Seven-Bedroom Turks & Caicos Villa Sells for $7.6M

A 7,649-square-foot villa located on Providenciales, the gateway island of Turks and Caicos Islands, sold for $7.625 million last week, which, according to the brokerage for both the buyer and seller, is the highest-price sale so far this year.

The villa, known as Mothershouse and designed by architect Ron Shaw in 2011, includes seven bedrooms, six bathrooms with panoramic ocean views and easy access to snorkeling, scuba-diving and shops and restaurants on the beaches, all of which Providenciales is famous for.

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There is a triple-edged infinity pool and a yoga deck to entertain guests on the property, which offers high-level security and privacy with key coded doors and gates and internal speakers throughout the property, according to the listing with The Agency. 

The sale price of $7.625 million represented a 11% discount from its listing  price $8.6 million, but still was the highest sale for Turks and Caicos Islands so far this year, according to listing agent Ian Hurdle of The Agency, citing data from the Multiple Listing Service by Turks and Caicos’ Real Estate Association. Mansion Global could not independently verify the data.

For the past four years, the villa has been rented out at $3,500 to $7,000 per night, Mr. Hurdle said, noting that’s the main motivation for the investment buyer, who has opted to remain anonymous.

Turks and Caicos has emerged as one of the Caribbean’s top luxury real estate destinations since the mid-2000s as its tourism has boomed. There are a dozen or so properties currently listed on the islands for over $10 million, with the most expensive, an entire island, asking $48 million, according to Sotheby’s International Realty.

A few developments by luxury hotel brands are expected to be introduced this year, including Ritz-Carlton, W and Six Senses, Mr. Hurdle said.

"We’ve seen increased sales quarter on quarter, year on year," he said.

Mark Durliat, chief executive of Grace Bay Resorts which has recently unveiled hotel-style residential resort Rock House, said that there are various factors that have contributed to Turks and Caicos’ popularity among second-home buyers, especially baby boomers from the U.S.

For one, the islands allow for ownership by foreign residents who can easily rent out their investment properties. That, "combined with the economy being based on the U.S. dollar and a good legal system that guarantees land title," has placed Turks and Caicos in a growth market, Mr. Durliat said.