Where When How March/April 2017 : Page 159
Real Estate AND DEVELOPMENT THROUGHOUT THE TURKS & CAICOS ISLANDS PHOTO PROVIDED BY TURKS & CAICOS SOTHEBY’S INTERNATIONAL REALTY THE PALMS MLS# 1600669 Visit the Turks & Caicos Islands at www.WhereWhenHow.com MARCH/APRIL 2017 • • • • • 159
Real Estate & Development The Real Estate Market
Richard Sankar TC Sotheby’s International Realty
THE REAL ESTATE REPORT: Strong Fundamentals Lead TCI Growth
Well, the word is out – really out! From mentions on late night TV talk shows, to articles in high profile magazines, and postings on celebrity Instagram accounts, Turks and Caicos is generating a strong buzz as the destination for cool, hasslefree, luxury vacations. This recognition has translated to strong growth in tourism and real estate. This buzz and growth, however, would not be possible without strong fundamentals, which this report will recap.
Quality Beaches, Beautiful Water and Climate
Our success of course begins with the quality of our beaches, beautiful water, and climate. Grace Bay is acknowledged, with multiple awards, as the finest stretch of beach in the world. But this belies the depth and scope of our beaches, whether it be Long Bay, Sapodilla Bay, Taylor Bay, Babalua Beach, Thompson’s Cove Beach, Parrot Cay or the many other habited and inhabited beaches in our archipelago. In fact, TCI comprises 230 miles of some of the world’s finest beachfront. Our multi–hued, magical waters are the subject of thousands of inspiring photos, artwork, jewellery and clothing, whether it be the deep blue beyond the reef to the lighter turquoise of the Caicos bank. There is a shade and texture for everyone. And finally, our warm, sunny, low humidity and low rainfall climate is ideal for year-round vacationing.
Quality of Tourism and Real Estate Product
Led at the top end by two iconic super luxury resorts, COMO Parrot Cay and Amanyara, five-star condominium resorts such as Grace Bay Club, The Palms, Seven Stars and Gansevoort, the just opened and magnificent Shore Club on Long Bay, a bevy of other four and five-star condo resorts, and of course industry leader Beaches, the TCI tourism product, especially on Providenciales, is world-class. The proper ties are relatively new, well managed and maintained, with friendly and welcoming service.
These condominium resorts and hotels are augmented by a stunning array of standalone villas, and managed luxury villas that are gaining international attention. From Saving Grace, Coral House and Hawksbill on Grace Bay, Turtle Tail Estate in Turtle Tail, to Mandalay, Trident and Long Bay House in Long Bay, there are a myriad of professionally managed standalone villas that come complete with private chef options and a concierge service. New and popular managed villa projects such as The Residences by Grace Bay Resorts and Beach Enclave North Shore are now setting the tone for others to follow. These include Beach Enclave Long Bay and Beach Enclave Grace Bay, Gansevoort Villas, The Dunes, Shore Club Villas, Blue Cay Estate and the latest offering to the market - Rock House (also by Grace Bay Resorts), a low density, elevated boutique resort located on Provo’s North Shore.
Ease of Access
Compared to many of the southern Caribbean islands, Turks and Caicos is a mere hour plus flight from Miami, with direct flights from Toronto, New York, Newark, Boston, Philadelphia, Atlanta, Washington/Baltimore, Chicago, Dallas, Houston and Ft. Lauderdale, as well as London. Our two new private air terminals see major private aircraft traffic and our international airport welcomes upwards of 25 flights on peak days. Then once visitors arrive, it is very easy to get around, whether by rental car, taxi, boat, bicycle, scooter or by foot. Provo’s major highway and the lower road’s paving, sidewalks and streetlights are examples of how our strong infrastructure backs up our wonderful accommodations and services.
Ease of Use
In addition to easy mobility, it is generally straightforward to do business and enjoy Turks & Caicos. Our professional sector (legal, financial, architectural, and construction) and service sector (diving, boating, fishing, watersport excursions, dining, spas, fitness centres, grocery shopping and retail shopping) are excellent and simple to navigate. In addition, the combination of US currency, English language and British Crown protectorate provides comfort and ease to those who travel to, and do business in, Turks & Caicos.
In closing, all of these above factors speak to TCI’s excellent fundamentals; which has led to healthy tourism and steady real estate growth over the past five years. TCREA Pending Sales (under contract and conditional sales) currently total just under $100M. These sales, along with new sales that will close out in 2017, leads us to predict that this coming year “2017” should prove to be a record year for real estate sales and development. Note also; that all this advancement in five years has been without any large scale vertical developments.
Article provided by: Turks & Caicos Sotheby’s International Realty Venture House, Grace Bay Road, Providenciales t. 649.946.4474 f. 649.946.4433 turksandcaicosSIR.com
Read the full article at http://onlineissues.wherewhenhow.com/article/Real+Estate+%26+Development+The+Real+Estate+Market/2721469/387443/article.html.
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