Turks and Caicos Islands Real Estate
The unrivalled attraction of Turks and Caicos Islands can be easily summed up in numbers: 40 low-lying coral islands … 230 miles of natural beauty surrounded by clear turquoise waters and powdery white sand beaches… 350 days of bright tropical sunshine each year… and — wait for it — zero taxes.
Turks and Caicos Islands (TCI) is a British Overseas Territory located southeast of the Bahamas and is one of the world’s most enchanting holiday destinations.
Home to over a dozen stunning beaches and the third largest barrier reef on the planet, close to a million tourists come to visit each year, not only to delight in its rich aquatic resources and sweeping vistas but also to indulge in a wide variety of outdoor sports, recreational activities and cultural experiences.
The archipelago is divided into two island groups: Turks Islands and Caicos Islands. Of its 40 main islands and cays, only nine are inhabited — Providenciales, Grand Turk, North Caicos, South Caicos, Middle Caicos, Salt Cay, Pine Cay, Parrot Cay, and Ambergris Cay.
Its capital, Cockburn Town, can be found on Grand Turk and has been the seat of government since 1766. English is the official language and the official currency is the US Dollar.
Although it is still one of the most tourism dependent economies in the world, recent years have shown great promise in real estate development and offshore financial services as potential drivers of economic development in Turks and Caicos.
Your luxury destination of choice
Turks and Caicos has proven to be the destination of choice for a growing number of high-net-worth individuals who are captivated by its world-class beaches, warm climate, welcoming people and tranquil environment
Its popularity as one of the hottest and most fashionable places to visit, invest and live in the Caribbean region is reflected in its robust real estate market, which has shown exceptional performance over the last three years.
After hitting record sales of US$ 563-million in 2021 and a whopping US$ 760-million in 2022, the TCI real estate market has already reported US$ 373-million in closed transactions by the second quarter of 2023, mostly from sales of single-family homes.
And while limited inventory resulted in a slight dip in units sold in the first half of the year, the market also saw an increase of over 35% in average sales price — proof that Turks and Caicos real estate continues to be in high demand and has become more valuable than ever.
Attesting to its strong reputation as a luxury destination, brisk sales have been reported in high-end real estate properties hovering around the US$10-million to US$30-million price range, such as those listed in Mansion Global and Luxury Estate.
The entry level price point for a single-family home begins at roughly over US$ 2-million per unit but listings in this price range are hard to come by as they get bought almost instantly.
This surge in demand for real estate is largely driven by overseas buyers who are looking to relocate, buy a second home, or purchase property that they can transform into income-generating vacation rentals as more and more holidaymakers are drawn to the islands each year.
Perks of buying property in Turks and Caicos
There are many reasons why Turks and Caicos Islands is fast becoming a favorite among international property investors. Here are some of them:
- No restrictions on foreign property ownership: Unlike in other territories, foreigners can purchase property in the TCI without securing any licenses or maintaining residency on the islands.
- Buy property as an individual or through a TCI company: Property may be purchased by an individual buyer or by a TCI company. (While there are no restrictions on foreign individuals acquiring real estate, foreign companies and trusts are not allowed the same privilege and the property must be held by a local company or trust.)
- Tax benefits: There are no income taxes on revenue generated from property, no capital gains tax on property transfers, no estate or inheritance taxes, and no corporate taxes associated with real estate investment.
The only additional payment you will need to make when you purchase real estate is a one-time Stamp Duty charge payable to the government within 30 days of execution of transfer.
- Government guarantee and advanced land registry system: Each piece of property is assigned its own block and parcel number. The Land Registry Office is in charge of processing applications for the registration of transfers of property from owner to owner, as well as in documenting all charges recorded on the title, leases, restrictions, easements, cautions and other agreements pertinent to the property. Every owner is registered on the title and ownership is guaranteed by the government. Title insurance is not necessary.
- Simple and straightforward buying process: The process of buying a home in Turks and Caicos is typically simple and straightforward. You begin your property search online or engage the services of a trusted local realtor. Once your find your ideal property, make an offer. If your offer is accepted, have your attorney review the sales agreement. Sign the contract and pay the 10% deposit. Pay the balance upon closing. Lastly, pay Stamp Duty and other fees pertinent to the transaction, including legal fees and agent’s fees.
Buyers planning to rent out a property are advised to inform their attorney in advance, so that proper documentation and arrangements can be made.
Exciting new developments on the rise
There is a wide selection of available real estate in TCI, ranging from luxury resort residences and villas, detached single or multi-family homes, duplexes and townhouses, condominiums, commercial properties and vacant land.
Real estate prices are largely influenced by location. For instance, property in Providenciales (known locally as Provo) and the capital city of Grand Turk can be expected to be significantly more expensive than in other islands. In addition, there is also a higher premium on beachfront and oceanfront properties as compared to those that are inland.
Renowned for having some of the best beaches in the world, Providenciales is known for ultra-luxury hotels and residential resorts with stunning oceanfront views. Many of these properties can be found around the areas of Grace Bay, Chalk Sound, Long Bay, Sapodilla Bay, and Leeward.
Other areas of interest for property buyers include the more secluded and exclusive communities in Pine Cay, Parrot Cay, Middle Caicos and South Caicos.
Aside from available property listings, some highly anticipated new developments are also on the rise. Among these are: the ultra-luxurious Arc at South Bank with ist breathtaking Sky Villas; the Rock House Residences, which offers upscale accommodations ranging from poolside studios to oceanfront homes; The Strand Turks and Caicos with its beachfront villas, bespoke residences, and homesites overlooking Cooper Jack Bay; and The Bight by Dream Hotel Group, which promises seven acres of tropical gardens and cinematic views from suites that rise to over a hundred feet in elevation.
A very recent addition to the exciting new developments is the Hyatt Andaz Turks and Caicos at Grace Bay — a boutique hotel, resort and residential offering comprised of 59 pure hotel rooms and 74 for-sale residences expected to open in late 2025.
Find your dream property now
The Turks and Caicos Real Estate Association (TCREA) offers a Multiple Listing Service (MLS) that features a wide selection of properties for sale through its members and is considered the largest portal for Turks and Caicos real estate.
The TCREA website also provides access to over a hundred accredited and highly trained realtors who can provide their clients with expert professional services and valuable advice.
Are you ready to find your own piece of paradise in Turks and Caicos? Our team of trusted ERA real estate professionals would be more than happy to assist you!
For more information about working with ERA and for interested franchisees, please inquire below
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