Given the recently strong exchange rate in favour of the Canadian Dollar versus the US Dollar long side an increased number of flights, we have seen a noticeable increase in the number of Canadians that are enquiring about property in the Turks and Caicos Islands. This is not the only reason.

It is interesting to note that just three years ago, we had a predominant number of Americans who were investing in the Turks and Caicos Islands and then after the collapse of Lehman Brothers and the inevitable commencement of the recession, we witnessed a gradual decline in the number of American buyers and a gradual increase in the number of Canadian buyers. I am British, as it happens and I am from Bradford in the north of England where it is fair to say, caution is exercised before spending any amount of money. However, with any recession, it brings opportunity and in the case of the TCI real estate industry, which has seen significant price reductions, we have a significant number of Canadian buyers that bring welcome cash.

As we find a great majority of American and British people in debt, due to the irresponsible lending institutions that had spent over a decade promoting high loan to value mortgages, we fall upon Canadians whose banks were more rigid in their lending practices and whose same customers now set to benefit from the bargains that lay before them. As we have ofter heard, more Millionaires are created in a recession than any other period and whilst it is only a personal opinion, I would estimate that within this crowd, we will see a good number of Canadians.

Simon Padgett, Broker, RE/MAX ELITE, Turks and Caicos

House for sale in the booming tax free country of Panama. Canadian owners relocating to Providenciales (Turks and Caicos Islands) are motivated to sell home quickly.  Located in the beautiful Pacific beach community of Coronado, a one hour drive from Panama City.  The three bedroom plus maid’s quarters home features a salt water swimming pool with jacuzzi and waterfall, large bohio (patio), open concept kitchen with granite counters and stainless steel appliances, 2 full bathrooms, 2 half bathrooms, interior courtyard garden, wireless internet and much more.

The house enjoys gorgeous mountain views and backs onto a greenbelt.  A resort club membership (access to private beach club, 18 hole Fazio golf course, equestrian centre and resort) is included and a 17 year property tax exemption remains on the house.  Newly built in 2008, the house has only been sporadically occupied by the owners.

It is just a 2 minute drive to the beach, health clinic, grocery store, many shops and restaurants, world class equestrian center and much more.  The 1,000 meter square lot backs is adjacent to the lands planned for the golf course expansion.

Appraised at $371,000 during the market downturn in 2009, this house is listed at $269,000 to sell fast.

Contact Simon Padgett (International Real Estate Specialist) via simon@remax-tci.com for more information.

Chart for Caribbean Growth Vs. US and Europe

The Turks and Caicos and Caribbean Markets are prime for real estate investment. Recent research shows that the TCI and the Caribbean are ahead of the curve against other regions when it comes to people visiting the islands. Not surprisingly 2009 has seen hotel performance suffer, however, long-term trends have moved in relative sync with their larger feeder markets, the US and Europe. This combined with a move into peak season has seen the first growth rates in occupancy since April 2008. Small revenue increases on this period are also apparent.

Moving forward, analysts are predicting further growth in this final quarter and into 2010 as European, Canadian and Us economies gain momentum.  Most encouragingly these growth rates currently outperform their feeder markets, which is promising news for the region.

More detailed analysis can be found at HotelNewsNow.

So, start looking for your next second home!

The RE/MAX Elite real estate office has been busy in the Turks and Caicos! Amongst an ever increasing number of potential real estate clients visiting the TCI, we recently helped welcome a 30-strong Canadian Tax conference to the islands. The Conference was initially held in the ballroom at the Regent Palms and, set up by Canadian and former TCI resident Greg McNally, acted as a showcase for a variety of investment opportunity on the island  that would help Canadian residents make the most of their tax allowances buy purchasing in the Turks and Caicos Islands.

Tax Conference Showing of the Third Turtle

The party of potential investors were shown a variety of properties including Villas and many luxury Condominiums including those in Grace Bay Club, The Sands, Villa Renaissance, and the Gansevoort, to name a few. After this, they were even treated to a preview of the upcoming Third Turtle Club by Simon Padgett and his team.

The event  created a real buss for the investors who displayed clear interest in the island and in a range of ownership strategies, including the increasingly popular concept of fractional ownership. We hope to welcome them back in the future to further explore ownership on Providenciales!

RE/MAX Elite is pleased to pass on positive news about WestJet flight connections between the Turks and Caicos Islands and Canada.

Passengers disembarking from an Inaugural Flight to Providenciales

WestJet is scheduled to fly between Toronto and Providenciales, three times a week from now until May 1, 2010. It is hoped that a year round service will follow in due time.

This can only be good news for the Turks and Caicos Islands as North American markets continue to diversify and expand.  Please contact us if you are coming down to the islands and would like to view Turks and Caicos real estate during your stay.

The Turks and Caicos recently welcomed the inaugural flight of the new non-stop service from Toronto to Providenciales. 139 passengers touched down to be welcomed in the airport’s V.I.P. lounge by the likes of Permanent Secretary to the Governor’s Office Dr. Kingsley Been; Chairman of the Tourist Board, Dr. Hugh Fulford; Director (Ag) of Tourism Ralph Higgs; President of Air Turks & Caicos Lyndon Gardiner and President of TCHTA Karen Whitt.

Dr. Hugh Fulford welcomed WestJet and commented that he hoped “that this business relationship would grow and mushroom into something all parties can be proud of.” He added, “We have realized the positive impact the Canadian market can have on the Turks and Caicos Islands and we look forward to the benefits now and in the near future.”

Acting Director of Tourism, Ralph Higgs, went onto state, “We are very pleased that WestJet has chosen the Turks and Caicos Islands.  Our friendly people, accommodations, and beaches are second to none.” Higgs then added, “We are willing to work to ensure that the TCI benefits from this relationship with WestJet.  They can count on us as partners moving forward.”

WestJet, for their part, responded that they are continuing to seek out hotspots like the Turks and Caicos Islands to expand into and assured that places like Providenciales would be embraced by the Canadian market.