A British Overseas territory, Turks and Caicos has a dynamic economy with finance, tourism, and fishing accounting for the majority of national income, and a GDP per capita of $24,050 per annum. No income or corporation tax is levied, and this has encouraged individuals and businesses to relocate to the island.

The population, totalling just under 40,000, is one of the youngest in the Caribbean and grew at an average of 4% per year prior to the pandemic. In recent years inmigration has risen, adding an average of 1,000 people a year since 2018. Air connectivity is good, with daily flights departing from its international airport to 26 destinations across seven countries.

The residential property market on the island has experienced strong growth over the past three years, with prime prices increasing by more than 10%, and are forecast to continue to grow by an additional 2% to 5% in 2023. Beachfront properties are most in demand, with average prime prices reaching $2million and $8million for condos and villas, respectively.

Cash buyers in particular are looking for stand-alone, full-service luxury beachfront villas – creating further opportunity for the Branded Residences sector. Several new developments have come to market in the last year.

The beachfront properties at The Loren, Turtle Creek are achieving per square foot prices upwards of $1,100 and comprises 25 condos, five villas, and a marina. Grace Bay continues to see development, such as the Ritz Carlton at Grace Bay Beach, which will include a hotel and residences, as well as pipeline branded residences projects of St Regis Turks, The Night and Andaz at Grace Bay.

There is also significant demand for new development on the islands as the market remains undersupplied. Developments taking advantage of the islands’ climate, catering to clients seeking luxury amenities and ease of living are set to benefit in price as buyers aspire to the high quality of life which these islands offer.

Although Turks and Caicos is a market largely comprised of North American buyers (approximately 90% of the international buyers come from the United States and Canada) there has been an increase in buyers from the United Kingdom. The share of British buyers is expected to rise in the future as new flights from the UK are added to airline schedules; British Airways are adding a second weekly flight to Turks and Caicos via Antigua from London Gatwick at the end of 2022. The tourism industry is being supported by the addition of new five-star branded hotels, including the Amanyara Hotel and further schemes in the pipeline.