Why buy with CZP

Connolly Zahm Properties' expertise is about up-to-date market knowledge and service. Taking the time to understand our client's unique needs and matching them with the appropriate offerings to create not just a purchase - but the right purchase for each client.

As Turks & Caicos’ most widely recognized specialists in luxury condominium properties, Connolly Zahm Properties’ sales team has access to a wealth of experience and an unprecedented statistical and historical information database built up during the last ten years. In 2005 alone, the company sold over $110 Million of the gross $250 Million sales involving condominium properties in Turks & Caicos, equivalent to 45% of the condominium market transactions.

Through our involvement in major condominium developments, Connolly Zahm Properties is well versed in all facets of design, development, sales and marketing, and management. This places us in a “first to know” position with respect to the evolution of the market. We are committed to being the best and most comprehensive real estate resource available anywhere in the Turks & Caicos Islands.

Advantages to pre/under construction purchases

There are several advantages of purchasing pre- and under-construction condos. First and foremost, by getting the first look, buyers have more choice and the best selection available to them, and they will be purchasing something that will be new and furnished to your liking upon opening. A very important consideration given that most of these properties will act as second and third homes, purchasing pre- and under-construction can be very helpful to cash flow since standard construction payment schedules require only 10% deposits to secure the unit before developers break ground; Further payments are spread over the course of construction (typically 18 – 24 months full building programs) allowing buyers more time to come up with funds for the purchase.

These payments not only facilitate purchasing, but buying early also guarantees that buyers are purchasing at the earliest pricing level. Developers have historically raised pricing once significant benchmarks are met including groundbreaking, sale of a certain number of units, and completion of the roof to provide a few examples.

As such, developers reward buyers with lower pricing for their early commitment and for buying in to the vision of the property before it is built, and thus contributing to the success of the development program.

Financing in Turks & Caicos

Options for purchasers of completed units range between the main commercial banks, First Caribbean International Bank and Scotia Bank, and private trust companies and law firms intermediate between private lenders and buyers to structure residential mortgages.

Private lenders tend to require less paperwork and time to turn around loan approvals, but the banks will typically offer lower interest rate loans. Banks will lend up to 60% of the purchase value to international investors and private lenders tend to stick to a ratio of 50%. In addition, the private lending structured through the trust and law firms will be interest only 2-5 year loans with balloon payments required at maturity. However, these facilities can typically be renewed easily.

For pre-construction and under construction purchases, banks and some private lenders (through trust companies and law firms) are now offering similar terms and rates for units at a select number of developments.

A 1% stamp duty tax is charged on all loan amounts when the charge is registered.