Luxury Market Remains Strong in Turks and Caicos

By Alyssa Mammano

Since cornering the luxury real estate market in the early 2000s, Turks and Caicos’ high-end homes remain at the forefront for luxury buyers. Providenciales, Turks and Caicos’ largest and most populous location, underwent a major push for residential development in the luxury realm during the millennium, ultimately capitalizing on that initiative in 2004 and 2005. The advancements also led to a peak in the luxury tourism industry, allowing for the introduction of quality hospitality accommodations. The island’s well thought-out luxury communities, ease of access through commercial and private terminals, as well as a strong government being a British Overseas Territory has kept the market hot over the past 15 years.

Baby Boomers’ demand for second home investments provided the push the economy needed to really take off. Enter world-class condominiums with hotel amenities, and the luxury market skyrocketed. Buyers could purchase the condos as their vacation properties and choose to rent the spaces while they weren’t in use to offset costs. Development has come a long way since the early success of the 2000s and has even overcome the financial crash. Builders have become more well-known and investors have become more diligent.

Mark Durliat, CEO and owner of Grace Bay Resorts, has been in Turks and Caicos since 2001. Set to break ground on his newest development this month, Durliat has formulated a solid reputation with investors over the years. “When Mark is doing something new, we will be there because everything he develops is the gold standard,” says Paul Little, who has owned property with his wife Mary Lou since first coming to Turks and Caicos in 2005. The couple initially purchased a villa and then an estate property in Grace Bay Club, and have since gone on to purchase a beachfront home for $1.5 million in Durliat’s newest development: The Rock House.

Set along 14 acres of oceanfront in Providenciales, The Rock House will uniquely combine primary residences with resort-style living. Just 41 cottages and four estates will overlook a 25-foot limestone cliff with clear, aquamarine waters beyond. The community will boast the first pool of its kind in Turks and Caicos; a limestone quarry pool built into the cliff’s natural stone. Another 100-foot long infinity edge pool will also overlook the limestone cliff. Additional perks will include a restaurant and bar, fitness center and spa and a beach club bar and grill all encompassed within the resort. Prices range from $600,000 to $1.65 million.

According to President and CEO of Turks & Caicos Sotheby’s International Realty, Joe Zahm, the market is as hot as it has ever been since before the financial crash. Zahm’s 2018 year-end report shows $123,032,496 in closed single-family residential sales, a sign of positive growth compared to $111,673,706 in 2017. Ian Hurdle, the managing partner of The Agency Turks and Caicos, reports a 6-12% net return on investment through rental properties on the island.


Source: Forbes.com