TURKS & CAICOS Law and Practice Contributed by: Oliver Chapman and Chris Smith, Griffiths and Partners
Griffiths and Partners Attorneys PO Box 143 82 Cherokee Road Providenciales Turks and Caicos Islands Tel: +1 649 9418250 Fax: +1 649 9418251 Email: Contact@Griffithsandpartners.com Web: www.griffithsandpartners.com
1. General 1.1 Main Sources of Law
We are now also starting to see increased activ - ity over on North and Middle Caicos, with plans to revolutionise Sandy Point into a resort and marina, together with some other hotel and villa community projects, which will further boost the real estate market in the Islands. Luxury condos along the famous Grace Bay Beach, and in Leeward as well as on private islands such as Parrot Cay and Ambergris Cay, continue to be in high demand at increasing prices. The Islands have recovered quickly following the COVID-19 pandemic, with tourist numbers sig - nificantly higher than pre-pandemic levels, and expected to keep rising. We are also continuing to see a number of purchasers who are seeking a safe-haven second home should we experi - ence a comparable pandemic in the future. The real estate market continues to see consid - erable activity and property prices are continuing to rise year on year. In 2023, USD768 million of sales were made in the Islands, which has set a new record. 2024 has also got off to a very strong start.
The main sources of real estate law in the Turks and Caicos Islands (the “Islands”) are local leg - islation, local case law and case law from Com - monwealth jurisdictions. 1.2 Main Market Trends and Deals In recent years, the real estate market in the Islands has seen huge growth in the develop - ment of managed villa properties, such as Beach Enclave, Wymara Villas, Blue Cay Estate, H20 Lifestyle Resort, the Residences by Grace Bay Resorts and others, along with individual ultra high-end luxury bespoke villas. The Ritz-Carlton Hotel (which includes two resident towers) also opened in 2021. There are a number of large-scale mixed condo/ villa developments which have already complet - ed phases and have opened to residents, such as Grace Bay Resort’s, Rock House and South Bank residential resort and marina, and others in the pipeline or under construction, including The Strand, the Bight Hotel, Vista/Hyatt ANDAZ, the Loren and the St. Regis. The real estate mar - ket continues to grow rapidly, producing strong sales and increasing land prices.
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