Turks and Caicos has long been admired among travelers for its laid-back atmosphere, picture-perfect white sand beaches and crystal-clear calm waters, but it has stayed somewhat under-the-radar for second home buyers. Now, thanks to visits from celebrities like Drake and the Kardashian family, the islands are getting recognized by discerning investors as a luxury destination and ideal place to do business in a glamorous way like never before.
The numbers speak for themselves: the Turks real estate market after three quarters is up 16% over last year in $ volume to $241,145,500. This dollar amount is more than the market did in all of 2017 (source: Sotheby’s Turks and Caicos’s Q3 2019 market report). Unlike other Caribbean islands, Turks and Caicos boasts stable public and private sectors, solid airlift from major U.S. hubs and lack of restriction on foreign investment, making it a wise option for those looking to invest in real estate outside of the United States.
How are developers responding to the increased demand? While single-family homes have historically reigned supreme on the islands, developers are introducing new home categories to cater to all types of buyers. For example, residential resort Rock House by Grace Bay Resorts will be the first residential resort tucked into the rugged, untouched limestone cliffs of Providenciales’ north shore.
Emulating the idyllic seaside towns found in the South of France, Capri and elsewhere on the Mediterranean coast, Rock House will feature 37 studio suites, one- and two-bedroom cottages ranging from 631 to 1,907 square feet and priced from $700,000 to $1.995 million in phase 1. The resort’s Reserve section will be built shortly thereafter, with homes centered around a first-of-its-kind quarry pool carved from the limestone below. For more information on Rock House, visit www.rockhouseresort.com.
