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19/09/06 -
Turks and Caicos Market Grows Stronger |
Analysis of the latest real estate sales figures (as of
August 20th 2006) in the Turks & Caicos for the years 2005 and 2006 shows strong increases across the board in 2006,
particularly in higher-value transactions. In broad terms the 2006 figures indicate a percentage increase of more
than 70% in gross sales figures and a 44% increase in the gross number of closed sales over the preceding year.
Presumably that margin will increase significantly by the end of the year as we get back into the main tourist
season.
The strength in the Turks & Caicos real estate market is particularly noteworthy in a global environment of
increasing interest rates and concerns about slowing real estate sales. There are too many variables to say with
certainty why the Turks & Caicos is bucking the larger trend, but we expect the reasons include:
1. The limited supply of (and steady demand for) quality beach, oceanfront and oceanview property;
2. Increased awareness driven by the international marketing initiatives of the
Government and the main players in the development and tourist industries;
3. Expenditure on infrastructure - most notably the Leeward Highway, the Lower
Bight road and the Grace Bay road which have pedestrian friendly sidewalks, street lighting and roundabouts which
keep traffic moving. 2006 has also seen the opening of the US$10 mil. Gustavus Lighbourne Sports Centre, the opening
of the Carnival Cruise Port on Grand Turk and international announcements from a number of high-profile developers
relating to pending projects in the Turks & Caicos.
4. The continuing benefit of the commitment of successive Governments in the Turks
& Caicos to control development so as to foster higher end development catering to a wealthier clientele.
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