Finally we have some news……. an announcement for the Turks and Caicos Islands that bodes well for our real estate market.

It has now been confirmed that Britain has acquired direct rule over the Turks and Caicos Islands, following a long winded commission of inquiry into allegations of corruption within the government. The constitution has been suspended for two years and the British based governor, Gordon Wetherell , will take immediate control. The governor has made it very clear to the local population (Belonger’s) that they are not taking over, but it is a temporary step to ensure good governance and sound financial management.

The British Foreign Minister stated “This is a serious constitutional step which the UK government has not taken lightly, but these measures are essential in order to restore good governance and sound financial management.”

“It remains our intention that elections should be held by July 2011, if not sooner.

“The governor and his advisors have much to do, but I know that many people in Turks and Caicos Islands will welcome this move and have high expectations for the end outcome.

“I encourage them to work with the governor to rebuild stability and confidence in their territory.”

The Governor then went on to say “Our guiding principles will be those of transparency, accountability and responsibility. I believe that most people in the Turks and Caicos will join with me in welcoming these changes.”

In summary, it would appear that everyone can now look forward to some positive direction for these beautiful islands that are known for their stunning beaches, turquoise water and upscale developments.

In our last blog, we had mentioned the increase in enquiries for our commercial real estate listings. Therefore, with a possible light at the end of the recession tunnel, along with this announcement, one could suggest that it is an ideal time to purchase real estate at prices which are 30% less than they were three years ago. Once again, it’s all about timing!