Peter Crawford Smith
Update on Condo Development - TCI
The natural beauty, white sandy beaches and turquoise waters are some of the best in the world and it will continue to make the islands a high end destination in spite of the turmoil in the world economy.
Constant easterly breezes keep these Islands comfortable with the coolest months in the 70s and the warmest months averaging in the low 90s. The average rainfall is 40 inches a year with the Autumn as the rainy season although the rain never lasts very long before the day goes back to warm sun and blue skies.
In 2008 and 2009 and 2010 the islands slowed down dramatically in economic growth and is just beginning to slowly recover. There have been more properties on the market and fewer sales. The challenge has been that fewer people want to invest until they see the economy in the world get stronger. But that is slowly changing and we have more recently seen people want to invest in homes or condos that will cover their costs with short term or long term rentals and over time create some good capital appreciation.
2010 is a year with lots of opportunities for investors in the market place as the prices have come down and those who are serious about selling price their listings to sell. Buyers who are looking for deals are visiting the islands and using the internet to find the deals that will make for good investments.
Here is a short update of the development on each of the outer islands:
| Dellis Cay - Mandarin | Parrot Cay | Grand Turk |
| West Caicos - Molassis Reef | Pine Cay | Salt Cay |
| North Caicos | Middle Caicos | Ambergris - Sporting Club |
An extension of our Providenciales International airport runway to 12,000 feet is to be completed in 2011 and will begin bringing in direct flights from Europe.
More direct flights out of New York, Charlotte, Atlanta, Miami, London and Toronto has increased the number of people visiting the islands to over 250,000 this past year not including over 300,000 who have come on the cruise ships to Grand Turk.
There is much more to say about the the continued growth in these Islands and Peter will be happy to discuss the reality of the change of government back to Briish rule and the effects that this is having on the confidence of investors and owners. We have been experiencing a healthy correction as the development, especially in Providenciales was very fast and the country is just catching up and re-grouping and will end up with a much more sustainable and healthy growth pattern with good governance back in place.
The opening of 2 brand new hospitals in Providenciales and Grand Turk run by Inter Health Canada will add to the development of the islands. The Government has been reducing the costs of articles coming through customs and is focussing on bringing duty free articles related to solar panels, lights and other articles that will reduce the costs of living here in the islands.
Turks and Caicos Real Estate Association was set up in 1999 to provide buyers and sellers with the highest level of service when they are working with real estate agents. There are 85 agents most of whom are working in Providenciales with agents going to other islands to show and list properties on all of the inhabited islands. There are 18 real estate companies who work together and there are over 1100 listings at the present time. Giving back to the community is an integral part of the Association and this happens with children, the elderly, handicapped and with national disaster work. With the multiple listing service an agent can show listings from any company which is much different than buying in the United Kingdom where only the estate agent can show and sell the listing.
The straight forward purchase and sale procedures on the Islands are attractive to the potential investor, and also appealing is the fact that the Crown guarantees title. The US dollar currency makes it easy for people visiting and living here. The land registry which is in Grand Turk is being streamlined and is becoming computerized and will have many of the same features that the Caymans have.
