Wealthy Americans are Flocking to Turks and Caicos to Buy Luxury Real Estate

The Peninsula at Emerald Estate – Beach House 1

Even the coronavirus pandemic couldn’t stop the Turks and Caicos real estate market.

The coronavirus pandemic chilled real estate markets across the U.S., but it didn’t stop the surging demand for property in Turks and Caicos.

As real estate elsewhere has dropped, the Caribbean nation has seen records broken despite the global pandemic, according to Mauricio Umansky, founder and CEO of real estate firm The Agency.

“We have definitely seen some extraordinary prices,” he told FOX Business.

South Bank is a low density 31-acre residential resort and marina community along 2,200 ft of beach and iron shore including a unique peninsula located on the southwestern end of Long Bay beach, offering some of the finest views over the Caicos Banks.

Sales volume of single-family homes in Turks and Caicos during the first quarter of 2020 outpaced the same period of 2019, and condo sales outpaced the two previous years to date, according to a Sotheby’s International Realty report.

Turks and Caicos is conveniently close to the U.S. and boasts some of the world’s best beaches, according to Umansky. The country also uses the U.S. dollar and has no property, income or capital gains taxes. The real estate market was already seeing big growth there last year, and it benefited from publicity around the sales of luxury homes that had belonged to Prince and Bruce Willis.

Rock House Resort – A New Era Of Elevated (Grace Bay Resorts)

Wealthy Americans looking to vacation in Turks and Caicos were more likely to rent before the pandemic, so they could spend a summer there and then jet off to another luxury locale the next year, according to Umansky. But he said the pandemic has made the rich realize they want to own a second home outside crowded cities so they have someplace comfortable to stay in the event of a similar event.

TURKS AND CAICOS REAL ESTATE MARKET FLOURISHES AS RICH BUY LUXE ISLAND VILLAS

“So there’s a big trend, they want to have a place to sequester and to have that second home if this happens again, and to have a home where the whole family can go, not just a little apartment that they don’t all fit in,” he said.

Turks and Caicos officials did close its borders in March as a result of the pandemic. The country has remained relatively unscathed by COVID-19, with just 12 cases and one death among the popular of 39,000 people, according to the World Health Organization. As of June 15, officials said there were no active cases of the illness in the country.

Beach Enclave’s newest boutique resort offering – the first true luxury boutique resort in TCI.

WEALTHY CORONAVIRUS RUSH HITS ‘FORGOTTEN’ TOWNS

The Turks and Caicos government also incentivized real estate purchases during the pandemic by offering a 50 percent cut in stamp duty, waiving custom duties on construction materials and cutting planning fees by half, the Caribbean Journal reported.

Now the border is set to reopen on July 22 when Providenciales Airport reopens. The Grand Turk Cruise Center is also scheduled to reopen on Aug. 31.

With real estate outpacing the market in 2019 even during the pandemic, Umansky said he’s expecting even more growth once visitors can return.

The Bight by Dream Hotel Group – An Elevated Design-Forward Hotel Concept Focusing on Authentic Experiences and Lifestyle

MOST EXPENSIVE BEACH TOWNS OFFER LUXURY FOR A PRICE

“It’s back on and we’re selling,” he said. “It’s pretty incredible.”

Of course, Turks and Caicos isn’t the only vacation spot to see a boost in interest among wealthy homebuyers amid the pandemic. The Bahamas have also seen a “very solid rise in their real estate sales,” according to Umansky. He also spoke to FOX Business about the rise in popularity of ski towns like Aspen, Colorado and Park City, Utah as year-round getaways. And a run on vacation homes in traditional escapes for the rich and famous like the Hamptons has been well-documented.

Real estate in general is also recovering and getting closer to catching up with last year’s pre-coronavirus market, Umansky said.

“That gap is narrowing on a daily basis,” he said.

Amayara Resort – Located on the secluded Northwestern tip of Providenciales, bordering a national park. 

Learn More About Our Developments

Article adapted from James Leggate, ‘Wealthy Americans are flocking to this Caribbean nation to buy luxury real estate,’ Fox Business, June 21st, 2020.  

The Bight by Dream Hotel Group Celebrate Launch with TCI Block Party

The Bight by Dream Hotel Group Celebrates the Launch of its 66-Suite / 89-Key Condo-Hotel Project in Partnership with Celebrated Brand & Management Company Dream Hotel Group

On Tuesday 11^th February, Grace Bay, Providenciales came to life with an inspired Block Party Event to celebrate the official launch of The Bight by Dream Hotel Group and their new partnership with NYC-based Dream Hotel Group, who will now serve as Manager and Operator for the 66-suite/89-hotel key project.  The event took place between Sandbox and Turks & Caicos Sotheby’s International Realty’s office with music by renowned DJ Munro spilling over to the streets and a botanical jungle theme scape that flowed throughout both venues, intertwining the buildings to one another.  If the refreshingly simple and stunningly creative ambience is anything to go by, this development is off to a progressive start. 

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Ryan Jones and Natalie Zaidan of the EA Group are best known for the hip local coffee spot, Lemon-to-go-café and their successful landscaping company Environmental Arts, but this powerhouse couple, who have called Turks & Caicos their home for close to two decades, are lesser known for the multiple hats they wear, which include construction, real estate development and sales, art production, rum and vodka distilling and their latest food and beverage venue Sandbox, which caters to the on trend phenomenon of health conscious consuming.  No mini sliders here. EA Group is always one step ahead of the curve.  Everything from the mood, to the canapes was refreshing.  Guests dined on air fried vegetable samosas and mini chicken satay, to name a few, and quenched their thirst with coconut water housed in Turks & Caicos grown coconuts provided by local business owner, JJ Jennings of Coco Vibes.  The signature “cocktail with a Bight” was a spicy margarita with a slight bite as the name suggests. 

Between speeches guests posed amongst giant foam letters that playfully encircled the Turks & Caicos Sotheby’s International office, spelling out “The Bight Hotel”.  As the night progressed and guests, hoteliers, Government officials, and friends filled the space, Ryan Jones spoke to the crowd and announced his vision and dream of bringing an authentic, experience-based condo-hotel to the Turks and Caicos that focuses on lifestyle.

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“So why do you want to build a hotel?  Why do you want to be in this business?  What is the origin story of this project? Natalie and I live in the Bight. This is our home, and we love the country.  I loved it enough that I made my life here and had my kids here. We wanted to recreate the magical Turks and Caicos experience that people have when they come here for the first time and never leave.  We want to share that with people. We were looking at the market and thought the five-star market is really well-served by a whole bunch of guys who have done an amazing job. The market that really needs to be addressed is the four-star boutique market with culture, design, art, experiences, and adventure. We wanted to align what we did with our life and that’s why we decided to build a hotel here. Then it was a matter of finding the right management partner. An established, creative and inspiring team to bring our vision to life.

“The Bight by Dream Hotel Group will cater to travelers and owners who share a passion for design, community, and food and beverage —all while celebrating the natural beauty and culture of the islands,” added Jeff Donnelly, Vice President of Development, Dream Hotel Group. “In our partnership with EA Group, we are committed to delivering a fresh and exciting experience to the Turks and Caicos Islands.”

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Following a soft launch in April 2019, the last 10 months have seen 10 reservations.  That’s an average of one reservation per month, a staggering number for an overseas jurisdiction and a new developer. Further confirmation that design- and lifestyle-driven EA Group have their finger on the pulse of the next real estate trend. 

“The Bight by Dream Hotel Group is lean, and it’s designed for short term vacation rental.  There’s no fat.  What do you say?” Joe Zahm Presidentof Turks & Caicos Sotheby’s International Realty asked DeveloperRyan Jones, “Everything you need and nothing you don’t need. I look at it with the great end in mind. It is designed for the end user from the beginning with a real hotel lobby and bar, and a real vibe and lifestyle experience attached to it. And when you factor in the connectivity, elegance and simplicity of the design, at a wonderful price point, this will well serve the market, who really want to be part of the investment class, where your return on investment is just better per square foot.  And when you add on just a great amenity set that’s going to be a part of the Bight, and you also add to that just amazingly smashing outlooks with the only elevated property and true beach access. It’s really a combination to die for.”

So what’s next for the EA Group you ask? More sweat and hard work. Starting with digging trenches in the Bight neighborhood to begin burying those old power lines and transforming the area to the beautiful vision Natalie and Ryan started dreaming about over seven years ago.  Look out for more information on the underground power line initiative and the beautification of this local neighborhood.

Reserve Your Piece of the Bight Today

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Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales

Turks & Caicos Market Report – 1st Quarter 2019

Turks & Caicos Islands Shows Continual Solid Real Estate Growth In The 1st
Quarter Market Report 2019

The Overall Market compared to the past several years is holding solid ground with this
quarter representing 23% of last years’ sales volume which may indicate that our real estate market is on target for another successful year.

Link here to full report

THE BIGHT HOTEL An elevated, chic, design-forward boutique hotel concept focusing on authentic experiences and lifestyle

The Bight Hotel and resort property aims to, authentically and efficiently, bring more of what is loved about the Turks & Caicos Islands…while leaving behind the price tags, maintenance and unused space.

The Bight Hotel, with 66 units / 89 keys, centering around the highly adaptable King Suite Studio, fulfills a long-standing gap in the Turks & Caicos real estate market for a desirable yet affordable four-star resort property. Add in elevated ocean views from its 7 acre property (just southwest of Wymara) and simple beach access to 1,000 feet of pristine beach and you’re on to a winner.
EA Group, a well-known and established TCI group of hospitality and property-focused companies, are the force behind the conception of this desirable product. Ryan Jones, Director of EA Group stated, “We designed The Bight Hotel to be authentic, experiential, and hip with the primary objective that it be a great investment opportunity. We wanted to eliminate excess, like enormous wrap around porches, indoor dining rooms and massive kitchens, that owners rarely use, and prioritize more of the things modern buyers and vacationers want, like fitness facilities, farm-to-table food and gardens, stunning views, access to tons of Grace Bay Beach, and authentic island experiences. We recognize owners are going to use the property three or four weeks of the year so to make sense it principally has to be a fantastic investment.”
The resort’s refreshing simplicity centers around the brilliantly designed King Studio. ” The studio design has wonderful optionality with something for everyone.” remarks Joe Zahm, President/Broker of Turks & Caicos Sotheby’s International Realty, “You could have a queen bed with a bunk bed in the space, or two twin beds to accommodate your teenagers, or you may want to connect the studio unit to another to create a double unit, or a three bed penthouse…the emphasis is on ease of use, rentability, and optimal sleeping capacity. There is currently nothing on market like it – plus it’s just cool!”
EA Group chose Simon Woods Architects to design the highly amenitized resort and innovative floor plans, which include custom designed interiors and furniture such as signature daybeds and bonket seating bedded into seamless floor to ceiling glass walls.

Each and every unit provides smashing views of Provo’s north shore towards Northwest Point, with the first level raised approximately 50 feet to take advantage of endless ocean views over the preserved botanical and meditative garden of the Bight National Park. The Bight Hotel will offer an on site restaurant serving breakfast, lunch and dinner, swimming pool, bar, cross fit gym, spa, kid’s club, farm, rum distillery, coffee shop and barn to host special events and weekly movie nights.

Introductory pricing ranges from $377,000 to $1.7M providing a welcome option for investors, couples, and families seeking an attractive price point, access to the Turks & Caicos market, or simply a more authentic and experiential property

Link to Listings for The Bight Hotel