2023 Turks and Caicos Real Estate – 1st Quarter Year-To-Date Comparison

Supply and Demand Considerations in Turks and Caicos Islands

The inextricably linked tourism and real estate businesses in the Turks and Caicos Islands are, naturally, predicated upon the simple principle of supply and demand, and we are enjoying tremendous economic success due to our strong fundamentals with regards to these two vital drivers. On the supply side, we have an amazing array of existing hospitality inventory and property – from hotels, condominiums, managed and stand-alone villas – that have proved to be among the best-in-show throughout the Caribbean for high-end tourism, drawing in high quality visitors. Further, our inventory pipeline is strong, as developers conceive and build luxury properties, which will continue to satisfy tourism and real estate demand for renting and non-renting owners alike. Because our market is more dependent on New Development than more mature markets, and further dependent on individually owned condominiums and villas, New development buyers, who often buy off-plan and before a shovel is in the ground, are essential participants in our market’s growth. For example, in the New Development sector, at projects such as Beach Enclave, South Bank and The Strand, construction of an individual villa commences once purchasers have signed land purchase and construction agreements. In the condominium sector, developers commit to building once a prerequisite number of units are pre–sold. In this regard, we are highly dependent on pre–construction purchasers to “co-invest” with our developers in order to fuel new projects. Presently, as we navigate the low existing re-sale inventory market, we look towards the future with a plethora of great projects in the pipeline, led by The Point By Grace Bay Resorts, ARC at South Bank, The Strand, St. Regis and others. These new projects create welcome for-sale inventory into the market, to supplement our constricted, existing re-sale inventory. Our first quarter numbers reflect the importance of this new development inventory as we close out many recently or soon-to-be-completed villas at South Bank, Beach Enclave and the Strand, with many more to follow this year. A quick drive around to these three projects illustrates how New Development matures into completed tourism, vacation and residential real estate. It is always thrilling to see what Steven Covey calls the “first creation” born of the imagination (the plans) transition to “the second creation”, born of will (the physical projects) and then even to the “third creation” (the hospitality operation). The process never gets old and provides continual blood flow into our market. A recent headline amplified how the Caribbean and especially Turks and Caicos has been a big winner in tourism, and this is primarily because we have such great supply and demand fundamentals. At Turks and Caicos Sotheby’s International Realty, we are grateful for our role in all aspects of the supply and demand cycle, together with our partners and many stakeholders in the process made up of our developer, investor, hospitality, architect, legal, engineering, construction, design, broker, banking and government sector communities…the list goes on. There is nothing more satisfying than being involved from the planning and product launch to project opening and operation – from pre-ribbon cutting to post product grand opening. In so many ways, the New Development forges our identity and continues to elevate Turks and Caicos Islands globally as a sustainable, international luxury brand. Happy Spring! Download the full report with one of the links below.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sotheby’s International Realty
Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

Q: Looking For Elevated Ocean Views? A: Caicos House, Turks and Caicos

Impressive ocean views situated at 80 feet above sea level on the west side of Blue Mountain in Thompson Cove, ‘Caicos House’ offers a vista of spectacular sunrises, sunsets and views from Northwest Point to North Caicos.

Designed by SWA Architects, the home was positioned to take in the views, breezes and shade from a number of diverse decks and patio spaces as well as the potential of adding a guest house on the spacious one acre property.

Inside, the living space is open plan living capturing the constant north shore breezes through louvered windows and the screened in dining lanai.

The location of Thompson Cove is a great attraction for marine life, snorkeling, paddle boarding, kayaking and, most importantly, a safe northside harbor and dock for a boat up to 30′. With two dedicated beach accesses, a community park to walk a dog and a fully paved private roadway, the neighborhood offers residents their own paradise centrally located on Providenciales.

This exceptional 3-bedroom, 3-bathroom home with 3,280 SF of interior and exterior living space is set on over an acre of land with plenty of space to enhance the property if so desired along with a dock on Thompson Cove for the avid watersports family. This elevated community is home to many luxury rental properties.

Want to take a tour of the Caicos House? Click on the link below and enjoy!

For more detail and information we welcome you to contact the listing agents.

Living and selling the Turks & Caicos luxury lifestyle.

PATRICK STAPLES | 649.432.3222 patrick@tcsothebysrealty.com

Living the Island Dream!

ANNA PARRISH | 649.232.7751 anna@tcsothebysrealty.com

Link to Caicos House Thompson Cove listing

Turks & Caicos Real Estate Association Top Agents For Five Years!

Celebrating our Top Agents and our amazing Team of 29 Members strong.

The Turks & Caicos Sotheby’s International Realty team has product and market knowledge beyond reproach and is able to fluently communicate with our internationally diverse client and customer base in most major languages.  We take great pride in our real-time knowledge of the market and properties available. This intimate knowledge allows our sales agents to quickly “shrink the real estate universe” so you may quickly focus on the right property in the right way, as well as, assist you with all facets of the sales process. Our Sales Associates take the time to understand our client’s unique needs, matching them with the appropriate offerings to create not just a purchase, but the right purchase for each client.

Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.

2022 Real Estate Market Posts Strong Follow-up Year to Historic 2021

2022 Turks and Caicos Real Estate – 4th Quarter Year-To-Date Comparison

Turks and Caicos Islands (TCI) has long attracted luxury real estate developers and investors for its turquoise waters, pristine white beaches, attractive quality of life and strong infrastructure. As one of the most sought-after destinations in the Caribbean, TCI has gained much attention from the industry as its steps onto the global stage. Turks & Caicos Sotheby’s International Realty is pleased to release the following findings from its highly anticipated 2022 Year End Market Report, sharing key insights, trends and future outlook predictions. Overall Market Performance After a history-making year in 2021, which reached $765M in closed transactions, Turks and Caicos continued its strong performance in 2022, totaling $553M in sales. This second-best year surpassed the prior record holder of 2019, which recorded $337M in dollar volume, by 63.5 percent. Looking ahead into 2023, the sales pipeline remains strong with an impressive $327M in pending transactions led by pre-construction villa sales. The Single Family Home sector, with $214M in sales volume, accounted for 39 percent of all sales in 2022, as opposed to 49 percent in 2021. This shift can be attributed to absorbed inventory as well as ongoing construction for many residential homes. Total Condominium sales of $171M accounted for 31 percent of all sales volume in 2022, with a similar share compared to 2021. Meanwhile, Land sales of $143M saw the biggest proportional increase year over year, from 19 percent in 2021 to 26 percent in 2022, as investors seek to build and seize long-term investment opportunities. New Developments In the context of historic tourism demand, Turks and Caicos continues its new development momentum with several new, exciting projects in various stages. First, South Bank has just launched the iconic Piero Lissoni-designed ARC. The project encompasses 17 two- to five-bedroom “suspended villas” with private pools, ranging in price from $3M to $20M for the 360-degree-view penthouse. The Lagoon Villas have welcomed its first group of owners, with the remaining inventory of 11 villas of the 18 will be completed by late spring. Currently, 16 Ocean Estate Villas, 38 Boat Houses and various on-site amenities are under construction. Also developed by Windward, Nivå designed by Ström Architects are a contemporary design-driven collection of six luxury villas dotted along the elevated tip of stunning Turtle Tail, a response to the environment to serve into the views, elements and built into the landscape. Villas prices start at $6.25M. What a difference a year has made at The Strand, with the now freshly paved Cooper Jack Road, several luxury Residences, and Buildings A and B of the Villas—all oceanfront with private courtyards and pools—well underway. The development’s sprawling oceanfront restaurant, which upon its completion will sit directly on an elevated perch overlooking the beach, is also in progress. The Strand is a spectacular, must-visit oceanfront private community, priced from $2.95M. Beach Enclave has completed its first of 10 Beach Houses within its North Shore Phase 2 development. At Beach Enclave Long Bay, one four-bedroom Beach House remains for sale at $5.45M. At The Reserve on Grace Bay, 3 ultra-luxury estate homes paired with an unparalleled amenity set are under construction. Only 1 estate home remains for sale at $16.95M. This is the last remaining opportunity to own on best-in-class Grace Bay. Grace Bay Resorts’ Rock House has opened to high occupancies and rave reviews. Half of the under-construction Phase 2 is sold with a select inventory of two- to four-bedroom, elevated villas remaining. Even bigger news is that The Point, the long-awaited expansion of Point Grace, will soon launch to the public, with 38 beachfront units, 4 pool bungalows, 16 casitas and exceptional resort amenities. The Villas at Blue Mountain has been fully re-imagined under the development and management of acclaimed Hartling Group (The Palms and The Shore Club), with jaw-dropping, elevated North Shore views for sale from $3.95M. “Following such an unprecedented year as 2021, we were pleased with how solid our performance was in 2022, which is a testament to the quality of the listings, and of our clientele,” said Turks & Caicos Sotheby’s International Realty President Joe Zahm. “Even more impressive is the fact that there has been no flight to re-sell properties, which is not too surprising as we are such a low-debt jurisdiction that is less impacted by higher interest rates. With existing quality inventory still to be completed, we expect new development and select trophy sales to carry the day in 2023.” Download the full report with one of the links below.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sotheby’s International Realty
Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

The Strand Turks & Caicos Construction Update – December 2022

We are excited to show a construction update as we close out another successful year in real estate sales. The Strand continues to make great progress not only with their construction milestones but also with sales to date. The Luxury Residences 1, 2, 3 & 7 have really taken a foothold pictured below with full structures in place, Residence 8 is reserved leaving only Residence 9 remaining available.

The Luxury Residences 1, 2, 3 & 7

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The Villas – Building A – 5 Villas and Building B – 8 Villas

The Villas Building A is well under way with walls coming out of the ground and swimming pool structures set in place and Building B with foundations complete are not far behind. Those looking for new construction will be pleased at this progress as well as the fact that The Strand amenities will be fully functional at virtually the same time as the villas and residences are completed. All Villas are oceanfront with prices starting at $2,495,000 for a 2-bedroom + Rooftop Terrace and $3,000,000 for a 3-bedroom.

Residences at The Strand are offered “turnkey,” with an optional furniture package, or you are welcome to customize your residence as you wish. All the amenities and operational facilities at The Strand are organized as a private club called The Strand Owners’ Club. Unlike owning a residence at a branded resort, the amenities and services at The Strand are focused on the homeowners, who are Club members, and their families and guests.

True Caribbean oceanfront lifestyle with the added benefit of Owners’ Club amenities and services unlike any other resort in Turks & Caicos Islands. We welcome you to explore more on the link below or contact a listing agent if you have specific questions.

Link to listings for The Strand Turks & Caicos

Nina Siegenthaler – nina@tcsothebysrealty.com, 649.231.0707

Joe Zahm – joe@tcsothebysrealty.com, 649.231.6188

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales.

Turks and Caicos Hotel and Tourism Association – Destination Video 2022

The Turks and Caicos Hotel and Tourism Association – Mission Statement:

Through involvement and cooperation with our Tourism partners the Turks and Caicos Hotel and Tourism Association (TCHTA) is dedicated to the achievement of sustainable growth in Tourism for the benefit of its members and the wider community, while protecting and enhancing the unique character and environment of the Turks and Caicos Islands.

TCHTA Website

TCHTA YouTube Channel

Turks & Caicos Sotheby’s International Realty is proud to be a member of the TCHTA since it’s inception with our President Joe Zahm one of the founding members. The TCI has a strong and resilient island community with an inviting landscape and inviting people. We look forward to welcoming you to our beautiful by nature islands.

https://www.turksandcaicossir.com/eng

TCI Real Estate Seeing New Development Expand As We Head Towards Another Record Year !

2022 Turks and Caicos Real Estate – 3rd Quarter Year-To-Date Comparison

With the exception of 2021, the 3rd Quarter is historically our quietest quarter due to the back-to-school and hurricane seasons, to be followed by a significant uptick in 4th Quarter as we gear up for our busy season. As such, Q3 2022 is proving to be more in line with previous years’ activity and still in line with pre–covid peaks. As illustrated in this report, real estate sales are still holding steady alongside an exceptional 2021. For this 3rd Quarter 2022, the overall graph has been broken down into sales volume by quarter for each of the past four years, indicating the ebb and flow of volume through each quarter. Pending deals that are slated to close out at year-end 2022 currently place the real estate market 38% ahead of 2019 year-end sales volume which was a record year itself. Considering the pending sales on the MLS, projected 2022 year-end sales volume will be very close to $500M and represents another record year in the making. Within the 2nd Quarter report, we mentioned that several developers have exciting projects on the forefront which will be launched very soon that will help bridge the gap to sustain our market’s decade-long momentum. We are happy to present these new developments in the pages of our report which include a mix of pre-construction offerings. New Development is essential in real estate and we are entering a new wave of extremely high-quality projects from legacy developers, including ARC and NIVA from Windward Developments (Blue Cay, South Bank), a re-imagined Villas at Blue Mountain by Hartling Group, and the soon-to-be announced Grace Bay Resorts project next door to Point Grace. On the community front: The “Footsteps 4 Good” Charitable Event kicked off on October 21st. The event is a 224-mile circumnavigation of the beautiful by nature Turks and Caicos Islands over 13 days, touching 24 islands and cays. The water wading, swimming, walking, running, biking, kayaking and rowing island-hopping charitable event is hosted under the patronage of Mrs. Mandy Dakin, wife of His Excellency Governor Nigel Dakin. The charitable event was started by Jill Beckingham, wife of previous governor, Peter Beckingham. Mandy Dakin promised to restart the venture but with an ambitious twist covering the full length of the Islands: Providenciales through to North, Middle, East and South Caicos, then crossing to Grand Turk, Salt Cay, and finally completing the circle back to Providenciales via Sand Cay, Ambergris Cay, French Cay, and West Caicos. “The event builds on community spirit. United we are all stronger and can achieve amazing results. Not everyone is a marathon runner, but everyone knows how to walk. What could be better, raising money for our favourite charities whilst improving our health and fitness.” Stated Mandy Dakin in a recent article on The SunTCI. For more detail link to The Sun TCI News article here. You can also follow the progress of this amazing journey on Instragram @footsteps4goodtci We are thankful as always for the support of our clients and community and look forward to welcoming you to our shores this fall and festive season.   Download the full report with one of the links below.

Link to PDF Report

Digital Flip-Book Link Here

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

The Strand Turks & Caicos Construction Update – September 2022

The Luxury Residences are steadily changing the landscape of Cooper Jack Bay as the video provided below shows all of the exciting work that has been accomplished thus far.

Luxury R3 has all windows and doors installed, as well as all plumbing and electrical above ceilings, while Luxury R2’s ground floor slab is poured and walls are forming. Meanwhile, Luxury R7’s main pool base and walls are poured, and the main house ground floor slab will be poured this week. Luxury R1 has its retaining wall in place and work has begun to prefabricate the main house columns.

As for The Villas, Villa ‘A’ Building retaining walls are forming. The pools have been excavated and they will be prepping to pour the ground floor. At the same time, they are building out The Strand kitchen and restaurant area. The first of its kind in Provo, the kitchen will have a living green roof that will blend in with the native vegetation above. But they didn’t stop there—the dining experience at The Strand will also be a first-of-its-kind, with the dining tables on the iron shore edge overlooking a sugar sand beach and the Caicos Banks beyond.

Villa ‘B’ Building is set to start, at which time construction of the Main Pool area will begin. A combination of Old World-inspired stone walls, lush greenery, and your own loungers tucked into the limestone will give you the feeling that you have found your own Caribbean sanctuary.

With three of the custom lots reserved for Grand Residences they are beginning to extend utilities to the East of the development in preparation for these unique properties. The Main Parking retaining walls along Cooper Jack Road are up, and the retaining walls around the Clubhouse entry are being formed.

Link to listings for The Strand Turks & Caicos

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales.

Introducing Arc – Elevated Beachfront Living in Turks & Caicos

A New Level. Discover Elevated Beachfront Living

Taking its prominent position at the gateway to South Bank, Arc rises from the sculpted, sheltered resort beach and offers all-encompassing views from its 17 exceptional Sky Villas. Each with seamlessly connected landscaped Air Gardens, these new residences offer a secluded lifestyle experience of sky, sea, nature and space.  At home in their dramatic setting, the Sky Villas welcome all-encompassing views of the Caicos Bank and the ever-changing scene of the vibrant South Bank ocean lifestyle.

A Rare Lifestyle Experience

Wellness, nature, and adventure form the very essence of the experiences at South Bank. Arc features a restaurant and bar, gym, two pools, jacuzzi, owner’s lounge, board room, garden firepits and a boardwalk leading to the cabanas on the pier. Within the main resort, Arc residents also benefit from the lagoon-side rejuvenating spa and gym, ​effortless boat concierge service and Clubhouse restaurant and bar. With owner and guest service and facilities expertly provided by Grace Bay Resorts, every day will be an experience to treasure. Experience Caribbean waterfront living at its best, delivered by one of the leading hospitality experts in the Caribbean.

Meet The Architects

Piero Lissoni, Founder and Design Principal at Lissoni®, brings his mastery of contemporary design to South Bank with the unveiling of Arc and its Sky Villas. With offices in Milan and New York, Lissoni® has a thirty-year history in developing international projects. Inspired by a sense of rigor and simplicity, his designs are characterized by a regard for detail, coherence, and elegance. The ideal fit for the South Bank vision. Meet the renowned architect behind the Sky Villas at Arc, as he explains his vision for this inspired reimagining of elevated beachfront living.

Rob Report Article

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay

Link to listing information for the Arc at South Bank

The Strand Turks & Caicos Construction Update – July 2022

A lot has happened at The Strand in Cooper Jack Bay since the ceremonial Groundbreaking on March 25^th, 2022.  We recently published a video in social media (https://www.instagram.com/p/CfhEpytqBY5/) revealing that Cooper Jack Bay Road is now entirely paved.  Road paving, as we witnessed in Turtle Tail (paved in 2016), is pivotal to increases in land and property values, with the most recent oceanfront land and oceanfront villa sales garnering a 30+% increase as compared to sale prices of recent years. The completion of Cooper Jack Bay Road was spearheaded by the Developers of The Strand, an ultra-luxury development which will bring tremendous added value to the surrounding neighborhood of Cooper Jack.   

The Strand Luxury Residences

As for the construction updates at The Strand, Luxury Residence R3 is now at roof level with doors and windows being installed and Luxury Residences R2 and R7 are beginning the foundation stage.  Of the six Luxury Residences, R8 is reserved leaving only one residence remaining available, R9 priced from $8.95M.  There are three Grand Residences available priced from $10.5M. The Villas – Building A, is almost fully sold out and will begin construction imminently. The Villas are priced from $2.495M for a 2-bedroom and $3.1M for a 3-bedroom. Other construction milestones will be in the works in the coming months, including the reception building and resort beachfront area.  We are excited about construction progress and sales momentum as we look forward to the future of The Strand and the quality lifestyle it will provide.

Our sales agents joined the development team at The Strand site yesterday to get a close up look on the incredible progress of Luxury Residence R3.

Luxury Residence R3 Beachfront

Residences and Villas will have stunning views of Cooper Jack Bay.

An exclusive, sophisticated hideaway in a relaxed coastal setting, The Strand is the first of its kind on the Island with a limited collection of luxury beachfront villas, custom residences, and homesites, alongside access to vibrant community programming and full resort amenities and services. The Beach Club flows into the centerpiece resort-style swimming pool, surrounded by native limestone, and the dramatic water’s edge restaurant and bar. Amenities include access to The Strand’s own Club Boats with a private captain, catamarans, kayaks, and paddleboards, as well as a tennis court, two pickle ball courts, and a state-of-the-art fitness center with a secluded yoga deck. Additionally, a la carte club services include in-home spa services, housekeeping, pre-arrival shopping, private chef and catering, airport transportation, landscape maintenance, an artist in residence program and security. In addition to the beachfront setting, the site offers 1,400 feet of canal and marina frontage, with a full marina and slips for owners, as well as several community yachts slips. The Strand is built from the ground up in the most sustainable way possible. In partnership with Renu Energy TCI, a local leader in solar home integration, The Strand offers solar packages on all its villas, making this development one of the first ultra-luxury community with this level of sustainability in the Caribbean.

Link to listings for The Strand Turks & Caicos

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales.