Turks and Caicos real-estate market flourishes as rich buy luxe island villas
An increase in high-end development and a few “trophy listings” have helped turn the Turks and Caicos Islands into a hot luxury vacation destination.
The islands drew headlines earlier this year when an estate that once belonged to Prince sold for $10.8 million and Bruce Willis sold his home there for $27 million.
“There’s definitely been an uptick in our high-end market,” said Nina Siegenthaler, vice president of Sotheby’s Turks and Caicos.
Some of those properties on the market include a 9,000-square-foot waterfront villa on the island of Providenciales, which was just reduced from $9.5 million to $7.29 million, and a brand new 11,954-square-foot villa at the Amanyara resort, which just hit the market for $7.5 million.
Dream Big Villa includes private pocket beaches with the luxurious eight-bedroom home. (Credit: Provo Pictures)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
There are several reasons the islands have become so popular for vacationers, according to Siegenthaler. They use U.S. currency but have no property taxes. It’s a relatively short flight from most of the U.S., and the airport puts travelers within a half-hour of most destinations. The islands also offer high-quality beaches and water frontage, plus high-quality real estate, she said.
“It still has intimacy, it has beauty and it has quality, luxury property,” Siegenthaler said.
For the first three quarters of the year, the real-estate market was up 16 percent in dollar volume compared to the year before, to more than $241 million, according to Sotheby’s Turks and Caicos. That’s more than the whole local market performed in 2017. And the average Turks and Caicos home price has increased 30 percent from $692,000 to $903,000.
The market isn’t showing signs of slowing down, either. Beach Enclave Grace Bay is currently under construction with one villa remaining available for $9.65 million.
MEL BROOKS’ FORMER BEACH HOUSE SELLS FOR NEARLY $5M
Rock House, a new Turks and Caicos luxury condo development. (Credit: Grace Bay Resorts)
Rock House, a condo development that began construction in July, has a couple of studios still available at $700,000 and two-bedroom units starting at $1.895 million.
The developments offer a “low-density sense of scale with high-end services and amenities,” according to Siegenthaler.
READ MORE ON FOX BUSINESS BY CLICKING HERE