TCI Real Estate Overview + North & Middle Caicos News!
The heat is on indeed, and thank goodness for the breeze. Turks & Caicos islands is overall experiencing a good summer with lots of excitement as political activity begins to hum. The election date, to be announced early next year, has parties and individuals gearing up for the race and clearly starting their campaigns. The overall economic conditions in TCI are good, with the austerity of the government for few years now yielding a surplus and decent credit rating for the country. The local population is eager for infrastructure updates with schools, clinics, roads and airports all needing work. We hope the new government will clearly focus on bringing the country forward with respect for the local TCI population and pristine island environment!
The realty market has been slow and soft through 2016, without sizable improvement over 2015. Prices are still quite high, sales achieved mostly at steep discount to asking prices and very few sales of vacant or interior properties. Yet signs of increased activity begin to percolate, more enquiries, more website hits, more emails … and we welcome the refreshed interest in TCI. This is an amazing oasis, a stone’s throw away from the USA; indescribably beautiful, turquoise tranquility everyday, strong and safe, a pristine environment.
The massive inventory of properties available for sale across the Turks & Caicos Islands continues to offer investors an incredible array of business opportunities at all scales. For anywhere between $2-5 million dollars you can purchase a variety of fully operational businesses, take the plunge and enjoy the quality of life here in TCI with profound security. TCI has no property tax so land banking is a very viable portfolio inclusion for many – and the type of property to purchase is up to your budget. As is well known, there is a limited amount of accessible beachfront in the world. The reasonable drop in beachfront prices on Whitby beach found a ready market, with two properties sold within 5 months.
For those seeking a home in the sun, for themselves, for retirement and for rental income the time to buy is now. We continue to find new home construction projects moving forward across North & Middle Caicos, and projects underway approaching completion. Buy an existing property to renovate or build from scratch a dream home with our skilled local contractors. The condominiums and townhomes now on the market are an excellent value purchase.
North Caicos big news is serious road work underway … I drove a smooth road to Major Hill landing and to Pelican Beach - not yet paved, but graded and smooth! The new District Commissioner (Ms. Musgrove) is having a very positive impact on government maintenance work, overall government liaison and general government efficiency for North Caicos. The roadworks to Bellefield Landing have not begun, but are rumoured to be imminent. And best of all, a locally owned small high end hotel on Bottle Creek should become a reality sometime next year. Silver Bay Hotel, with 12 rooms and a shoreline promenade, is the perfect size development for North Caicos, achievable to build and sustainable to operate!
For Middle Caicos, the big news is a co-ordinated government project to survey all the paved roads in order to bring all maps current, and to return property to land holders or compensate them as required. With a sensible eye to efficiency, the project will tackle the issue of public deeded beachfront accesses across the island. Two new residences have been completed, their owners joining this small island community, so the population hovers around 250 hearty souls and the grade school remains open. And … to end with a tickler … the Caicos 71 development plans to have construction running on site in October 2016. This is an ultramodern villa hotel at the east end of the island, with amazing design plans and very reasonable prices.
For the 2016-2017 season we will carry rental accommodation information and recommendations for North & Middle Caicos on our website to make it easier for you to come and visit!! We welcome your real estate enquiries anytime, and would be pleased to assist you with your plans and purchase on North & Middle Caicos. Visit www.forbesrealtytci.com for more information on a wide variety of properties, or contact us at 1-649-231-4884, or info@forbesrealtytci.com today. Forbes, Forbes & Forbes Ltd. is an independent real estate broker licensed in TCI and a member of the AIPP/UK.
