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TURKS AND CAICOS WEEKLY NEWS
January 29 - February 4, 2022
A Weekly News column that puts you on the spot for your opinions on the issues of the day
HISTORIC YEAR FOR REAL ESTATE According to Sotheby's 2021 Year in Review report, that was an "historic year” for real estate sales in the Turks & Caicos, making it a record breaking year, where annual sales volume increased 158.5% from $290M to $751M. The report stated that in 2021:"Single family homes accounted for a whopping $369M, up 137% over last year’s $155M, with average prices up 30%, from $1.72M to $2.25M.” The report further outlines that particularly in the condo sector, sales led by the completion of The Ritz-Carlton, increased by 282% — from $59M to $225M — with a 33.5% increase in average price, from $1.03M to $1.38M. What are your thoughts?
Great trend
Great economic trend to have real estate growth. Beyond that there are other islands in the TCI with needs too. The Government needs to articulate and implement a comprehensive development plan for the entire TCI - beyond Provo.
Who’s benefitting?
Sadly the vast majority of TC Islanders are not benefiting in anyway from this boom. Although the TCI recorded a record year for real estate transactions, very few Turks and Caicos Islanders were able to enjoy the benefits of home ownership. Home prices have increased so much that home ownership is out of the reach of many Turks and Caicos Islanders and when a TC Islander have an opportunity to purchase or build a home, financing is not available through the local banks. A brief look through the latest real estate magazine will make it clear that there is nothing available within the budget of the vast majority TC Islanders. In addition to that when you look at the professionals involved in all stages of the real estate boom very, very few of them are TC Islanders. Yet again TC Islanders are left to gather the crumbs of the prosperity of this country.
Great news
This is great news. It would be real nice if the sales would mean a better quality of life for Turks and Caicos Islanders. It's a shame that we have residents living below the poverty line, struggling to make ends meet, faced with high food, gas, power, water bills with no
clear view in sight. How do we close the gap between investor and Turks and Caicos Islander? How do we level the playing field between the haves and the haves not? How do we ensure that every Turks and Caicos Islander gets a piece of the economic pie? These are the questions that need to be answered.
Islands are growing
This is certainly welcome news for the TCI in the heat of the COVID-19 Pandemic where the TCI seems smack in the middle of a 24 month expansionary phase. The market itself seems resilient and most attractive and the islands are “off the beaten path”. It is much safer to visit and live in the TCI. Tourism numbers and residential starts are increasing and “inevitable”. The islands are certainly growing and it is time to force the "issue" so that the people of the country could have their "beaks wet". New money gives rise to new revenue. Hopefully the light will turn on to do more for the people. The numbers can be defined as explosive and the results should sound in "good news" for the TCI. With this kind of “exponential growth” there will be a resultant increase in Government revenues. With new and extra moneys, the Minister of Finance’s hands are strengthened, if he wants to, he can be innovative, develop new ideas, new initiatives and provide more for the people. Certain projects can be entertained like ending the environmental pollution so massively affecting the islands. He can budget for enhanced waste management facilities with Green solutions and make solid waste management a complete reality.
It is a time for the TCI to dream especially at a time when it has "new money".
Welcome news
These growth numbers are excellent and the news is welcomed in so many ways. These high sales numbers speak to popularity of TCI and its "naturally" driven tourism market. There is a massive shift in world conditions and the islands are benefitting well from these changed dynamics. Quite naturally, the TCI is a preferred destination: relatively clean, ‘Green as a policy stance’ and boasts the best beach in the world. Quite naturally with the World overrun with disease, COVID, uncertainty and doubt, the TCI is a natural place to invest in and visit. Revenues will swell and there would be more to budget or hide into a reserve fund for that dubious rainy day. With moneys coming from diverse sources; the Government’s hand, if it choses, is strengthened against the monopolies. They can force, if they want to, better outcomes for the people against FORTIS, Digicel, Carnival Corporation, Inter-health Canada and all of the “big bad boys out there”. With “your own money” to play with as a Government, you can finally take a serious and purposive stand for the people. Investors will be less capable of demanding tax breaks and concessions choking revenues from the treasury and ultimately from the people. There can now be a public process, national dialogue, new policy and laws to implement eGovernment to increase efficiency and make the islands less expensive to manage. Let there be sensible budgetary allocation for eGovernment and a public tendering process so that this reform could be in place to benefit the islands. Who knows certain taxes; stamp duties, customs duties and other hidden taxes could be reduced, taking the financial heat off the people. This is a wonderful opportunity, possibility for surpluses, a "road less travelled" the chance to plan and new moneys to back it all up. There are so many things a Government can do with New Moneys flowing from this explosive growth. First, they can boost the
tourism marketing, budget and improve the odds that this kind of performance will be repeated for the next ten years. The Minister of Finance can then "plan" and really "plan for the long-term". Improved housing for the people, small business loans and wider use of scholarship funding. Market the destination to the hilt. With some of the new money they can budget for capital finance to enable TCIslanders to enter the resort and development industries where locals could finally get a “Piece of the Action”.
Needs to be fixed
This is great news! My only question is how much of the commissions from all these sales ended up in the pockets of real estate agents who are Turks and Caicos Islanders? Real estate agent was put on the reserved category lists and yet it was the brilliant idea of one of our former leaders to grandfather in real estate agents at the time who were NOT Turks and Caicos Islanders. In my view that does not make any sense!!! The whole structure of this industry needs to be revamped so that we as Turks and Caicos Islanders benefit from all this prosperity. Some of our real estate agents are left with the crumbs from this multimillion dollar industry. This needs to be fixed NOW! All this development in the name of Turks and Caicos Islanders and we are left with the crumbs that fall from the table. Yes, I have intentionally sent this post to all in your "undisclosed-recipients" list and I trust that you post it as is with my name thereon, BerthaLee Belle. It is time for us to take our rightly seats at the table of all this prosperity in the Turks and Caicos Islands. IT IS TIME!!!
BECOME A CONTRIBUTOR Want to become a contributor or have a suggestion for a Talk Back topic for us? What questions do you think we should be putting to the public? And what are your thoughts on it? Call our news team on 946 4664 or email tcweeklynews@gmail.com
