Turks and Caicos, the Bahamas, and Antigua were represented in a discussion of real estate trends in the Caribbean region during the pandemic

On July 17, Haute Residence Director Erik Haase led a discussion focused on select Caribbean luxury real estate destinations with Robert Greenwood, principal, Christies International Real Estate Turks & Caicos:

Moderator Haase asked each participant how their markets were performing compared with 2019 and invited them to discuss how each market is distinctive within the Caribbean as well as what trends they’ve been noticing with respect to sales and rental performance. Each pointed out that their respective jurisdictions are largely tax neutral, with no income tax, capital gains tax, or inheritance tax, but other incentives and motivations are coming into play in their respective island domains.

State of the Market: Turks and Caicos

This enchanting waterfront villa has a prime setting in the upscale Turks and Caicos neighborhood of Chalk Sound. The four-bedroom, four-bathroom residence’s light-filled living spaces span three luxurious levels. Social distancing is a breeze with 120 feet of waterfront and a second-floor balcony, spacious sundeck, and a large pool facing the turquoise waters of Chalk Sound.

Robert Greenwood observed that while Turks and Caicos’ business did suffer for a time since airports had been closed (up until recently), the islands had experienced a limited infection rate. “The government—the ministry of health—did an exceptional job of taking control.” He noted that his company’s second-quarter numbers held level and, in some sectors (such as villa properties), even increased. Greenwood’s firm has been championing digital technology, using platforms such as Zoom and social media to engage agents, buyers, and sellers. “This technology gets buyers through the decision-making process much quicker. Remote decisions become more comfortable,” he said. “While a New York listing here our days on the market are typically of longer duration, but we’ve now been reducing that time frame. We’re also finding that now more than ever we can do the deal remotely.” Greenwood added that Turks and Caicos is a hub for rental/investment properties, which account for more than 90 percent of listings, and the returns on those investments are encouraging. With the airports having opened on July 22, he expects to see more visitors coming to inspect properties in person, and is observing new interest from Central and South America, Asia, as well as the typical feeder markets. “We’re beautiful by nature, here, but we’re also socially distanced by nature”—making for a perfect combination.