From the pages of RESIDE® | Luxury Homes and Lifestyles Around the World | Spring 2014 Caribbean Edition
For much of its history, the beaches of Turks and Caicos were the sands less traveled. Until, that is, Club Med opened a resort in the early 1980s and put the archipelago on a trajectory as a rising star of posh Caribbean beach destinations.
Turks and Caicos, located 550 miles southeast of Miami, is made up of 40 different islands. Only a handful are inhabited. Providenciales, or Provo, is its tropi-cosmopolitan cultural capital. A quick 10-15 minute flight or easy boat ride connects Provo to most of its sister isles.
$5,690,000 USD | Turks and Caicos Islands | Turks & Caicos Sotheby’s International Realty
Tourism fuels the economy, a sector that continues to grow at a healthy pace. Last year, the country saw a 10 percent jump in visitors–most of them Americans–owing to a bump in discretionary spending and an increase in air service. From most major U.S. East Coast cities, TCI is a direct flight of three hours or less.
$9,000,000 USD | Turks and Caicos Islands | Turks & Caicos Sotheby’s International Realty
When visitors come, the daydream of living an endless summer begins. The luxury real estate market is a resilient one, “poised for greater growth,” says Joe Zahm of Turks & Caicos Sotheby’s International Realty. Infrastructure projects such as the expansion of the Providenciales International Airport, balanced by a commitment to sustainable development is bolstering the confidence of prospective buyers. Another incentive? The islands are a “zero tax” jurisdiction. No property tax, income tax or capital gains taxes. A one-time stamp duty is paid at the time of purchase and based on the home’s price.
$6,000,000 USD | Turks and Caicos Islands | Turks & Caicos Sotheby’s International Realty
But real estate is as much an investment in one’s lifestyle as it is in one’s portfolio. In TCI, that lifestyle is one of flip-flop luxe in a destination that has one of the Caribbean’s highest standards of living. Credit a barrier reef–the world’s third largest–for some of the most brilliant waters and stunning coastlines anywhere. Its beaches are routinely voted among the best in the world. Vacation homeowners count bonefishing in saltwater flats, snorkeling the warm, calm waters and dining under thatched-roof palapas among everyday pleasures.
$5,950,000 USD | Turks and Caicos Islands | Turks & Caicos Sotheby’s International Realty
Condominiums outsell private villas two to one, according to Zahm. Many developments offer owners the option to put units in the rental pool when not in use. Prices for luxury properties range between $1.5-$5 million, although trophy residences have sold for upwards of $10 million. Most are on Provo, in popular locations like Grace Bay. Those seeking quieter hideaways are finding their slice of paradise in Provo’s other coastal spots or on other islands like prestigious Parrot Cay, a favorite of A-listers. There is every degree of tropic fantasy in Turks and Caicos including the ultimate, the opportunity to buy one’s own private island.
Article provided by Iyna Caruso exclusively for Sotheby’s International Realty®.