How's the Real Estate Market in Turks and Caicos Today?

Everyone has been asking me how the current world economic climate has affected real estate in Turks and Caicos.

My verdict, in short, it’s never been a better time to buy! For the first time since I have been in Turks and Caicos, buyers have the opportunity to take the time needed to find the right property at the right price along with the ability to negotiate the best price possible.

Sellers are more aware than ever of the need for their pricing to reflect the changes in the market, in order to make their property more appealing. They also have to work more on curb appeal – something that was not a focus before.

One thing, of which I am certain, is that property in Turks and Caicos will continue to prove its value through any economic cycle. There is a relatively small amount of available beachfront property, and while the demand may be down, the supply will never increase!

The Economic cycle plays an important role in real estate investing. The idea of an Economic cycle is simple. It states that what goes up must also come down. In the past, Real estate in Turks and Caicos has shown increases in value by 10 – 15% per year on average with many reporting 25% increases – especially for beachfront property. Real estate investment is more secure when the investment strategy is based on the long-term potential of the investment. In other words, buy property and hold on to it until the profit you seek can be realized.

STAMP DUTY

The stamp duty reduction has been extended; and is now only 6% for Providenciales and 3% for all other islands, but only until June 30th, 2009. This is a vast reduction from 9.75%. This stamp duty is payable on all real estate purchases and is a one-time tax; you will never pay property taxes again!

In an area such as TC real estate, profit potential is great because of the attractiveness of the area, and the confidence that property values will increase in the medium to long term. So the answer is, buy now, sell later!

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Call or email Zoe for more info: zoe@prestigiousproperties.com or 649-232-3635