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.
Turks & Caicos | Wymara Villas 5209
Wymara Villas offer 955 square feet of luxury living complete with picturesque Grace Bay views, a private plunge pool, and access to the resort’s signature amenities including restaurants, beach and water sports. Placed within an exclusive 15-acre gated community, residents are also able to enjoy a 25-meter lap pool, tennis court, state-of-the-art gym and games room. Sean O’Neill and Brendan O’Neill hold the listing.
Turks & Caicos | Villa 1 2Shores
This boutique beachfront development in the upscale Leeward Community breezily incorporates the pristine beauty of the Leeward Channel throughout the entire development. Represented by Sean O’Neill and Ian Hurdle, these luxury five-bedroom, five-and-a-half bath villas present expansive outdoor living space, sleek and modern design, and well-appointed kitchens, offering the best of Turks & Caicos.
The Cayman Islands | 697 West Bay Road, Lacovia #S1A
Lacovia sets the new benchmark of modern luxury on Seven Mile Beach, blending inspirational architecture and contemporary interior design with extraordinary views of Cayman’s turquoise waters. Designed for distinction by Swedish architects, OOAK, these exclusive residences maximize light and views with 10-foot floor to ceiling windows and sliding glass doors. This six-bedroom, six-and-a-half-bath South Building Duplex residence provides the pinnacle of open-plan living with unprecedented views of Seven Mile Beach. Filled with light and accented by luxe finishes, each bedroom offers bespoke custom cabinetry, setting the new standard for interiors on Seven Mile Beach. Stefan Cohen holds the listing.
The Cayman Islands | 697 West Bay Road, Lacovia #N2A
Expansive integrated interiors combined with oversized balconies and terraces blur the line between indoor and outdoor spaces and allow for panoramic views from every residence. Represented by Stefan Cohen, this remarkable exterior corner four-bedroom, four-and-a-half-bath residence boasts a gourmet chef’s kitchen richly appointed with high-end Miele and Sub-Zero appliances, custom cabinetry and full-length Caesarstone quartz countertops. Enjoy ample room for workspace, dining and entertaining as well as abundant storage.