home communities are sprouting up on the main tourist hub of Providenciales(Provo).
Development is even starting to trickle over to West Caicos, North Caicos, South Caicos and Dellis Cay where a handful of upscale resorts and homes are being completed.
But considering that the first automobile didn’t arrive until 1964, and that the islands didn’t have electricity … if you can believe it … until 1984 when Club Med opened its doors, Turks Caicos real estate development is still in its infancy.
Club Med Turks and Caicos brought the islands into the modern era and kicked off Turks Caicos real estate development; however, the second hotel, Allegro Resort & Casino, didn’t open until 1990.
Development picked up the pace into the late 1990s, but the real “boom” has occurred only in the last 5-7 years.
Prices Are Appreciating Fast
Hotel and condo developers are certainly salivating. The Turks and Caicosrepresent virgin territory for years to come. And plenty of opportunity exists for the individual investor too, but …don’t expect to many deals.
Island life is expensive. Locals and developers alike understand the immense value of Turks Caicos real estate that all the islands have to offer.
On Providenciales, raw land prices start around $100,000. Home and condo prices begin around $250,000 and quickly shoot past $1 million.
The Best Deals
Prices are cheaper on North Caicos, Middle Caicos and the other less populated islands with land starting at $50k and condos around $250k, but with development plans in full swing prices are appreciating rapidly as investor interest in Turks Caicos real estate grows.
Since the real estate market is comparatively new here; however, you can expect opportunities to buy into new condo and home developments at pre-construction prices for years to come as well. And of course, it’s a pretty safe bet that your investment will appreciate handsomely as development matures and the Turks and Caicos become more well-known.
Don’t Worry Though …
If like me, you’re a beach lover, diver or fisherman looking for an unspoiled hideaway …the Turks and Caicos will remain pristine, un-crowded and easy-going for years. Even Provo, where 95% of the development is occurring, has a long way to go before it becomes a tacky tourist trap and …it should never reach that point.
Consider the Bahamas, sister islands to the Turks and Caicos. Nassau and Freeport are certainly BIG tourist destinations, but the Out Islands remain quiet, casual and blissful retreats despite decades of notoriety.
Until just recently the Turks and Caicos were visited only by scuba divers and a few of the rich and famous now and then. It really wasn’t even on the map. It is now, but just barely.
Compared to other Caribbean and tropical destinations, the Turks and Caicos are still undiscovered.
Furthermore, the government appears to understand that the lure of the Turks and Caicos Islands lies in the abundance of unique natural attractions and activities that can be experienced here in a pristine and serene setting and that building the next Cancun of the Caribbean would be a bad idea.
Although a recent change in the building code allowing for 7-story buildings (previously restricted to 4-story I believe) caused quite a stir, long-term planning calls for low-density, up-market development of beachfront properties with generous setbacks from the water to maintain the sense of space and tranquility.
Pro-active protection of the Turks and Caicos’ natural beauty and ambience is a priority rather than 20-story mega-resorts stacked along the beach.
As travelers, tourists and investors we should hope that the major players get it right so that future real estate development here truly benefits the islands without destroying the experience of this wonderfully secluded tropical paradise.
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