At least one bank and a real estate expert are urging buyers to get into the market now, as this particular time is most suitable for purchasing.
L-R Ira Taylor, Bank Manager, Scotiabank & Vernica Delancy, Real Estate Agent at KellerWilliams
They stated that the past year has taken its toll on numerous industries as the COVID-19 pandemic and related restrictions triggered an economic downturn. However, the banking and real estate sectors have agreed that the local industry is holding strong.
In fact, they claimed that real estate market is not only surviving, but flourishing, revealing that prices are continuing to go up. Branch Manager at Scotiabank, Ira Taylor agrees that now is the best time to purchase.
“The demand for real estate has not been affected negatively by COVID-19. It has, in fact, increased when we review the sales records over the past 18 months,” revealed.
Vernica Delancy, Real Estate Agent at KellerWilliams agrees with Taylor’s assessment. She believes that the market is very healthy and advised anyone thinking of buying real estate in the TCI to move quickly as properties are getting snapped up.
“The sales volume of properties as well as the average prices have gone up, which shows that real estate market in the TCI is still strong,” she said. “The price of real estate is increasing, therefore, before prices get any higher, I would say if you can afford to purchase then now is a good time.”
They believe that in order to be in a good position to get the best properties at the best prices, buyers must be prepared.
“If you are getting financing, get pre-qualified so when the right property becomes available you can move on it,” the real estate agent said. “Whatever you need to do to prepare yourself to make a purchase do it in advance, properties are moving fast.”
Taylor urged that now is a particularly good time to buy, as there are a number of high-end developments already available or coming to the market in the second half of 2021.
Among them are residences at the Ritz-Carlton on Grace Bay, Rock House, South Bank on Long Bay, Wymara Villas on Venetian Road and other great stand-alone homes. He added that the TCI is a safe destination in terms of both crime rates and COVID-19 safety precautions for those looking to own property in the Caribbean.
“A high percent of our local population has been vaccinated, so it’s a safer destination,” he said. “Our crime rate is very low and this has a role in this destination being a great place to own a property,” Taylor further noted.
He added: “Visitors have been amazed since the TCI has reopened its borders. So anyone looking for an investment property can expect a high occupancy.”
Taylor further advised anyone looking to buy in the islands to use reputable real estate agents, and access the Turks and Caicos Real Estate Association’s property search site at tcrea.com.
Interested home-buyers can visit tc.scotiabank.com to get more information on special deals now being offered including discounts and cashback on mortgage now being offered by Scotiabank.