Industry conversations are sparking pure excitement, the global headlines are filled with optimism and agencies in the area are reporting record numbers. It is time to candidly unpack the current buzz surrounding Turks & Caicos Islands and why the most investment savvy real estate buyers are heading in their direction. Turks is a magnetic destination of choice to those in search of top-quality developments in the sub-tropics. The prime investment hub has been seeing historic totals since 2021 and raked in a 71% increase in transactions just during the first three quarters of 2022, surpassing pre-pandemic totals.
With a housing market surging in sales volume and buying ventures even receiving lyrical nods from high profiled hip-hop artists like Drake, Turks has a matchless allure. Some serious investors question however, if this buying trend is just a fad. Professional experts would instantly debunk that notion. In fact, according to market researchers, the archipelago is expected to experience additional growth this year as well. The demand for Caribbean real estate continues to rise at a high level and there are no clear signs of deceleration. For this reason, we are exploring the magic behind the current state of affairs on the island and the rare but exceptional opportunities that present themselves.
Why Turks & Caicos Islands
Though it has sprawling beauty and a pleasant climate, Turks & Caicos isn’t just azure waters, powder white-sand shorelines and 300+ days of sunshine. Some of the main drivers that impel investors to flock to the picture-postcard locale include:
The quality of life – The mere fact that Turks & Caicos sits in the West Indies makes it easy to pinpoint why this strip of paradise is vastly sought-after. The vibrancy of its radiant culture paired with the serene and slow-paced aura that mantles the island fuels desirability. Many are acquiring property in Turks because there is an unprecedented level of privacy delivered with an elegant home. Residents are offered the chance to enjoy life at their uninterrupted leisure and as the islands continue to develop, there is an array of things to do.
No restrictions on foreign ownership – Part of the destination’s realty upswing also stems from the favorable laws and regulations that welcome foreign investors. Turks & Caicos pride themselves on having an open economy, attracting international buyers who set their minds on finding a tropical area to move or secure a second-home. There are no legal aspects that hinder foreigners from owning a home on the island and there are actually provisions for non-natives to potentially obtain citizenship.
Its proximity to the U.S. – Prized mostly by North Americans, the ocean fringed enclave is just a short distance from major cities in the United States. Long-haul flights and extremely taxing travel arrangements typically aren’t required to get to the islands. Easy to reach but far removed from the ordinary with its idyllic living standards, many view Turks & Caicos as one of the best places to lock down on a vacation home. Notably, the country also uses the U.S. dollar as currency, which is rather convenient.
How investing on the island works
If you envision yourself tapping into the buying trend, it is time to consider ways to approach a valuable investment in Turks & Caicos. The island stuns with the most remarkable real estate waiting to be scored by new owners. Purchasing a home or parcel of land can be seamless and uncomplicated once you follow these steps:
Work with a licensed agent – This is the best decision you’ll make on your journey to property ownership in Turks, once you hire the right team. Partner with an experienced agent from a proven brokerage like BE Luxury Collection that knows the local area and can guide you with precision from the very start.
Start searching for the property – The nuances of residential and commercial real estate in Turks & Caicos allow investors the freedom to pick, choose, and refuse. Once you are working with a licensed agent, you can let them know your personal needs and wants and they can help you to discover the ideal listing.
Make an informed offer – With the market ramping up, competition is high. Sellers are looking to get the best deal on their property but it is important to be thoroughly informed before you buy any asset. Ask your agent any questions you may have about the property and gain as much insight as you can. Once you feel confident in your purchase decision, let the agent negotiate an offer on your behalf.
Review and sign sales agreement – In Turks & Caicos, a minimum deposit of 10% of the purchase price is required before you sign a sales agreement. Have your agent walk you through the agreement and analyze all aspects before making the investment.
Pay all closing costs, fees & taxes – As the property is in escrow, there will be some costs that you will incur as the buyer. To successfully close on the development in Turks, be prepared to cover a variation of fees and taxes which usually include stamp duties, banking fees, attorney fees, and costs for inspections.
The potential for luxury developments
From high-rise condominiums with panoramic views to spectacular villas and world-class family homes, securing a luxury property in Turks & Caicos. The most immaculate and charming developments are enveloped in prestigious neighborhoods across Grand Turks, Providenciales, North Caicos, Middle Caicos, South Caicos, East Caicos, and West Caicos. Signature properties come with stunning beachfront landscapes and a multi-million dollar price tag that is perfectly fitting for the ultra wealthy investor. If you are ready to obtain an exclusive lot or residence in the Caribbean, Turks features a full-spectrum of upscale real estate to suit your lifestyle.
Is a real estate investment in Turks & Caicos a lucrative idea?
Investing in property is always a great idea, especially in the long-term, but capitalizing on real estate in the Caribbean is an impressive way to diversify your portfolio. If you are an investor looking far beyond just having a place for you and your family to unwind, the present condition of the market in Turks & Caicos shows immense potential for profitable returns on your investment. The country is a well-trafficked touristic destination, primed for vacation homes that you can rent out and produce sizable income. In reality, most islands are experiencing a massive increase in visitor arrivals, therefore, making an oceanfront home investment an absolutely rewarding endeavor.
Buy with us at BE Luxury Collection
It is evident that the best path to obtaining real estate is with the representation of a trusted agent. At BE Luxury Collection, we provide outstanding advisory and management services for discerning investors. We have an unrivaled inventory of the most sophisticated properties in Turks & Caicos and other Caribbean destinations, just for you. Connect with us today to begin the buying process.