| 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. |
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