The Turks and Caicos Islands receive over one million tourists a year and are the prime real estate investment for resort properties. Located near the Bahamas and a short flight away from Miami, find out why the Turks and Caicos Islands are quickly becoming a locus of foreign investment.
Turks and Caicos
The Turks and Caicos Islands are an autonomous British overseas territory. The citizens of Turks and Caicos have full British Citizenship as of 2002. The islands are composed of two groups, the Turks and Caicos. Only eight of the thirty islands are currently inhabited. They are known for not only tourism but for being used as an offshore financial center.
The current population as of a 2012 census is 31,458 residents. A majority of which live on the island of Providenciales, known locally as “Provo”. The capital is Cockburn Town, which is on Grand Turk Island, a short 647 miles away from Miami. The total land area of the islands is 170 square miles, for comparison Los Angeles is 809 square miles.
These tropical islands are ideal for resort properties and are attracting foreign investment. At least half of the adult population on the islands is composed of immigrants. On islands like Parrot Cay, at least half of the population works for a resort. The tropical islands experience a rainy season lasting from early August to late December. The temperature is regularly between 73 and 88 degrees Fahrenheit.
Real Estate in Turks and Caicos
Investing in properties in or around resort areas is always a good idea. Typically they only increase in value as tourism increases. The Turks and Caicos Islands have regularly seen tourism since the 1960s, should that change in the near future then your investment may be at risk. However, as the islands receive more and more visitors every year, we are able to watch as property values increase. The benefit of real estate on the islands is that it can vary so greatly. Dependent on your location the price may border on extreme, but purchasing a property near something more expensive may assist the rate at which your property’s value appreciates. A three bedroom corner penthouse recently sold for $3.2 million. One or two bedroom residences can cost anywhere from $1-6 million. Single-family residences can range from $4 million to a whopping $40 million depending on their location.
Tourism in Turks and Caicos
The area’s economy is largely based on tourism as of the 1960s. At the time the economy was based on its salt industry, however, American investors funded the building of an airport on the island of Providenciales. Leading to a tourism industry that evolved over time into the large industry we see today. The first hotel on the island was the Third Turtle. The islands receive over one million tourists a year, despite their small size. Foreign marriages are regularly hosted on the islands due to its picturesque tropical landscape.
Realizing the importance of attracting not only wealthy tourists but those of average income, the islands take a two-pronged approach to marketing. Cruises are aimed toward everyone, the islands have a large cruise ship port and a recreation center. Then, aiming toward wealthier clientele, there are luxury resorts on the island. To further increase tourism during the slow season the Turks and Caicos Tourist Board hosts an annual music festival. The festival is called the Turks and Caicos Music and Cultural festival, annually attendance numbers around 10,000 visitors.
Whether you’re investing in real estate or visiting, the sandy beaches of Turks and Caicos will never disappoint. Even though there was a massive push for “staycations” the tourism industry on the islands continues to flourish. Each year more and more people visit the islands, and for those who choose to invest, they may never have to leave. For more information, I specialize in Miami Beach real estate and you can find my page here! For information on other cities search our directory for a Real Estate Media Influencer near you.