Matt French discovers one Caribbean island, Middle Caicos, where you may well find your dream property investment.

The Caribbean Islands are home to some of the most established island paradise property markets in the world. However, with over 7,000 islands spread along the 4,020 kilometre Caribbean chain, there are still some islands that have not yet experienced development such as that seen on well-known Grenada, Antigua or St Kitts.

Middle Caicos is an island in the Turks & Caicos archipelago that has just experienced important investment in its infrastructure that should stimulate a whole new Caribbean island property market. 
 
A new one mile long causeway and road was opened on 19th October last year that now links Middle Caicos to North Caicos island. In turn the North Caicos airport has seen a runway extension and terminal building improvements costing millions of dollars that will enable it to handle international flights, so Middle Caicos island is now accessible to Caribbean property investors as it never has been previously.
 
The Turks and Caicos government is also constructing a deep water port on North Caicos that will allow supplies and building materials to be shipped directly to this part of the archipelago, which should drive down building costs as well as food and drink in the future.
 
In total US$65 million-worth of funds has been pledged to improving the infrastructure of North and Middle Caicos in the last year.

"Common sense tells you that when the government invests US$65 million in the infrastructure and links between two islands with populations of 1,200 and 300, they are gearing up for future investment and development on the islands," says Paul Taylor of Commercial Focus Realty Inc. "They have even paved all the roads from North Caicos to Middle Caicos and built a new marina in North Caicos."

The largest island in the Turks & Caicos chain, Middle Caicos has an area of 48 square miles. However, Middle Caicos is also the least populated island with less than 300 residents and so is relatively virgin territory in terms of Caribbean island property markets.
 
"It truly is one of the last bastions of untouched Caribbean," Taylor comments. "Currently Middle Caicos is attracting a lot of eco-tourism."

Middle Caicos is known for excellent bonefishing as well as deep sea and reef fishing, snorkellers also enjoy the shallow clear waters of Bambarra Beach and various coral heads along the shore. Kayaks are available for rent, while other leisure options include mountain biking and nature hikes, as well as pre-arranged eco-tours through the mangroves. Middle Caicos is also home to the largest above ground caves in all of the Bahamas and the Turks & Caicos.
 
There is also evidence of important Lucayan Indian settlements on Middle Caicos dating back to the early 1400s. 

"It is not overly dramatic to say Middle Caicos is the new frontier of the Turks and Caicos, as it has been so inaccessible until recently," says Taylor. "Yet at the same time it is still an excellent place to escape major developments, such as the multistoreys seen on the beaches elsewhere in the Caribbean."

International access to the Turks & Caicos islands has improved greatly over the years, with services operated by British Airways, American Airlines, Air Canada, Delta and others.
 
There are also a number of financial considerations that may make investing in property in this Caribbean island a good idea. "There are no annual property taxes, no income taxes and no capital gains tax in the Turks & Caicos," Taylor explains. "Also, in contrast to buying property in parts of South America for example, anyone from the UK can purchase and own property simply on Middle Caicos.
 
"Investors in Middle Caicos can folow the countless others who have bought in the Caribbean for pleasure, and cashed in for profit."

And how has the Middle Caicos property market changed in recent years?

"Over the last ten years property prices on Middle Caicos have grown by between 10 and 25 per cent annually," says Taylor. "However, in the last year property prices have doubled since they started building the causeway between North and Middle Caicos.
 
"We are about to start marketing the Wave Crest development on Middle Caicos, which are 62 building lots ranging up to three quarters of an acre in size. They will be priced between £23,000 for an ocean-view plot, to £178,000 for an oceanfront plot. This is infinitely less expensive than comparable property on developed Providenciales."

So, if you are looking to buy a Caribbean property on an unspoilt island that is at the start of its development cycle, and which has recently seen large investment in its infrastructure, then look no further than Middle Caicos.

Related articles:
Antigua property excites investors
Caribbean island property performing well

Search for property overseas

Read the latest World Property Bulletin FREE

Article first published 16 May 2008