Turks and Caicos among 10 Caribbean jurisdictions featured in BCQS market report, where construction costs are said to be highest.
The TCI listed as one of the costliest countries for construction to be carried out. While construction costs in the Cayman Islands and the Caribbean have risen slightly overall in 2011, property and development consultants are forecasting costs to decrease up to 2015, according to BCQS Internationals 2011 Market Trend Report.
According to the report, the two main factors behind the projected cost decrease are a decline in commodity indexes and raw materials, and the natural balancing of the market in terms of demand for new construction.
Out of the 10 Caribbean jurisdictions featured in BCQS market report, construction costs are said to be highest in the Turks and Caicos Islands, followed closely by Barbados and Cayman. Construction costs in Cayman are particularly high in the commercial sector, as opposed to residential or hotel. By a significant margin, Cayman has the highest commercial construction costs in the Caribbean, and Caymans commercial rental rates are second only to the Bahamas.
Costs in that sector are high in Cayman generally because of requirements of offshore financial firms, and lessons learned from Hurricane Ivan’s devastation in 2004.
Identified as the most expensive place to build in the Caribbean, Turks and Caicos is looking to become a little less pricey.
According to the BCQS report, the Turks and Caicos government has instituted a reduction in stamp duty for property transactions with the aim of mitigating the effects of the recession.
