Coldwell Banker Global Luxury – The Report – 2020 Global Luxury Market Insights.
Situated south of the Bahamas and about 575 miles south-east of Miami Florida, the Turks & Caicos Islands (TCI) are an archipelago of seven inhabited islands and 40 smaller islands and cays. Currently governed as an overseas territory of the U.K., the TCI has gone through periods over the past two centuries when it was administered as part of Jamaica, Bermuda, and most recently the Bahamas until 1973.
Although the capital is on Grand Turk, the economic and tourism heart of the TCI lies to the northwest in Providenciales, home to world famous Grace Bay Beach. Over the past 30 years, Provo and the entire TCI have emerged as a favored high end tourist destination with iridescent blue waters, and an extensive coral reef system ideal for diving and snorkeling. “We’re ideal for families, and definitely not a spring break type of destination,” says Graham Canham of Coldwell Banker Real Estate Turks & Caicos Islands. “The demographic is more affluent, with visitors seeking an authentic Caribbean experience.”
Accommodations range from remote outposts on small islands to hotels from the highest echelons of luxury brands. In recent years, growing numbers of visitors have joined native “Belongers” and become island residents, many on a part-time basis by owning condominiums or their own private villa affiliated with a hotel. “Around 2000 we started seeing an uptick in travel and awareness of what Turks & Caicos was all about, with more tourists coming, more airlines flying here, and the hotel-condo model took off,” says Canham. “When the owners are not here, their properties are placed into a well-managed rental program, providing income to offset expenses.”
For more information on real estate in the Turks and Caicos Islands contact Graham Canham, Luxury Real Estate Consultant, at 649 231 4790 or visit this link.
Feature Image – For Sale, Beachfront Land in Leeward, Providenciales, Turks and Caicos Islands. Visit the LINK for more information.