Buying a Condo in Turks & Caicos – The Ultimate Guide
We put together this guide for investors considering buying a condo in the beautiful Turks & Caicos Islands.
Whether you are thinking of buying a condo primarily as an investment offering high income-generating potential in one of the Caribbean’s leading luxury destinations or you are looking for an apartment to keep for personal use, this guide is designed to cover all aspects of purchasing a condominium residence from finding condos for sale in Turks & Caicos through to the various steps involved in the buying process.
The 7th Heaven Properties guide to buying a condo in the Turks & Caicos Islands
Contents
Is Buying a Condo in Turks & Caicos a Good Idea?
How Much Does it Cost to Buy a Condo in Turks & Caicos?
Can Foreigners Own Condos in Turks & Caicos?
Where are the Best Places to Buy a Condo in Turks & Caicos?
How Do you Buy a Condo in Turks & Caicos?
Getting a Mortgage in Turks & Caicos
Investment Opportunities – Explore Condos for Sale in Turks & Caicos
Is Buying a Condo in Turks & Caicos a Good Idea?
Buying a condo in Turks & Caicos offers investors the opportunity to own property in one of the world’s most exclusive luxury vacation destinations.
For buyers looking for an island getaway in paradise, the TCI is a wonderful choice. This incredible archipelago is a very popular destination with property buyers moving to Turks & Caicos and has a booming real estate market. Why? The reasons are many and varied. For some it’s because of the brilliant turquoise ocean waters and pristine white sand beaches which count among the best in the world. For others it’s due to the high standard of living and quality beachfront property available.
For investors looking for investment properties in Turks & Caicos offering high potential for significant income generation, this stunning group if islands also makes a lot of sense. As one of the Caribbean’s most prestigious destinations, the Turks & Caicos Islands welcomes over 1 million overseas tourists each year. The large and growing number of tourist arrivals and the destinations focus on the higher end of the market, offers condo owners the opportunity to earn significant income via the vacation rental market.
How Much Does it Cost to Buy a Condo in Turks & Caicos?
The cost of condos in Turks & Caicos varies according to several factors such as location, size and perceived value.
Prices range from approximately US £350,000 to US £400,000 for a studio or 1 bedroom condos for sale in Providenciales within resorts by the beach up to US $2 to $5.5 million for exquisite luxury condos for sale in Grace Bay, which is widely considered one of the best beaches in the world.
Can Foreigners Own a Condo in Turks & Caicos?
Yes, foreign nationals can buy condos in Turks & Caicos and the Government of this British Overseas Territory welcomes foreign investment.
There are no restrictions on foreign buyers acquiring real estate in Turks & Caicos and, unlike in other destinations in the Caribbean, foreign buyers do not need to apply for any kind of license or permit to purchase property.
Property can be purchased by an individual or corporation which can accelerate the purchase process.
Where are the Best Places to Buy a Condo in Turks & Caicos?
That depends very much on your personal preferences and objectives.
Traditionally condos for sale in Grace Bay on the main island of Providenciales have been the most popular choice for overseas buyers. Much of the TCI’s luxury real estate development has been concentrated in the celebrated Grace Bay area and apartments along the celebrated white sand beach are highly sought after.
However, as development has shifted up a gear in other parts of Providenciales, rivals to Grace Bay are emerging in terms of popularity with buyers. Condos for sale in Long Bay and condos for sale in Leeward, for example, are also popular choices with buyers.
For those looking to own their own slice of the Turks & Caicos on a more limited budget, there are suites and condos for sale in South Caicos which offer views which are just as spectacular as Grace Bay but at prices which are comparatively affordable.
How Do you Buy a Condo in Turks & Caicos?
Buying property in Turks & Caicos is a relatively straight-forward process. Below we have outlined the typical process.
Firstly, once a preferred unit has been selected, the buyer will need to submit an ‘Offer to Purchase’.
If the ‘Offer to Purchase’ is accepted by the seller, a Sales Agreement will be drawn up by a local attorney.
Upon signing of the agreement by both buyer and seller, the buyer will need to pay a deposit to secure the unit which is typically 10% of the purchase price.
Closing takes place typically within 30 days once the property title has been transferred, stamp duty has been paid and the balance of the purchase price has been transferred.
For more detail on the purchase process, please see our guide to buying property in Turks & Caicos.
Getting a Mortgage in Turks & Caicos?
It is possible to buy a condo in Turks & Caicos with cash or a mortgage.
Both local and international institutions offer financing options to residents and foreign buyers alike for the purchase of residential property.
In the case of non-residents, up to 70% financing is typically available, which would therefore require a minimum down payment of 30%.
As you would expect at home, upon receipt of your application the financial institution will conduct typical checks to assess your suitability for a mortgage.
Should your application be approved, you should expect interest rates to be a little higher than in the USA, Canada or Europe. Mortgage terms tend to be in the region of up to 15 years.
Investment Opportunities – Explore Condos for Sale in Turks & Caicos
Ready to begin your search for condos for sale in Turks & Caicos?
To find investment opportunities from across the archipelago from brand new beachfront condos in resorts along Grace Bay to elegant apartments overlooking Long Bay Beach, explore condos for sale in Turks & Caicos on our website.
Please note that our website only showcases a sample of the condos and apartments available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of investment opportunities in Turks & Caicos.