The upmarket Caribbean islands of Turks and Caicos have enjoyed a definite upswing in the last decade. Sotheby’s International Realty offers some of the most sought-after properties on the local market.

The beautiful destination that is the Turks and Caicos Islands boasts a catalogue of advantages: crystal clear waters lined with pristine beaches, spectacular coral reefs and tropical flora and fauna are only some of its characteristics. As a British Crown Colony, the locale is politically and socially stable and its status as a popular offshore and high-end tourist destination contributes to its economic welfare. The weather is marked by year-round sunshine and a mild easterly breeze from the Atlantic. Average temperatures hit about 18oC in December, while they typically hover around 35oC in June.

Sports-inclined types will find that Turks and Caicos lends itself perfectly to water activities such as snorkelling, scuba diving, deep-sea fishing, bone fishing, sailing, windsurfing, motor boating, parasailing and water skiing. For less adventurous minds, shopping and fine dining should serve as an alternative temptation.

Although Turks and Caicos is far from a commercialised haunt – this is largely a cruise ship-free land – it has developed greatly in the past decade with the help of healthy investment. “What makes the destination special, aside from its friendly atmosphere and natural beauty, is the fact that it hasn’t been overbuilt, despite having developed a lot. It doesn’t have a commercial feel to it, and I believe it never will” says Nina Seigenthaler of Sotheby’s International Realty. “The destination is probably best described as a high-end family spot, as the islands lack buzzing nightlife and casino culture entirely. There are plenty of great restaurants though, and the shopping is certainly worthwhile.”

Today, about 25,000 inhabitants live across the islands, 80 percent of whom are of North American origin. The prospect of the locale becoming a growth destination for visitors travelling from further afield than America is high, particularly since it has benefited from a major infrastructure upgrade lately. Forming part of the development, a new airport runway has been introduced in order to welcome flights from Europe, and a new hospital was completed in 2011, along with a string of other services that will allow for easier business undertakings and pleasurable pursuits alike.

A haven of tranquillity
While it is true that this Caribbean dream land is attracting ever-greater numbers of expatriates and tourists, there’s no risk that it will lose its exclusive identity, as the properties available are mostly of the highest calibre, whether in the form of upmarket hotels, condos or beachfront villas.

With regards to the property market and the associated practicalities, ownership is easily obtained and the buying process is pleasingly straightforward for UK nationals as the prevailing law is British Common Law. Moreover, there are no recurring property taxes, and a stamp duty fee is levied just once, at time of purchase.

Since the recession hit, prices have slumped about 30 percent, which is a decrease in line with many other markets. Since the bottom has been reached and demand is on the up, investors should expect a healthy profit on their property. The current price bracket varies wildly – beachfront properties can be purchased from $400,000 but the price can easily exceed $10,000,000. The property selection offered by Sotheby’s International Realty primarily consists of low-density, small-scale resorts. Typically, a condominium offered by the company will be located at the beachfront and comprise about 20 individual properties. Since the holiday rental market is thriving, an upscale condo of about 2,800ft will yield $60,000 net per year on average.