The number of unsold new homes in the United States is at a ten year high; and data released by the Florida Association of Realtors makes for sorry reading. Over the period from July 2005 to July 2006, Florida property sales in Miami were 38% down. Even Orlando seems unable to buck the trend at 27% down. So perhaps there has never been a better time than now to pick up Florida property at bargain prices?

But Florida's loss seems to be the Turks & Caicos gain. Despite being just 575 miles south east of Miami, the islands are completely bucking the trend showing a year on year increase of more than 70% in gross sales volume. This phenomenal growth is somewhat incongruous to the US pattern. Why is that?

Firstly the Turks & Caicos Islands are completely tax free. Compare this to Florida where foreigners are taxed approximately 30% on any profits they make from the sale of their real estate, pay tax on any rental income plus an annual real estate tax of between 2% and 2.5% of the assessed value of the property. Secondly the government is investing heavily in island infrastructure to attract wealthier clientele. Airlines will fly directly into the Island's new as soon as they new terminal building is complete. And there is only so much quality beachfront property around on the Turks & Caicos, that the limited supply attracts a steady demand which keeps the market buoyant.

Prices at the Caicos Beach Club Resort and Marina start from £149,979 for a one bedroom apartment. This is a turn-key price and includes all appliances, furniture, crockery, cutlery and linen. Guaranteed non status mortgages are available and a 30% deposit is required.

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Article published on 29 September 2006