News By Tag
News By Location
Forbes, Forbes & Forbes Ltd: Spring Realty Report : Turks & Caicos Islands
Turks & Caicos Islands real estate is showing strong positive movement, especially in high end properties. Excellent realty investment opportunities on North Caicos, Middle Caicos and Pine Cay highlighted in report. Political and economic synopsis.
Across Turks & Caicos Islands( TCI), it has been a difficult but hopeful year to date. The overall political and economic context of TCI is looking definitively better as huge changes reduced and re-structured the civil service, with fiscal responsibility and transparency driving the budget. Government functionality is getting full attention, with improved focus on service and efficiency. The SIPT prosecutions move ahead, with 13 individuals charged, on bail and awaiting trial dates. And the UK is again bearing the vast majority of the prosecution team costs – to the relief of local residents here! Registration for elections is underway, with new identity cards to be issued to all eligible to vote. The goal of putting the country in order before local elections (possibly late in 2012, more likely in 2013) continues to hold support, and efforts on all parts are stronger, steadier and more consistent.
While very few major projects are truly underway, the economic climate is slowly improving and serious investment coming back to TCI. Long moribund West Caicos, driven into bankruptcy when Lehman Brothers tanked, is touting an imminent new start. SailRock has actually started digging on a massive development project in South Caicos. Beaches Resort is proud of 95% occupancy levels and increasing their work force. The new Inward Investment Unit of the government boasts of 23 projects under consideration, and co-operation between the government and the Chamber of Commerce is bearing fruit. Internal investment in service businesses is showing strength, with two new modern car rental/sale/
Turks & Caicos Islands is more and more accessible from major hubs in Canada and USA –with direct flights from Toronto, Montreal, Boston, Newark, NYC, Charlotte, Philadelphia, Washington, Atlanta. And of course, no annual property taxes for residents or for non-residents is another important benefit of property investment here. It is in this context that investment in property generally in TCI is on a positive trend – finally! Real estate sales continue to rise across all the islands compared to 2010 and 2011, with particular strong movement in the high end market. Prices have stabilized at sensible levels for the most part on all the islands - the “firesales”
On Pine Cay, a new home is under construction, a major renovation is underway at an existing home and an excellent upgrade was completed at the Meridian Club – all definitive signs of investment security and positive outlook. It is a time of transition on Pine Cay as many senior members are retiring and new members, predominantly with younger families, begin their adventures on Pine Cay. An amazing variety of homes and properties are currently for sale, making your dream home in the Caribbean easy to find. And unique to homeowners on Pine Cay the full service marina for your boat makes spectacular fishing - both deep sea and on the banks - mere moments away. Contact us for details to plan your visit soon.
On North Caicos a new service station opened, the automobile parts store has added full service mechanics, construction resumed on the new hardware outlet and private homes continue to rise from the ground! We brought a happy client to a million dollar beachfront home on Pumpkin Bluff beach this winter, and have several enquiries underway for NC properties. Terrific opportunities exist in the secluded beachfront areas of Pumpkin Bluff, Three Mary Cays and Baldwin Camp, within the development areas of Whitby, Major Hill and the North Caicos Yacht Harbour and along the gorgeous shore of Bottle Creek. North is the heart of local TCI entrepreneurship, and a fine place to live.
Even Middle Caicos is full of excitement! Since October 2011 two sales have closed, one property is under contract and two under offer as this enewsletter goes to press. Forbes, Forbes & Forbes Ltd is extremely proud to state that all these sales are with clients of this firm!! Our reputation on the ground is unsurpassed, and we truly enjoy being sure properties sold are a successful deal for both buyers and sellers. And the best news of all is that the causeway is to be repaired! With the contract tender now out for bid, the work is due to begin in June and funds for payment are secured. The long and winding road to Middle Caicos will soon be a comfortable scenic drive - so best come now and secure your special piece of this Caribbean paradise.
Our private listings include a $5.2 million oceanfront estate on Pine Cay, a beachfront home on Bambarra beach for $585,000, an oceanview lot at Mudjin Harbour for $165,000 and a one acre oceanview vacant Bambarra village lot for $55,000. Eastwind Development on Middle Caicos continues to offer spectacular value for 2 acres of property, waterfront property along Bottle Creek on North Caicos offers a rare chance for protected dockage and spectacular views, and it is an exceptional time to join the community on the tranquil private island of Pine Cay.
Visit http://www.forbesrealtytci.com and http://www.pinecayrealty.com for property details