Turks & Caicos Islands

Background and history

Christopher Columbus, it is rumoured, first sailed to these shores over five hundred years ago. Next came plantation owners, with thoughts of profit. They tried - and failed - to get a foothold, leaving crumbling ruins in their wake. The Salt Industry in Grand Turk and South Caicos attracted merchant ships on the long trip across the Atlantic to trade, but that too faded into antiquity, while the salt ponds remain. In 1966 these islands were considered so uniquely untouched as to merit an official visit by the young Queen Elizabeth, aboard The Royal Yacht; and John Glenn brought some notoriety to Grand Turk when his space shuttle landed offshore! Since all this was going on only 525 miles from the coat of Florida, it is little short of amazing the islands remained undisturbed, save for the ranks of cruising sailors who made it past the southern Bahamas outislands in pursuit of ‘the road less travelled’. Ultimately, it wasn’t until the advent of the new airport on Providenciales, in the early 1980’s, that a steadier trickle of people ‘discovered’ the Turks and Caicos Islands, and the enduring native population.

Today the road less travelled has become a trail blazed by those seeking perfect beaches,indescribably beautiful, crystal clear waters and all the recreational adventures they offer – as well as first class accommodation, palm trees and sun – an exotic cocktail, with a powerful attraction.

Economy and tourism

Less than twenty five years ago Grand Turk had the only airstrip long enough to handle freight planes. Grand Turk was also the banking centre, and one day a week Provo transactions took place out on the old crushed coral landing strip, gathered around the ‘Bank Plane’. Twenty five years ago Provo had two, minimally stocked, grocery stores – and Ice Cream was pure fantasy.

Twenty five years ago we relied on our VHF radios for communication … could walk for half an hour before being passed on the road by a vehicle (which always stopped to offer a ride) … and twenty five years ago there was only one hotel on Grace Bay Beach! With the introduction of Club Med on Grace Bay Beach in 1982, Providenciales (Provo) gained an international airport, and became the first of the island chain to experience the weekly arrival of tourists. From this point on Provo, with its fabulous Grace Bay Beach, became the primary destination in the islands – currently seeing as many as 48 international flights a week, and anticipating two more once-weekly flights (From the UK and Canada) throughout the hi-end season.

We entertained 171,456 tourists in 2004, and have experienced a steady 5% increase throughout 2005 … tourist arrivals are now about 180,000. Today Provo has international banks, Trust Companies, full scale communication systems, a four lane highway crosses the island and air conditioned grocery stores furnish our every need. Our doctors are diverse and dedicated, with medical practices equipped to deal with all but the most profound emergencies.

Services include highly professional dental, optical, chiropractic and physiotherapy practitioners. Our restaurants provide excellent variety and service; spas and health clubs abound and hi-end boutiques rub shoulders with tourist shops and beauty salons.

Other islands

Providenciales, however, is not typical of the Turks and Caicos Islands by any means! The sister islands of North, South, Middle and West Caicos, Pine Cay, Parrot Cay, Salt Cay and Grand Turk each offer their own unique lifestyle. For example, North Caicos - known as The Garden Island – has retained its rural roots and peaceful pace. At this point in time investors looking for beach front properties are turning their attention to the northern shores of North Caicos for a quieter and less known get-away. Middle Caicos, with its awesome Mudjin Harbor beach, eerily mysterious historical caves and miles of hiking trails, offers total escape. Here time is measured by the seasons and - as the Atlantic deposits ‘gifts’ from far and wide along the shores – beachcombing could take a lifetime. South Caicos has its roots deeply embedded in the ocean … and although the evidence of the old salt industry remains, today the main product coming from the Big South is seafood. Folks here are in the midst of building hotels – large and small – for the inevitable day that serious fishermen and divers discover South. It’s an island with big dreams, haunting hills and nonchalant wild donkeys.

You have to love it … Grand Turk, the traditional seat of government, has a dignity unique unto itself. The waterfront is lined with elderly buildings – leaning companionably together against the prevailing winds – close enough to the break-wall as to allow for north-bound traffic only. Southbound vehicles have their own thoroughfare past the remaining salt flats. Free roaming goats, cows, chickens and donkeys may, or may not, allow passage around the island. Steeped in history, Grand Turk has a ‘must see’ museum that charts the course of the islands.

Salt Cay has the endearing nature of a much-loved aunt; a little slow in her ways, always cheerful, ready to share her home and gather you to her heart. Every visitor to Salt Caycomes away with precious Memories.

The islands of Pine Cay and Parrot Cay have a distinctly different allure. Each of them offers a hi-end lifestyle; Pine Cay being known for its exclusive community of homeowners, their relatively unpretentious homes, private airstrip and reclusive nature – and Parrot Cay enjoys great renown, offering pampered seclusion to both the rich and famous, for a seriously immodest fee. Similarly, West Caicos and Ambergris Cay are preparing to introduce their own private enclaves where exclusivity will be the key.

Real estate options

With such diverse options Turks and Caicos truly appeals to everyone, and offers an equally diverse selection of ownership opportunities. When considering investing in a piece of paradise there are several decisions to be made.

Are your goals long, or short term? Will you be looking for vacant land, a family residence, a condo on the beach or an oceanfront villa? If you can’t find oceanfront, would a prestigious Leeward canal front property suit you? Which island most appeals to your lifestyle? What price range are you considering, and more importantly, what is your ceiling? The more specific your goal is, the better your chances of realizing it. Next, you should select your real estate representative: these islands have a Multiple Listing System that allows every real estate professional equal access to properties on the market – in short, one agent can connect you to any property on the market. We recommend you obtain a copy of the Turks & Caicos Real Estate Magazine and speak with local residents – you will be looking for someone with a solid background in the community, extensive client base and a wide portfolio of listings.

Prices

Finally, what should you realistically expect to pay:

Building your own home

While price is largely dependent on area, and view, you can expect to pay a minimum of U $75,000 an acre for a decent lot on Provo – the better the view, the higher the price. Ocean front land, when you can find it, is commanding a minimum of US$600,000 per acre with at most 150’ frontage, without a beach …

for actual beach front you would be looking at the Long Bay Beach at US$1M and up for 150’ of frontage with 2 acres – or better yet, look to the sister islands; the further afield, the better the price. If the ultimate goal is to build your dream home on the lot, current construction prices hover around US$150.00 per square foot on Provo, a little higher on the sister islands, and considerably more on any of the Cays. If an existing residence makes. most sense to you, you will find that asking prices are upward of US$350,000 … and I do mean upward! The fact is; houses in the U $300,000 - US$400,000 range are in the highest demand, and are rarely on the market for more than 2-3 weeks. If this is to be a winter home, you may want to consider a duplex or property with a guest house – the second accommodation will afford an annual income, and provide a presence in your absence.

Condo-Hotels

Condo-Hotels offer the owner an income producing, low maintenance vacation retreat in one of the world’s fastest growing tourism destinations. Our condo developments provide every conceivable comfort, and come in every size – from studio suites to 4 & 5 bedroom penthouses and on yet, to developments that include family size ocean front villas. In this scenario, the complex has a professional management and rental team. The management provides maintenance for buildings, suites, amenities and grounds – guaranteeing a first- class facility to be enjoyed by owners and visitors alike.

Assuming the owners place their condos in the rental pool, the rental team and front desk book the suites on a rotating basis. There is a strata (condo) fee associated with every condo development. In addition, if the owner elects to place the unit in the rental program, the rental management fee is a percentage of the rental revenue. There are several new developments in the pre-construction stage – a purchase at this point offers significant savings, a phased purchase schedule, and may offer the opportunity to ‘personalize your suite’.

Legal and tax issues

To address any concerns in regard to real estate dealings: the Turks and Caicos Islands are a British Crown Colony, clear title is provided and protected by the Crown and all real estate transactions are based on a Registered Land System. The Land Registry, located in Grand Turk, ensures a legal land transfer process and provides a central system where deals of ownership, title, mortgages and other interest in property must be recorded in a public register. It is worthwhile to note that as an incentive to encourage inward investment, Government charges a lower rate of Stamp Duty on transfers of property on some of the less developed islands. For the bargain hunter, lower property prices on Grand Turk, Salt Cay, South Caicos, Middle and North Caicos, coupled with lower Stamp Duty represents a significant saving. Weather We’ve got the sun all year round! The ‘winter’ months (for the northern climes) are as sweet and refreshing here, as spring (79-84 deg.) When it’s spring and fall in the higher latitudes, we experience a short-lived rainy season (82-86 deg.), and summer is hot, hot, hot, (86-100 deg.) tempered by the cool airs carried across the Atlantic by the Trade Winds. Currency

Our proximity to the United States makes them our natural Trading Post and our lifeline to terra firma. Therefore, our currency is the U.S. Dollar. We have several international banks that handle currency exchange and provide access to ATM machines; all our hotels, dining facilities, water sports operators and most of the stores accept credit cards.

How to get here:

American Airlines are our principle carrier, well versed in how to find us and offering several flights daily. International and Charter flights from New York, Boston, Charlotte, Atlanta, Toronto and Montreal arrive all week long; British Airways makes a turn around from London every Sunday. Providenciales has a well-equipped International Airport (PLS), and is on every Travel Agent’s ‘must see’ list. Just ask any of them … we’d love to see you here …