Turks and Caicos is an island nation located southeast of the Bahamas. About twice the size of the Florida Keys, the Turks and Caicos Islands (“TCI”) are known for being some of the safest, most diverse islands in the entire Caribbean.
Due to this reputation, the TCI has become a really popular destination, both for visitors and new residents. The real estate market is booming and expanding all of the time in this part of the world, and there are always new opportunities to get that dream home in paradise.
What types of properties are you going to find on islands like Providenciales, West Caicos, or Parrot Cay? Are there Turks and Caicos real estate opportunities for a beachfront property on which to build your own villa? That’s what we’re going to explore in this article.
Residential properties abound throughout the Turks and Caicos Islands. Beachfront villas, condos, inland homes, and vacation rentals properties are available throughout the numerous islands and cays. Let’s take a look at some Turks and Caicos property types you can find throughout the islands.
A luxury home is defined as a home that is valued within the top 10% of all of the properties on the local market. These are often large homes that have 3+ bedrooms and other amenities that make them stand out (pools, an oceanfront view, etc.).
The majority of luxury homes found in Turks and Caicos are going to be in the multi-million dollar range ($2 to $4 million on average), which can seem overwhelming to some individuals looking to move to this part of the world. There are other residential options available, though.
A condominium is similar to an apartment. There are typically a lot of them in the same building, and the property is managed by some sort of company that oversees things like maintenance, parking, and whatever else needs to be sorted out.
What makes a condo different is that each unit is also individually owned. That is, you’re not renting a condo, you’re purchasing it or leasing it. In many instances, condos end up being much larger than apartments, and you have more flexibility with how you use the space. They can also be situated in a gated community.
Luxury condos and penthouses can be found throughout the TCI, with penthouse condos most often found on the more inhabited islands like Providenciales in places near Grace Bay Beach. Condos or suites on South Caicos and other less inhabited islands are usually found in two or three-story buildings, so not the luxury penthouse on the top of a high-rise building that one typically thinks of. You want to do some research and make some considerations before you decide whether or not a condo is right for you.
Single-family homes (which are often listed as “villas”) are properties that stand alone and are not connected to any other building. While not as common as condos, you can still find quite a few of them, especially on the islands with a lower population such as Middle Caicos and South Caicos.
If you aren’t ready to commit to purchasing a condo or home, you can also find some properties to rent. While rentals don’t fall under traditional real estate, several real estate companies will help you to find these.
Rental properties can be any of the aforementioned properties in this section. You can also rent apartments, both inland and with an ocean view, as there are a number of them located throughout the TCI.
Commercial property is, legally, any type of real estate property that is used for business purposes. People typically think of business buildings when it comes to commercial properties, but it can also include any sort of land that can generate money, and larger rental properties (apartment buildings, etc.).
If you’re starting a business in Turks and Caicos, then you will find that there are plenty of opportunities in which you could do so. And the property is there for the taking. Here are the most common types of commercial real estate you’ll find in the TCI.
Multifamily Rental Properties
Apartments fall under this category, but other types of rental properties can be considered here. Duplexes, triplexes, and all sizes of apartment buildings could fall under a multifamily rental property.
Buildings that are designated as office property are exactly what you’d expect – office buildings of all styles and sizes, and various units within those units are meant to be utilized as office space for businesses.
In some instances, you are going to find that you can have a small building that is designated for office use, as well. That’s going to be indicated by the TCI legal authority and it will be sorted out during the zoning process.
Retail property is intended for sales. This can be something as basic as a single store that isn’t attached to anything, or as complex as a strip mall or shopping mall.
As you may expect, there are a lot of retail spaces throughout TCI. If you’re looking to purchase property and invest in the future of Grand Turk, Salt Cay, Pine Cay, or other parts of the islands, then retail is a great idea. Tourists flock to the islands year-round and sales are consistently high. It could also be an investment that helps you get permanent residency and save you some money on stamp duties, too.
Hospitality property is made up of hotels of all types – full service, limited service, and extended stay hotels and resorts. It may also include timeshares and other similar properties.
In Turks and Caicos, you’re a lot more likely to see beachfront full-service and limited-service hotels. A full-service hotel is a large hotel, usually in a business district or right on the beach (Provo has a number of them). A limited-service hotel is usually smaller, further away from the city, and offers fewer amenities than a full-service option would.
In addition to the usual services offered by hotels, resorts typically offer entertainment and recreational activities. Resorts in the TCI typically have beachfront villas or rooms and are situated on some of the best beaches.
As you may expect, there are also other types of real estate listings that are considered commercial. Mixed-Use properties have both residential and non-residential use. Commercial land for sale can be used for farming, renting for something like a farmer’s market, and other uses. Special purpose commercial real estate is meant for those that don’t fall under any category listed.
If you’re looking to purchase land so that you can develop it in whatever way that you please, there are still a lot of untouched places throughout the TCI. While less common in more populated islands like Providenciales, there is plenty of empty beachfront land available to build the beach house of your dreams. Here are the main types of land purchases you can make on the islands.
Raw land is exactly that – land that has nothing on it. This can include private islands or plots of land that are sitting idle and likely overgrown with plant life.
Raw land is much less common throughout the TCI, but it does exist. Individuals may need to connect with specific realtors to ensure that they can find the right properties and get connected with raw land sales.
Undeveloped or Underdeveloped Land (“Vacant” Land)
Most of the time, if you’re buying land in Turks and Caicos, you’re buying land that is going to fall into “undeveloped” or “underdeveloped”. This is land that may have, at the very least, been prepared for some sort of future buildout.
It may have been demarcated for some sort of use (commercial, industrial, etc.). Typically, if it’s vacant, it has at least been set up and sorted so that a building can eventually go on that spot. The rezoning would have to be done if the land was purchased for use other than the original intent.
There are still spots of undeveloped or underdeveloped land throughout the TCI, so you have the opportunity to find these and save a little bit of money that you would have spent developing raw land for use.
Lastly, we have farmland. Farmland is a real estate niche that focuses on buying and selling land that can be farmed. In short, if the land is going to be plowed and used for any sort of farming, then it is considered to be farmland. North Caicos and Middle Caicos have government-run farms, among others.
Shopping for Turks and Caicos Property Types and Options
Whether you want to live on Providenciales near Chalk Sound, Long Bay Beach, or Turtle Tail, or are looking for a beachfront villa on stunning South Caicos, there are a lot of opportunities for you to find the real estate that works best for you.
Residential real estate, commercial real estate, and land are abundant, with new considerations coming onto the market all of the time. With so many different options, you’re sure to find Turks and Caicos real estate to have your own place in paradise.