fp Turks and Caicos

The number of properties sold in the Turks and Caicos Islands increased by 87 percent in the first quarter of 2012 over the same period in 2011.

This is according to a market report released by Turks and Caicos Sotheby’s International Realty (TCSIR), based on figures from the Turks and Caicos Real Estate Association (TCREA).

More than $50 million worth of real estate was sold in the first three months of the year, a nearly three-fold increase over the first quarter of 2011. The average price jumped from $486,233 in 2011 to $884.614 in 2012.

“We have seen a significant increase in both interest and sales of properties in recent months,” TCSIR President/Broker Joe Zahm told the fp. This included the sale $7.1 million sale of the Estate at Grace Bay Club Penthouse by TCSIR.

Along with most other nations worldwide, the TCI real estate market experienced a slump in recent years. These figures reflect a positive upturn in the local real estate market, contributing to economic prosperity for the local economy and the local government.

There are no property taxes in the TCI, but a stamp duty is paid to government of between 0-10 percent, depending on the value and location of the property. This translates to potentially millions of dollars in much needed revenue for the local government.