Turks and Caicos Real Estate Agents
The Turks and Caicos has an active real estate market, and there’s a wide selection of realtors to choose from. Some of the local real estate agencies have been established since the early 1980s and 90s and have decades of experience in the local real estate market.
Both independent and internationally affiliated agencies exist. Most agents are located on the island of Providenciales but typically list properties across the country.
Title, Ownership, and Property Taxes
It’s possible to obtain a freehold on land purchases. Some areas of Providenciales are part of private developments and may be offered as a leasehold (as opposed to a freehold).
There are no restrictions on foreigners purchasing and holding land in the Turks and Caicos Islands. In other Caribbean countries, such as the Bahamas, it’s a requirement that foreigners register purchases with the government and that a special permit is obtained for larger purchases. Furthermore, in the Bahamas, capital controls can impede the sale of land. There are none of these onerous requirements in the Turks and Caicos.
There is also no property tax.
Turks and Caicos Real Estate Association (TCREA)
The local TCREA trade association is composed of the majority of real estate agents and firms in the Turks and Caicos Islands. They operate the multiple listing service (MLS), which is a centralized database of most (but not all) properties offered for sale via these agents in the islands.
Real Estate Agent Fees
There are typically no fees associated with real estate agents for prospective buyers, as commission is normally paid by the seller of the property. Real estate agent fees are 6–10% of the property's value (6% for developed parcels and 10% for undeveloped parcels). The commission rate is set by TCREA.
Choosing a Real Estate Agent
As is the case in any locale, realtors are attempting to make a sale. It’s highly recommended that you do your own research about the Turks and Caicos and its islands and regions—and general real estate prices—so you can make an informed purchase. Talk to locals, learn about locations, and form your own opinions before contacting a real estate agency.
There’s a large number of real estate agents in the Turks and Caicos, including those who practice part-time. There isn’t a high bar for entry to realty, so many agents practice as a means to supplement other income. This isn’t necessarily a bad thing, yet it does mean that some agents may be inexperienced. In the Turks and Caicos, relatively few agents account for the majority of sales, especially considering collective value.
If you are considering purchasing a property intended for rent (whether short-term or long-term), seek additional advice apart from your realtor regarding estimates on potential revenue. A property management company should be able to give you realistic estimates of rental income and expenses.
Your real estate agent should be able to offer a basic overview of the legal requirements of residency in the Turks and Caicos, and what your investment or purchase entitles you to. They should also be able to outline the applicable stamp duty rates.
What to Look for in a Real Estate Agent
How many properties do the agent and real estate firm represent?
If a real estate agency is listing and selling a large number of properties, there’s typically a reason. Ask to see recent sales.
How long has the agent been practicing?
Similar to the consideration of the number of properties that a realtor lists, if an agent has been practicing for a significant period of time, it may be because they're good at it.
Is the agent knowledgeable?
Is the real estate agent knowledgeable about the islands, zoning, protected areas, and relevant laws?
There have been cases of misrepresentation in the past on the possibilities for development of parcels. There are several different types of both residential and commercial zoning, and it’s important that (depending on your needs) your desired parcel is zoned appropriately.
What past sales have the real estate agent and company made?
A great indicator of an agent's performance is the previous sales made by both the real estate agent and agency. If they’ve sold a number of properties similar to what you’re looking at, they’ll likely be successful and a good fit.
Do their rental income estimates seem realistic?
It’s common for condominiums and vacation villas to be rented out for short-term stays when the owners are out of the country, and this fact is often used as a reason for buying real estate in the Turks and Caicos.
Does your prospective realtor offer a realistic sense of possible income on an investment? In many cases, especially properties with strata and villa management fees, rental income may not be as high as you think.
Real Estate Agents
