By Linsey Stonchus
Second home markets were among the most successful real estate markets in 2020, offering rare luxuries such as privacy, space, and gorgeous natural surroundings. Accordingly, LPI has gathered insight from 6 major second home markets for a limited blog series, “Second Home Market Showcase.” A comprehensive summary of these findings can also be found in Luxury Portfolio magazine.
Bernadette Hunt, Broker and Owner of Turks and Caicos Real Estate, provided us a look at the island’s recent performance, most requested features, and more.
1. What’s the busiest sales season?
The winter season is our most active season for real estate, particularly in the luxury market.
2. Which locations are most buyers coming from?
The majority of buyers are from the US and Canada.
3. What reasons are buyers drawn to your market?
Our beaches and our weather coupled with a very educated, friendly and diligent workforce dictates buyers choosing to purchase in the Turks and Caicos over some other jurisdictions. We are a tax-free jurisdiction with no income, property, or capital gains taxes, which makes purchasing here an attractive option.
4. What are some notable market trends that you have observed?
The demand for single family homes continues to rise in managed enclaves and developers are moving forward to meet this demand. We are seeing new real estate companies and construction companies coming into the market to meet this demand for homes.
5. Is there a rise in the purchase of primary homes, instead of secondary or vacation homes, within the region?
The purchase of secondary homes is still the strongest area of our market.
6. What are the most popular home features and amenities in your area right now?
The most popular home features are sophisticated contemporary designs incorporating homes gyms and offices as we believe many buyers will spend more time in the islands while operating their businesses from a distance.
7. How do you think the local market will look post-Covid?
More and more people are learning about the Turks and Caicos Islands and I believe we will go from strength to strength.
For more on the second home market, view the latest issue of Luxury Portfolio magazine and check back every Thursday through mid-April for extended interviews from experts in Turks & Caicos and Annecy, France. View our previous looks at Lake Tahoe, Naples, Whistler, and The Hamptons.
This interview has been condensed and lightly edited for better readability.
- Five epic hikes to inspire your next adventureTravel
- Revel in the good life with new issue of Luxury Portfolio magazineReal Estate
- Content creators carry Farrow & Ball x Christopher John Rogers over finish lineDesign
- LuxeSelect September 2023: Curated homes starting at $3 millionReal Estate
- Proactive communication key to smooth generational wealth transfers: reportLifestyle