“The most desirable real estate market in the Caribbean” It’s not just us saying it! The recent Baker Tilly Caribbean Hospitality Financing Survey was gushing with praise for the Turks and Caicos. With continued, steady, high-end development, the country will see much more development in the years to come. Now is the time to get in on what is still in the early stages of development.
Flock of Tourists
In terms of future tourist numbers, financiers hold an optimistic outlook. A predominant 73% of banks and 70% of non-banks anticipate a return to or even surpassing pre-COVID levels. Surprisingly, 25% of non-banks foresee an exponential surge in Caribbean tourism over the next year, in contrast to no banks sharing this view. Regarding their lending and investment strategies for Caribbean tourism, responses vary, with the majority adopting a "business as usual" approach, comprising 82% of banks and 47% of non-banks.
Financing and Investments
In the upcoming 12 months, it is evident that banks are placing a significant focus on financing renovation and refurbishment projects. However, this emphasis seems to be expanding, with banks also considering financing new construction projects. This broader scope suggests a growing willingness within the banking sector to support a wider range of real estate ventures beyond just renovations. The trend indicates a potentially positive shift in the financing landscape, offering opportunities for both renovators and developers.
Survey respondents also named Turks and Caicos as one of the financing priorities when it comes to financing real estate investments, resorts, and condo developments. Jamaica and Aruba came in 2nd and 3rd respectively.
Around 45% of banks reported that they were becoming more actively involved in transactions related to all-inclusive resorts. In contrast, only a small percentage (15%) of non-banks acknowledged increased activity with all-inclusive resorts. This discrepancy is not unexpected, considering the traditional role of banks in financing this particular sector. However, the survey has shown that non-banks are concentrating on financing villa developments, particularly in luxury markets along with residential components of hotel and resort development.
Featured Property: Wymara Resort + Villas 2407
Grace Bay Beach is at your fingertips with this beautiful studio at the stunning Wymara Turks+Caicos Resort. This newly renovated 665 square-foot, one-bedroom residence offers an open floor concept, with elevated fourth-floor views of world-famous Grace Bay Beach. Wymara Resort redefines the concept of contemporary Caribbean luxury with an ensemble of modern and minimalistic designs. Owners also enjoy preferred rates at the Resort, as well as full access to hotel amenities, which include 24-hour security, a concierge, a well-appointed spa; a state-of-the-art fitness center; a 7,000 square foot infinity edge pool looking out onto turquoise waters; signature restaurant Indigo and beachfront restaurant Zest.
Interested to invest in a property in Turks and Caicos? Email me at email@example.com