TURKS & CAICOS Trends and Developments 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
The Turks and Caicos Islands have emerged as a thriving hub for real estate investors worldwide, appealing to a diverse range of investors. Since the pandemic, there has been a noticeable surge in real estate investment, driven by a shift in tra- ditional investment priorities. Historically, the for - eign real estate investor demographic consisted of retirees and high net worth individuals seeking a peaceful retreat. However, recent years have witnessed a significant evolution, with a grow - ing number of solo remote workers and multina - tional corporations turning their attention to the Turks and Caicos Islands. The islands’ business- friendly climate, cultural resonance with Western nations, and strategic location make them an attractive destination for investment. Hotel and Short-Term Let Boom The allure of pristine beaches and vibrant culture continues to draw tourists, leading to a surge in demand for hotel accommodation and short- term rentals. Occupancy rates surpassed 80% in 2023, and groundbreaking has commenced on several developments. The Andaz, a luxury resort in Grace Bay, will offer 54 hotel rooms and 74 flats for sale. Similarly, in Provo, the Loren at Turtle Cove will showcase six beachfront villas and 25 condominium units with diverse layouts.
Additionally, South Caicos will welcome Salt - erra, a new Marriott Luxury Collection property in 2025, boasting 100 guest rooms, including 52 suites and two penthouses. Supply Chain Disruptions and Building Material Costs As the impact of climate change and war con - tinues to reverberate across the global supply chain, delays and disruptions in the procurement of building materials essential for construction and renovation projects continue. Skyrocketing costs and limited availability of materials further exacerbate challenges faced by developers and homeowners alike, impacting project timelines and bottom lines. Inflation and Interest Rates Moreover, inflationary pressures and fluctuating interest rates on the global stage add another layer of complexity to the local economy. Ris - ing prices for goods and services diminish pur - chasing power, while fluctuations in interest rates influence borrowing costs and mortgage affordability. The Turks and Caicos Islands have diversified their investor base, mitigating reliance solely on individual homeowners and ensuring stability in the face of economic fluctuations. As
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