Buying land or property in Turks and Caicos can be straight forward. We will do our best to debunk the myths below.

Where can I buy land or property in Turks and Caicos?

Buying land or property in Turks and Caicos can be hard for someone who isn’t too familiar with the islands. If you haven’t got a lot/plot sorted as yet, the local site for all things real estate and land can be found at https://tcrea.com/.  They have guide prices on here, when I’ve enquired for properties myself they suggest that properties go for 95% of the asking price typically, but it’s always worth an offer if what you want is a bit out of your price range. The real estate sector works in the same way that US real estate works, ie all properties are listed collectively. If you are from the UK/Europe you might find this a bit odd to start with. Your agent and the selling agent split commission

How long do houses stay on the market in Turks and Caicos?

I’ve been reliably informed that typically houses stay on the market for about a year before being sold. This obviously depends on the type of house you are looking for, a villa or well located (water front) lot suitable for Air Bnb can sell very quickly to investment property companies.

Are there Architects in Turks and Caicos?

Yes. They are typically British trained expats who’ve made provo their homes. There is a mixture of quality and work styles, so it’s up to you to work out who works best for you. Their fees are mostly comparable, and as always we’d advise on getting the architect that works best with your project not your budget. If you want to know rough costs and what you get for your money, here at James Hamilton Architects we’d be happy to answer any questions you have. Go to  www.jameshamiltonarchitects.com to see more of our work

Are there any restrictions to foreigners buying property in Turks and Caicos

No there isn’t. This is partly why the property market is quite buoyant on the island. However, that is probably also the reason why house prices are fairly high. What’s more as a foreigner, if you purchase a house over $500,000, then you are eligible for PRC (permanent residency), meaning you can stay on island indefinitely, and can use the residents passport control (which is a bonus if you make trips often). Take a look at the Goverment website to learn more about the legal side of property ownership at https://www.gov.tc/

Is it best to buy land and build or buy a house and renovate it?

Land or property? I could write another whole blog on just this.  It’s the same sort of decision that you’d make anywhere else in the world about property; more financial gain for more stress and time essentially. The only island querk that you should know about is that contractors are often super busy, so if your job isn’t a big one for them, then you may struggle to book them in to do your job.  If it’s a new villa on a lot which is a decent size, they’ll be more likely to do this than a small renovation.  The other thing to note is that construction materials have (typically) 30% import duty attached.  So the bigger the job, the more you’ll spend on taxes.  Lastly, contractors during boom times have a very large rate, so if you catch them at their busiest, you’ll spend a lot more on a contractor building a new house than just doing a renovation. 

Is it hard to manage a new project if I don’t live on the islands?

Not at all. There are several ways in which we can communicate the daily goings on of your projects to you (should you wish). As a practice, we have invested in new technology to record your projects for you, so you can stay on top of what’s going on from the comfort of your own home. This includes sharing concept design work with you remotely using 3D models and screen sharing, and then when the project is on site, we have a 360 degree camera which allows you to pan around the project as it’s going up so you have peace of mind. Please take a look at the innovations page on our website to see more.