The Saadet House- a luxury private villa rental located in Grace Bay Providenciales.
Kitchen of the Saadet House- a luxury private villa rental located in Grace Bay Providenciales.
Dining room of the Saddet House- a luxury private villa rental located in Grace Bay Providenciales.
Emerald Cay- a private, luxury property located in Chalk Sound, Providenciales.
Front view of Saddet House- a private, luxury villa rental located in Leeward, Grace Bay, Providenciales.
Library and office of Emerald Cay-private, luxury property located in Chalk Sound, Providenciales.
Amazing Grace- a private, luxury villa rental located in Leeward, Providenciales.
Side view of Saddet House- a private, luxury villa rental located in Leeward, Grace Bay, Providenciales.
Evening view of Saddet House- a private, luxury villa rental located in Chalk Sound, Providenciales.
Real Estate in the Turks & Caicos Islands
“Buy Land Son. They Ain’t Makin’ Anymore”
by Charles Manuel, RE/MAX Turks and Caicos Ltd.
This gem of folk wisdom is truer than ever as an increasingly affluent population invests in real estate for vacation and retirement purposes. It is a fundamental economic principle that increased demand and reduced supply drives up price.
Savvy investors have discovered that the Turks and Caicos Islands offer some of the most beautiful, enjoyable, and lucrative real estate investment opportunities anywhere. The number of real estate transactions and the value of real estate transactions increase every year.
What do the Turks and Caicos Islands have that makes real estate investment so attractive?
• We have exceptional natural beauty and No. 1 rated beaches.
• We have a pollution free environment, and an ideal year round climate.
• We have one of the lowest crime rates in the Caribbean.
• We are a safe haven, only 80 minutes from Miami.
• We have beautiful beach-front, hilltop and canal properties.
• We have a stable government that welcomes foreign investment.
• We have a stable currency in the US dollar.
• We have straightforward purchase and sale procedures.
• We offer freehold title, guaranteed by the Crown, eliminating the need for Title Insurance.
Equally important is what we don’t have.
• We don’t have income taxes.
• We don’t have annual property taxes.
• We don’t have capital gains taxes.
• We don’t have inheritance taxes.
• We don’t have crowds
• We don’t have fast food chains.
• We don’t have cruise ships.
No wonder we have enjoyed continuous appreciation in Real Estate prices!
Recent trends speak for themselves. Prices have increased from 15 to 25% per year with the most dramatic increases in beachfront properties.
Some people look at these figures and say, “I wish I had bought 5 years ago”. Five years from now some people will be saying the same thing! Others will have the foresight to see that the next 5 years should bring greater increases than the last as the Turks and Caicos Islands continue to increase in popularity. Our proximity to Miami makes us attractive. We are not only a tax haven but also a safe haven. Our peaceful shores are becoming increasingly attractive as life in the big city becomes increasingly stressful.
The TCI Government just reduced Stamp Duty from 9.75% to 5% (effective until 30th April, 2002). And mortgage rates have never been lower.
There has never been a better time to buy.
Purchasing real estate is one of the most important investment decisions you can make. Before considering any investment, it pays to consult a qualified Real Estate professional to represent your interests. Your Realtor will share their market knowledge to advise you on recent selling prices and relative merits of different areas, help you find the best investment opportunity based on your criteria, guide you through the purchase process, and follow up on your behalf to bring the transaction to completion.
Many first-time investors begin with a purchase of undeveloped land. With no carrying charges, and no requirement to build, it is the type of investment people plan to make and “ forget about”. But more often than not, someone comes along, makes an offer they can’t refuse, and they sell at a handsome profit! Others have invested in existing homes, or have built property for personal use or for rental. Beachfront villas will always hold an appeal for people of means. Prices begin at about $1 million depending on
The latest trend is pre-construction investment in luxury condominiums. And it’s easy to see why. Condominium living offers ease of ownership, a carefree lifestyle, and unbeatable value. It allows owners to live in areas that might otherwise be out of reach. For example, land on Grace Bay Beach is now more than $1.5 million per acre, but you can own a fabulous beachfront condominium here with swimming pool, elevator, fitness centre, and lush landscaping for about $800,000. And you can let someone else clean the pool and tend the garden! Pre-construction payment plans are also very attractive. Interest free payments are made during the construction period, with a final payment of 40% of the purchase price. Some beachfront condominiums have appreciated more than 15% during construction, tempting some early investors to sell their position before closing. Hence, they earn appreciation on the total price, but may only have paid 50 to 60% of that price!
Following on the success of the sold out Grandview on Grace Bay, Cayman Overseas Group has announced a new project, The Pinnacle on Grace Bay. The Pinnacle promises to take condominium living to the next level of excellence and amenities.
Whatever your real estate objective, the Turks & Caicos Islands offer fabulous investment opportunities from the water’s edge to the hilltop, and all points in between. Consider one today.
Then in 5 years, you can say, “I’m glad I did!”
Real Estate Information and Fees
• Taxes: No income, property or capital gains taxes
• Stamp Duty: Providenciales: US$25,000-5% until April 30, 2002, otherwise, US$75,000-9.75%
• Legal Fees: 1-2%, or hourly rate
• Mortgage Rate: Approximately 8-10% interest, 50-70% finance, 15 year amortization
• Building Code: Similar to South Florida, plus hurricane considerations
• Building Costs: From US$135/sq. ft.
• Water Supply: Cistern roof runoff. Desalinated water either delivered or piped in
• Sewage: Septic tank or sewage treatment system
• Electricity: 32¢/kw
• Insurance: 1% of insured value
• Commercial Density: 24 bedrooms/acre
• Corporation/Trust Fees: US$2,500 incorporation fee, US$1,500 annual fee
• Property Management Fees: 15% long term, 15-40% short term