The Turks And Caicos Luxury Real Estate Market Shines Even in The Pandemic

Affluent Americans have been thronging this beautiful destination to buy the choicest luxury real  estate available in Turks and Caicos.

Surprisingly while everything around looks to be in shambles, the coronavirus pandemic  has been unable to stop the Turks and Caicos luxury real estate juggernaut.

It is a fact that the covid 19 pandemic has frozen real estate markets throughout the United States but Turks and Caicos luxury properties have been selling briskly.

Overall as the real estate markets have nosedived, the Caribbean nation luxury real estate is creating its own records. The sales and success of this market are being echoed by Mauricio Umansky who is the Founder and CEO of The Agency, a real estate firm in Turks and Caicos.

He confirms that this region has witnessed some phenomenal prices and luxury real estate deals.

An almost 20,000 square-foot, extraordinary 15-bedroom Villa in Turks and Caicos offered by The Agency at close to 20 million USD has seen a lot of attention.

Apparently the amount of sales of single-family homes in Turks and Caicos at the start of 2020 has easily overtaken the figures of 2019, and the figures of condo sales are healthier than the two earlier as per Sotheby's International Realty.

Among the many reasons for the boom in real estate is the proximity that Turks and Caicos enjoys with the United States with some of the most amazing beaches in the world. 

Another strong reason is that the currency here is the US dollar with no property, income or capital gains taxes.

Also many Americans who used to rent luxury homes in Turks and Caicos for spending their summer time have due to the pandemic realized that they should actually own their own properties in this exclusive location here to help them escape in case of such a scenario occuring again. Not only that these wealthy Americans are buying huge luxury Villas and homes as they foresee their use as a first home for the entire family rather than just a tiny apartment. The rich have been buying lux island villas in Turks and Caicos helping the luxury property market here blossom in a big way.

Additionally the Turks and Caicos government encouraged  real estate purchases during the period of the pandemic by reducing the stamp duty by half, doing away with custom duties on  construction materials and offering a 50% cut on the planning fees by half as cited by the Caribbean Journal.

Another factor that has helped the flourishing of Turks and Caicos real estate is that the country has avoided Covid-19 majorly with just a dozen cases and a solitary death with no current active cases.

One of the few in demand luxury condo development in Turks and Caicos is the Rock House by Grace Bay Resorts.

The action in the luxury real estate market in Turks and Caicos in 2019 was phenomenal and it went high further with the news of the sales of luxury homes owned by Prince and Bruce Willis. The coming days and months would surely increase the luxury housing sales in Turks and Caicos further with other markets opening up too.