Local real estate market upbeat
NOVEMBER 12TH - NOVEMBER 19TH, 2010
By Vivian Tyson SUN Senior Editor
THE TURKS AND CAICOS Islands real estate market is expecting further resurgence having seen sales increased by whopping 28 percent at the end of August over the corresponding period last year. Kathryn Brown, President of the Turks and Caicos Islands Real Estate Association, said she is hopeful that the market will experience further growth, as the indicators are pointing in that direction. “Sales have increased approximately 28 percent, which was the end of August 2010 year to date over last year. I have not got the figures for year-to-date of October, but I am looking for a very good season and an increase in sales over 2009,” Brown said. Brown noted that the period ending August to October is traditionally slow for the real estate market, since hotels are closed and fewer visitors come to the TCI. She said when the figures for the period come in, it would show whether or not the slow period this year was better than last year. “During that period most of the hotels are closed because it is the slow season, and as you may know, most of
TURKS AND CAICOS SUN
Page 13
LOCAL NEWS
The real estate market in the TCI took a hit after banks, especially in the United States, crumbled . A number of local projects were affected, including the Ritz Carlton Molasses Reef development in West Caicos
our customers are foreigners, and so, during that time, the real estate market does not do as much business,” Brown indicated. A worrying sign for Brown and the Real Estate Association as the winter season approaches is the level of crime, including armed robberies and shooting which has reared its ugly head recently in the Turks and Caicos Islands generally and Providenciales in particular. According to her, the rising crime could scare away prospective investors. “Based on what is happening we believe that we should see more sales in the coming months. We certainly are hoping that when money starts
streaming up in other countries they are going to find us appealing to invest in. As things move forward we are hoping that the crime situation gets settled and we don’t scare our visitors off. Not withstanding that, I am looking for a very good season and an increase in sales over 2009,” Brown said. When The SUN interviewed Brown in the summer, she noted that while its members had seen increase in sales especially from Canada, they were also seeing an uptick in sales locally, since the banks were beginning to lend again. She noted at the time that the bump in sales out of Canada was due to the strengthening
of that country’s dollar. The real estate market in the TCI took a hit after banks, especially in the United States, crumbled taking the housing market with it. As a result of those collapses, a number of local projects were affected, including the Ritz Carlton Molasses Reef development in West Caicos, which was being funded by Lehman Brothers – one of the US financial entities affected by the sub prime real estate market. A number of other resort developments went into receivership due to dwindling buyers, resulting in their lenders stepping in a seizing ownership.