Cost of Living

The cost of Living here in the Turks and Caicos Islands is generally higher than in the United States or the UK. All goods are imported to the island so expect to pay a bit more for food, drink and entertainment, particularly since these are tourist-orientated businesses. The cost of many services, tours and excursions tend to be more than some of our neighbors as well, as we have neither the economies of scale nor the population size to force prices down on an island that specially caters to high net worth individuals. The result of all of this is that you will be paying a bit more than if you were at home, some think of it as being more comparable to prices within New York or London.

Against this, there is however, good news in the current climate. The economic situation here, which is closely linked to that in the U.S. has seen more cautious spending, as a result of this prices have fallen noticeably, as relative competition increases.  It is now possible to get very good deals on hotels and trips when you are coming down to check-out the island. Rental and property prices have also dropped significantly.

The general feeling is that prices in the property market have bottomed out, having dropped as much as 35%, at the time of writing. It is also possible to take advantage of reduced construction costs and competition for business, making this the prime time to invest!