It is very evident that we are seeing more real estate traffic in the Turks and Caicos and this is an encouraging sign that buyers have recognized that property prices have actually stabilized over the last two to three months, after a fall of approximately 30-35% across the sector.

We are interestingly seeing more developers looking at commercial land and sales of residential land in the TCI, in general are doing slightly better compared to this time last year.

On the condominium front, we see a steady absorption of current stock (not frantic by any means) at reduced prices, compared to say 2007 prices. This is a healthy process, given the level of stock that we had in 2008 and 2009. As this inventory depletes, we shall look for new projects as the typical real estate cycle kicks in to touch once again.

The future of Turks and Caicos Islands Real Estate brings developments such as the Third Turtle Club, a branded Beach and Marina experience in Turtle Cove Marina and the Shore Club in Long Bay Hills.

As we start to progress through 2010, we already see some positive signs of optimism for the real estate industry, which will transcend through to other industries including the construction industry and hospitality.

For Turks and Caicos Real Estate advice, please contact a member of our team at RE/MAX ELITE

Simon Padgett, Broker

Advice from Paul Chaplin, Commercial Director of Norstar Group Ltd

Building on a Caribbean Island can be a daunting task. Often the thought of managing such a huge undertaking from a great distance is enough to discourage all but the experienced developer. However, with a little research, and the right project team the whole process can be hassle free and an extremely rewarding experience.

There are two main methods of construction within the Turks and Caicos Islands.

Design and Build

By choosing the design and build route the client utilizes the experience of the general contractor at an early stage to help develop the design, liaise with planning submissions, advise on construction methods and design choices, advise on budget, manage the project, and construct your home. By appointing the Contractor early in the project, time savings can be achieved by overlapping the design and construction period. The design and build route allows the client to have as much or as little involvement in the construction of there home as suits their lifestyle whilst putting added responsibility onto the Contractor.

Traditional Build

By choosing the traditional route of construction the client appoints an architect who will generally be the first point of contact throughout the project. The Architect will then undertake the initial outline design, taking account of the client’s tastes and budget. This design will then be developed over the coming months, to the point where it is ready for submission to the Physical Planning Department. The speed of the overall approval process depends heavily on the completeness of the overall submission and the pro-active approach taken by the Architect. Once the design is sufficiently progressed the architect will issue the drawings to a contractor who will provide a price and timescale to construct your home. The Contractor will be capable of assisting with final choices regarding finishes and fixtures and will precede to handover the project in accordance with the predetermined timescale.

In general 3-6 months should be allowed for the design process, 1-3 months should be allowed for planning approval and the construction phase can take anywhere from 7-18 months depending on the size of the project.

Construction in the Turks and Caicos Islands