The Turks & Caicos Government recently approved a reduction in stamp duty (land transfer tax) lasting until June 31st 2008 as follows:

• On transactions of more than US$300,000 on Providenciales and nearby Cays (e.g. Pine Cay, Parrot Cay) from 9.75% to 6%;

New Address in Grace Bay - Press Release

From the 5th of January 2007 Turks and Caicos Property’s main office will be located at Ocean Club West, Grace Bay (formerly the Ocean Realty sales office). This location is temporary pending completion of our offices in the Ocean Club West Plaza building on Grace Bay Road (scheduled for May 2007).

Turks & Caicos Property, Ltd. has also agreed to take over the marketing and sales of condominiums in Ocean Club’s two beachfront resorts from Ocean Realty.

Analysis of the latest MLS 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: