In the last decade, Turks and Caicos Islands (‘TCI’) has become known as a preferred location for High Net Worth (‘HNW’) and Ultra-High Net Worth Individuals (‘UHNWI’).

With year-round sunshine, clear turquoise waters and easy accessibility from most major North American cities and London, UK, it is easy to understand why TCI’s real estate market has moved from strength to strength. Strong fundamentals: an economy utilising the US dollar, a friendly local government strengthened by a UK Governor, a handful of innovative and professional architects, builders, and real estate professionals, and no annual property taxes sustain the market. 

More importantly however, this rise to fame as a HNW and UHNWI location, is directly attributable to one serendipitous timeline that begins in the late 80’s with the first wave of development.  This period and slow crawl towards tourism saw quality low-density condominium resorts arising with a maximum of 3 levels, a requirement that remained in place until the 90’s with small increases in the 2000’s. This low-density mindset has left much of TCI relatively untouched, providing ample space for private development amongst generous backdrops, and has ensured its attractiveness to the HNW and UHNWI, many of whom lead busy lives and look to our market for second or third homes that provide privacy, tranquility and natural beauty.  

If you have never visited TCI, imagine the tranquility of the beaches of Cayman Islands or Barbados, but without swarms of beach loungers or someone trying to sell you a trinket, now breath out 😊, and let me walk you through some of our most impressive sales of the last five years.

1. Celebrity Home Sale in Parrot Cay

In July 2019, The Residence sold for $27M, weighing in as the second highest sale price in TCI (hint-hint: the highest sale price was also located on Parrot Cay). With box-office record breaking films like Die Hard, Pulp Fiction and the Sixth Sense under his belt, this American actor with German roots fell in love with a plot of land in Parrot Cay in the 1990s and set about creating a family compound which spanned roughly 8 acres and includes three homes, set apart distinctly over a remarkable sunset-facing beachfront cove. With 11 bedrooms, wrap around decking and an expansive 35,000 SF, this home saw multiple birthdays, summer and winter holidays, and most recently a vow renewal, before it took its place with its rightful new owner. 

2. A Musical Legend’s Estate Sells in Turtle Tail

This is what it sounds like when…. history is made and one chapter closes. The musical icon that brought us hits such as “Purple Rain”, “When Doves Cry”, and my personal favourite “Raspberry Beret”, purchased land on a rare peninsula in Turtle Tail, housing only one other neighbour. Complete with two adjacent waterfront land parcels of 2.74 acres, this Estate’s glory is attributable not only to its legendary ownership, but also due to it selling in under five months on market. The 5.74 peninsula with 6 bedrooms over nearly 10,000 SF sold after utilising Ro0omy technology to virtually curate the interiors, in June 2019, for $10.8M.

3. A Beachfront Bajan Beauty sells along Grace Bay 

Coral House: an Oliver Messel inspired design based on the coral stone homes he famously created in Barbados, can be found along Grace Bay beach.  It is hard to miss this timeless masterpiece. Coral House sits proudly and peacefully on powder white sand with easy ocean access, marking the beginning of the more residential zone of Grace Bay beach. At over 12,000 SF, with a gourmet kitchen, 6 bedrooms, a library, office for those zoom calls, breakfast room and more, Coral House is a dream family home.  Neighboured by its sister property Coral Pavilion (sold in 2019 for $9.12M and available for private rentals via islandhouselvm.com), Coral House has no other immediate neighbours, enhancing the appeal of its locale. This rare home sold for $10.6M in October 2019.

4. Private Home Sale at COMO Parrot Cay Turks & Caicos 

Serviced by COMO Parrot Cay, Serenity villa sits amongst an unequaled panorama of unspoilt beach, luminous ocean, and infinite skies. With 373 feet of sugary sand over 5.38 lush acres, the home is nestled in a stunning half moon bay, offering 8,645 SF of impeccable living under roof. Serenity Villa is a beachfront estate like no other, with a design ethos that is sensitive to its surroundings, reflecting the glorious natural aesthetic for which Parrot Cay is known. The property sold for $17M during the summer of 2017 and marks the third most expensive home sale on the exclusive island of Parrot Cay.  This private sanctuary near the water’s edge includes high-speed Wi-Fi and custom music (part of the villa’s master AV system), a refreshing outdoor shower and a beautiful cabana with a suspended circular daybed.

5. Dreams from Dallas Sold in COMO Parrot Cay Turks & Caicos 

Oliver’s Cove is a property close to my heart – it is as traditional as it is eccentric. With swathes of Royal Palms and verdant lawn, the elegant Caribbean exterior design alludes to the home of Oscar De La Renta in Punta Cana, but step inside and marvel at the surprisingly eclectic mix of antiques and custom touches. Hand-troweled Venetian plaster throughout, with aged exposed timber beams, hickory flooring and a pair of antique French doors at entry to the home, set Oliver’s Cove apart as a premier estate on the private paradise of Parrot Cay. With 7 bedrooms between the Main House and Guest House and nearly 800 FT of beach frontage over 6.54 acres, Oliver’s Cove set a record-breaking price when it sold in February 2016 for $27.45M, making it the highest sales price in TCI.

6. Amazing Grace in Leeward Set the Pace for Emerald Beach

Amazing Grace sold in 2015 for $15.1M in the exclusive eastern end of the residential neighbourhood of Leeward, known as Emerald Beach. Emerald Beach is home to mega-estates, all of which benefit from wide expanses of virtually private beachfront. At Amazing Grace, white-washed interiors provide a sense of peace throughout while the traditionally Caribbean property boasts 282 feet of superb white sand beachfront right outside. With 8.4 acres, it was sold complete with direct and canal and dock access, a popular feature amongst the ultra-luxury properties of this location. Since the sale of Amazing Grace, Emerald Beach has become better known as a location for those searching for exclusivity and tranquility

The TCI HNW and UHNWI market is on the rise, with no signs of letting up in the face of a pandemic. In fact, the appeal of our fundamentals seems to be on the rise too.

By Courtney Chapman

^14th September 2020