The Turks and Caicos economy was one of the strongest performers in the Caribbean on 2015, reporting a 4% rate of growth. The strong performance was largely attributed to an increase in tourism arrivals and construction of tourism based projects.
The data was reported in the Caribbean Development Bank (CDB)’s Economic Review for 2015 and Outlook for 2016.
Following shortly after this report was issued, Desmond Swayne, the UK minister of state for international development, Desmond Swayne, announced that the Turks and Caicos Islands (TCI) government repaid its remaining borrowing on time under a five-year US$260 million line of credit guaranteed by Britain. The TCI government now has an operating surplus and a borrowing need of U.S. $28 million. This loan is expected to be repaid in just over three years.
The news is a boost to real estate investors seeking to purchase property in the British Overseas Territory. One Turks and Caicos real estate project that has attracted the interest of second home buyers is The Shore Club. Scheduled to open in March 2016, the Shore Club is a $100 million condo-resort featuring 38 beachfront condos in two low rise buildings and six, 6-bedroom luxury beach villas. The project spans nine acres of tropical lands and 820 linear feet of beachfront on Long Bay Beach.
For more information visit www.theshoreclubtc.com.