Turks and Caicos Real Estate is Booming

Posted by Amos Fred on July 17th, 2019

The Turks and Caicos continues to experience a real estate boom. Whether you’re looking for a vacation home or property investment that you’ll want to rent out later and sell after a few years, this island off the Caribbean may be your best bet.

Why it’s popular

Its proximity to major cities in the U.S. and Canada makes it a popular haven for prospective investors or property buyers, the Business Insider says. In addition, given the island’s location, coupled with its world-famous beaches and low crime rate, its use of the U.S. dollar as its currency and the country’s lack of restrictions against foreign ownership, it’s no wonder more and more people are discovering the joys of moving to the island or buying property on this Caribbean paradise.

Home sales on the rise

The number of home sales surged to as much as 70 percent last year, the Royal Gazette says. That doesn’t mean the homes were cheap, though. To date, the average condo price on the island was 0,000 while the recorded average house price was at %950,000.

Price drop of properties

Factors that could account for the high sales include the price drop in many of the properties over the last few years. Confidence was also returning to the market, as more and more buyers look for potential investments. The rental program on the island is also starting to attract strong attention from tourists again. The attention has successfully drawn the attention of potential investors and buyers to many of the Providenciales real estate properties on the market.

Shopping for a property

If you’re looking to invest in a bit of property, then it would be a smart idea to consider owning a piece of Turks & Caicos real estate. If you’re looking for the best destinations in the high-end market, then this should be on top of your list.

Buying considerations

Before you go ahead and make an offer for the property, decide what you want first. Identify your buying reasons. Are you buying that property as a retirement home or vacation house? Do you plan to move into it any time soon? Then try it out by living on rental property on the island first. Find out and experience how it is to live on the island when it isn’t busy during the tourist season. Your experiences at this timewill help you decide whether moving to the T&C paradise is the right option for you. On the other hand, if you are looking for a property investment, and have an eye towards renting it out, then check for restrictions first. Some properties may prohibit owners from renting the place, especially if you buy a condo. Check for that detail first.

Getting help

Find the properties that fit your budget and buying goals. Reach out to a local real estate agent on the island to help you get started. From listings to negotiating assistance and more, you’ll have a pro to help you navigate through every stage of the buying process.