Turks
and Caicos is in the early stages of development, with the
most dramatic changes occurring the past 30 years. In 1966, in exchange
for 4,000 acres, a company called Provident Limited began the development
of Providenciales. Provident constructed an airstrip, built roads
that linked three settlements together and built a 10-room hotel called
the Third Turtle. The first car arrived on island that same year.
Barclays Bank opened a full service branch on Providenciales in 1981
and in 1984 Club Med Turquoise opened. Cable television came in 1985
and in 1989/90 Ocean Club became the first condominium project on
the Island. Now, many condominium resorts have been built along the
island’s jewel of a beach, Grace Bay, with many of these being
completed between 1998 and 2008....more are on the way.
In 1980 approximately 7,500 people lived in Turks and Caicos. By 1990
that figure had grown to 12,500. In 2001 the number grew to just under
20,000, and now in year 2008, there is a population of over 32,000
people. Approximately 2/3 of this population are residents of Providenciales,
fondly known as ‘Provo’. A large part of the growth is
due to the opening of Provo’s International Airport, where vacationers
and investors alike come from Miami and other US locations, discovering
the many opportunities TCI offers. The airport runway in Providenciales
is being extended to 10,000 to enable direct flights from Europe.
In 1991, there were fewer than 1,000 hotel or condominium rooms available
to visitors. Now, in 2006 that number has doubled, with many more
resort suites coming on the market as buildings are completed. Point
Grace, Grace Bay Club and The Palms are receiving hotel awards and
mostly recently Grace Bay Beach, which boasts a 12-mile pristine coastline,
was identified as one of the best beaches in the world.
Is all this resort / condo development and international attention
going to continue in the Turks and Caicos Islands? Yes. Because these
Islands are still in the early stages of development and growth, the
opportunities are still there for small and large investors.
While not available until recently, the outer inhabited islands now
offer investment opportunities as well, each with its own character
and charm. A few years ago, no one had heard of these islands, but
now newspapers such as the New York Times and The Robb Report are
publishing articles regularly about this still untapped wealth of
opportunity.
The cost of beachfront property on Provo is rapidly increasing, as
it is on North Caicos and Grand Turk. West Caicos and Ambergris Cay
real estate prices are also well up from just a year ago.
For many people, buying a parcel of land instead of a condo or home
provides a toehold into this developing country and it gives them
time to decide what they will do with it in the future. Purchasing
a condominium allows people a chance to enjoy vacation time here and
still provides rental income when they are not using their unit. Yet
others prefer to buy in the preconstruction stage where they can benefit
from the 10-25% capital appreciation of their purchase while the resort
is being built. Some of the existing condo resorts have excellent
track records for service and good rental histories.
Providenciales
is the island that is developing the fastest and it has the most activity.
It has good infrastructure to support investment. With paved roads
and a planned state-of-the-art hospital, which broke ground in September
2007, investors’ comfort level in choosing the Turks and Caicos
Islands has never been stronger. There are many condominiums to choose
from along Provo’s beautiful beaches, from less expensive entry
point resorts to the high-end resorts like Grace Bay Club and Amanyara.
Prices of Provo’s freehold homes range from as low as US $225,000
to well over $7 million. Land without buildings can start at $50,000
per acre and go up to several million on a good beachfront.
Most of the tourist related businesses are concentrated in the Grace
Bay Beach area, which boasts an assortment of restaurants, shops and
activities. Restaurants, nightclubs, dive operations, golfing and
shopping are available in Providenciales. Currently, all international
flights arrive and depart from Provo’s airport, but for those
who are investing in the sister islands, connecting flights through
Turks Air or Skyking are available, and boat travel is still another
option.