Florida’s loss is the Turks and Caicos’ gain

The Sunshine State is looking a little overcast in terms of real estate at the moment, in fact Florida is having its leanest period for a decade. 

The number of unsold new homes across the United States in general is at a ten year high.  One blogger called it “the worst real estate bust in American history has begun”.
Results released by the Florida Association of Realtors certainly make for some sorry reading.  Over the period July 2005 to July 2006, real estate sales in Miami were down 38 per cent and across the whole of the United States down 22 per cent.  Even Orlando, the home of Disney, cannot buck the trend with sales down 27 per cent and some hotels closing their doors.  One of the original hotels in Kissimmee, the 919 room Hyatt Orlando, ideally located on the corner of Interstate 4 and US Highway 192, just two miles from the gates of Disney, had to close in September 1993. 
The Turks and Caicos islands are completely bucking this gloomy real estate trend, despite sitting just 575 miles south east of Miami. 
Analysis of the latest MLS Real Estate sales figures for the Turks and Caicos show an increase of more than 70 per cent in gross sales figures over the preceding year.  This phenomenal strength is a somewhat incongruous to the US pattern, why is that?
Firstly, it’s worth pointing out that the Turks and Caicos Islands, despite being in the Caribbean and using the US Dollar for currency, are actually not American, but a self-governing British Crown Colony.   
Then follows an array of reasons as to why the Turks and Caicos are booming whilst Florida is slowly busting.  The Islands are completely tax-free and no annual real estate tax. 
Another reason is the fact that the government is investing heavily in island infrastructure to attract wealthier clientele.     
Furthermore, developments on the Islands tend to be of the hassle-free condo-style, which appeals to the holiday home owner. 
Finally, there’s only so much quality beachfront property around on the Turks & Caicos, the limited supply attracts a steady demand which keeps the market buoyant.   
Prices at Caicos Beach Club Resort and Marina start from $269,000 for a one-bedroom apartment.