Turks & Caicos Islands Real Estate Winter/Spring 2023/24

Board. Minister for Tourism Hon. Josephine Connolly
said this change will help unify all sectors of business
related to tourism, the lifeblood of the country. She added,
“Our goal is to promote all of the Islands and the development
of tours and attractions to assist Islanders to benefit
from tourism through culture/heritage tours, local culinary
offers and adventure tours, land and water-based activities.”
According to Angela Musgrove, CEO of Invest
Turks & Caicos, “Recently, Turks & Caicos Islands have
set their sights on diversifying and expanding their tourism
offerings to include niche segments that can withstand
demand fluctuations. With a strong focus on conservation,
sustainability, and innovative technologies, TCI aims
to attract luxury travelers and investors seeking promising
opportunities.”
Visitor arrivals “continue to grow immensely” in
2023, according to a statement from Experience Turks
and Caicos. So far this year, Turks & Caicos has reported
321,423 arrivals, dominated by the United States market,
which has sent 291,070 visitors to the territory by air. TCI
is also seeing a 52% increase in cruise passenger visits to
Grand Turk.
The country received another boost when Virgin
Atlantic started its first-ever flights to Providenciales
from London Heathrow airport on November 4, 2023. In
January 2024, Delta Air Lines added non-stop seasonal
service from Minneapolis-St. Paul to Providenciales, set
to run through April 6, 2024.
Part of TCI’s amazing rise to become the “cream
of the Caribbean” is expansive growth in the construction
and ownership of vacation rental properties, such as
Airbnb and VRBO across the Islands. These are lucrative,
tax-favorable investments as visitors flock to the beautiful,
uncrowded beaches, clear turquoise waters, and year-round
tourism. With high demand for vacation rentals, investors
can enjoy consistent rental income and the chance to enjoy
the country’s blessings at their convenience.
As the concept of luxury continues to evolve, upscale
villas often surpass hotels in terms of space, privacy, and
extravagant amenities. Beachfront locations, heated pools,
and non-motorized water sports are now standard, but the
most exclusive properties go much further, including villas
with gyms, home cinemas, and tennis courts, others
with massage rooms and hair salons, and some with pool
tables, wine cellars, or pickleball courts. Boutique property
managers help handpick the most suitable villa for their
guests, as well as create the perfect experience by choosing
private chefs, massage therapists, boat captains, and but-
28 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association