Fox Business has discovered what many have known for a while — the Turks and Caicos are hot for second-home shoppers wanting a bit of beachside luxury.
It’s also pretty darn easy to get to Turks and Caicos — American flies nonstop from Dallas, United flies non-stop from Houston, and there are several connecting flights through Miami. Another bonus? The archipelago has no property tax, no income tax, no capital gains tax and uses the U.S. dollar as currency.
And while the global luxury market is faltering elsewhere, the Turks and Caicos is far from it.
“For the first three quarters of the year, the real-estate market was up 16 percent in dollar volume compared to the year before, to more than $241 million, according to Sotheby’s Turks and Caicos,” Fox Business said. “That’s more than the whole local market performed in 2017. And the average Turks and Caicos home price has increased 30 percent from $692,000 to $903,000.”
And while Fox focused on the high-end properties like a $7.29 million (reduced from $9.5 million) waterfront villa on Providenciales, and resort properties like those at Amanyara and Beach Enclave Grace Bay, people can also find some pretty nice pads for less than $1 million.
For instance, we told you about Hyatt’s Andaz Turks and Caicos Residents at Grace Bay, which recently went into sales mode. While you can definitely spend millions here if you want, residences start at $450,000.
A quick perusal of available properties landed us, in fact, on this adorable canalfront home on Discovery Bay. At $580,000, this five-bedroom, three-bath home is actually quite the steal, with income property to boot.
The two-story home has a recently remodeled upper level with three bedrooms and one and a half bathrooms, with a lower level two-bedroom apartment below. It’s listed by Elain Dubensky with Turks & Caicos Sotheby’s International Realty.
But if you’re looking for the lap of beachfront luxury, look no further than Point House on Parrot Cay. The five-bedroom, five-bath private estate was designed by the highly-regarded Cheong Yew Kuan and is one of 12 private estates on the island.
It’s perched next to a nature reserve and has unobstructed views of the beach. It’s priced at $15 million, and is listed by Robert Greenwood and Hazel Rush with Christie’s International Real Estate.
To see more of Fox’s report, click here.