Posted on 3 Aug
From the palatial luxury villas in Turks & Caicos to the sleek and contemporary abodes of the Cayman Islands, international buyers are flocking toward sun and sand to reap the many benefits that stem from investing in Caribbean properties. With rising rent and mortgage rates driving up prices throughout the U.S., signs of a real estate cooldown are likely. However, luxury real estate has been heating up on the white-sand beaches of coveted vacation destinations like Turks & Caicos and the Cayman Islands.
With the uncertainty surrounding the U.S. real estate market, international buyers, particularly older millennials, are choosing to purchase property in the Caribbean. Some are using the equity in their existing U.S. homes to buy in these sought-after vacation destinations. Who can blame them?
The gorgeous weather—more than 300 days of sunshine per year—sandy beaches and 80° crystal-clear water temps all add to the allure. As if the beauty of these Caribbean destinations isn’t enough to tempt you to its pristine shores, ownership of real estate on these islands offers a wide range of benefits, namely, a tax-neutral environment, options for permanent residency and international airport accessibility.
In Turks & Caicos, the islands have seen sales increase to more than 324 transactions year-to-date accounting for more than $335M in sales volume. In the Cayman Islands, a similar story is unfolding—so far this year there have been 518 transactions with a total sales volume of $612M. And the year isn’t over yet. With recent record-breaking sales at luxury developments in Turks & Caicos like Wymara Villas— one villa sold for a record $6,610,000—and trophy properties like the iconic Triton Luxury Villa, spotlighted below, which is currently on the market for $30M, the Caribbean is proving that investing in its turquoise waters is a desirable option for international buyers seeking their next forever home.
Turks & Caicos | Triton Luxury Villa
A palatial architectural masterpiece, Triton is a globally recognized icon of Turks & Caicos. Represented by Ian Hurdle, this 30,000-square-foot, 14-bedroom, 13-bath villa is a rarity in the Turks & Caicos short-term rental landscape. Enjoy clean, white decor, open concept, indoor/outdoor living, an outdoor cinema, ocean-front terrace, two pools and breathtaking views of the island’s famous turquoise waters.