Interesting news from the Turks and Caicos Islands real estate market:

Re/Max Elite Broker Simon Padgett stated “I am very encouraged by the recent news that Stamp Duty is being lowered across the islands”

“Whilst I do not believe it will significantly increase new real estate enquiries in the short term, it will actually enhance the chances of those who have perhaps been hesitant on making a purchase to move forward and buy something. I have found that we have a group of buyers who feel our price drops have some way to go, then you have others who feel we are at the bottom. It is the latter that have been making the recent purchases. It is the group that lies somewhere in the middle that I feel this reduction will be seen as the catalyst that makes them move forward with a purchase.

My own personal thoughts on real estate values is that certain areas have bottomed out and the properties that still need reducing are those where owners are simply not realistic about their market values and are dictating to their agents what they feel it should be priced at versus accepting the factual advice they are receiving.

In essence, whether we like it or not, we are in a buyer’s market and this reduction goes a significant way to enhancing the absorption of properties on the Turks and Caicos Islands and creating excitement whereby buyers start to hurry to buy a certain bargain, before somebody beats them to it! I am starting to see this in certain areas already and this reduction only goes to aid the acceleration of this process and take us into the next cycle”

The new fees apply to all islands except North Caicos, Middle Caicos, East Caicos, South Caicos, Grand Turk and Salt Cay, which are 50 percent of the following rates:

Less than $25,000—no duty.

$25,000-500,000 — 4%

3.6% — one payment

1% — four payments

$500,000-1.5 million — 6%

5.4% — one payment

1.5% — four payments

$1.5-3 million — 8%

7.2% — one payment

2% — four payments

More than $3 million —10%

9% — one payment

2.5% — four payments

We have some tremendous deals out there at the moment and some are visible on the MLS and some are not.

If you have interest in Turks and Caicos Real Estate, contact one of our agents at RE/MAX ELITE

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

Now it is even easier to own a piece of paradise! The developers of the  Villa Del Mar Resort on Providenciales will provide financing on their luxury condominiums which will allow you to quickly take possession of your new vacation home with no hassles.

Upon signing the purchaser agreement during your visit to the island a $10,000 deposit must be made (credit cards are accepted) and then a further payment $90,000 must be paid within 60 days after you return home. The developer will finance the balance for one year at 8.5%.

Greg Greatrex, speaking on behalf of the resort, also informs us that if you chose to stay at Villa del Mar during your vacation and you proceed with the purchase on the above terms, the developer will pay for your accommodation at Villa del Mar and up to $2500.00 towards airfare reimbursement.

Now that’s a deal!  Check out Villa Del Mar on the Website.  Click here.