Urban real estate in North America has gone quickly under the hammer with elite families seeking solace in the countryside and unpopulated areas.
The latest trend is families and businesses seeking safety during the recent social unrest in cities opting for an exodus to the Caribbean including the idyllic and less densely populated of Turks and Caicos Islands. With a population of just over 30,000 spread across an archipelago of islands of 40 low-lying coral islands in the Atlantic Ocean it provides the perfect place to sit out the chaos of urban drama.
The gateway island of Providenciales, known as Provo, is home to the expansive Grace Bay Beach, reported as the best beach in the world, lined with luxury resorts, shops and restaurants. Scuba-diving sites include a 14-mile barrier reef on Provo’s north shore and a dramatic 2,134m underwater wall off Grand Turk island.
The social unrest and the pandemic means that wealthy families do not wish to risk their health and wellness. They can chose the option to live in a safer environment with lower infection rates, where they can fly over in a few hours by private jet, use the US dollar as local currency and enjoy a peaceful tax-free lifestyle.
Remote working means that CEO’s can run their multinationals overlooking beautiful beach views from the safety of their Caribbean verandas.
The Turks and Caicos luxury villa market has seen a surge in interest during the Covid 19 pandemic with sales reported by Sotheby’s being up in the second quarter 2020 compared to the previous year. This has been created by the support for entrepreneurial initiatives with government incentives for businesses and real estate purchasers. F Chambers based in Provo run by dynamic Partner Mr Mark A. Fulford continues to support the shepherding of clients through the process of inward investment opportunities: “F Chambers has had a surge in interest for investment in TCI with clients seeking to hedge their lifestyles, we have been partnering with real estate developers and global brands to package attractive opportunities”.
The International airport in Providenciales reopens on the 22nd of July 2020. There is expected to be an influx of wealthy North Americans fleeing to the Turks and Caicos shores while opportunities are within reach.