TURKS & CAICOS Trends and Developments Contributed by: Oliver Chapman and Chris Smith, Griffiths and Partners
Sustainability Sustainability plays a crucial role in develop - ment in Turks and Caicos, evident in the growing adoption of solar panels among property own - ers, leveraging year-round sunshine to reduce carbon footprints and achieve economic effi - ciency. Solar panels align with the islands’ com - mitment to environmental conservation and sup - port for sustainable development policies and international treaties. In Conclusion In conclusion, despite the challenges faced by the real estate industry, the Turks and Caicos Islands offer both opportunity and resilience. Developers are embracing creativity in sourcing building materials, while investors are tapping into innovative financing solutions like the GPC private mortgage fund to fuel growth. Govern - ment support for sustainable development and infrastructure enhances market resilience and fosters long-term prosperity. By fostering collaboration between public and private sectors, Turks and Caicos continues to address systemic issues and capitalise on emerging opportunities. Through a commitment to investment-friendly policies, regulatory clarity, and ongoing innova - tion, Turks and Caicos is poised to navigate the challenges of the global economy and emerge stronger, more resilient, and more prosperous than before.
a result, while potential homeowners may face hurdles in securing financing for property acqui - sitions, the islands’ real estate market maintains its liquidity and retains significant growth poten - tial. Mortgage Lending Dynamics In Turks and Caicos, mortgage lending dynamics have evolved, and with the introduction of G&P Capital Limited, a private mortgage fund, a new era of possibilities is unfolding for investors and homeowners alike. Whilst once there may have been concerns about stringent lending criteria and limited financing options, the landscape is evolving, offering more accessible avenues for purchasing property. Furthermore, local regula - tions and economic conditions are aligning to foster a conducive environment for credit acces - sibility, empowering both residents and foreign investors to participate in the vibrant real estate market. Unpredictable weather patterns The ongoing unpredictability of weather pat - terns underscores the importance of reviewing building insurance policies in Turks and Caicos, ensuring the policy covers potential risks such as fire, flooding, and subsidence. Given the growing frequency of hurricanes in Florida and across the Caribbean, hurricane insurance is an important consideration and premiums have risen in recent years given the heightened risk in this region.
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