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

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

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

TCI Real Estate Market Continues to Ride Momentum of Historic 2021

Turks & Caicos Real Estate Market Report – 2nd Quarter 2022 YTD Comparison

As we read through the headlines of each market report, since the tipping point at the end of 2011, one can sense how the momentum has escalated throughout the past decade. Turks & Caicos Islands is no longer a secret and has become the luxury standard for investors and vacation homeowners. These yearly successes have helped our country overcome the odds, firstly in 2017 with Hurricane Irma and then in 2020 with the Pandemic. We remained cautiously optimistic during both of those occasions and now look back with pride for our community, private sector and the TCI Government and the good guidance and support provided by all throughout.    So how does a real estate market follow such a monumental year in sales? We can look to the financial advisors for their analysis such as the Baker Tilly report, within our Caribbean region, with recent headlines of “Investors Bullish on Caribbean Tourism Boom”. The newly published survey for 2022 is a robust report that shows several indicators that both Banks and Non-Bank Lenders are confident that the Caribbean real estate and tourism growth will continue for the next 12 to 18 months. Link to Baker Tilly Survey Here. What does this mean for Turks & Caicos Islands? Thankfully, several developers have exciting projects on the forefront which will be launched very soon. New developments and emerging re-sale inventory will help bridge the gap to sustain our market’s decade-long momentum. The fast-paced sales cycles witnessed in 2021 and first quarter of 2022 have tapered off in some areas positioning buyers for a hopeful replenishment in depleted inventory. Another indicator of our sustained and continued growth is Standard & Poor’s affirmation of our country’s sovereign credit rating for long-term bonds, denominated in both domestic and foreign currency, of BBB+. Furthermore, S&P believes the TCI will continue to adhere to prudent financial management and limit borrowing, and that fiscal reserve balances will increase during the next two years. Link to TCI Weekly News Article.   The gauge where real estate agents have our finger on the pulse is with our clients and owners of TCI real estate. This is the barometer that is at the core and best defines the health and sustained growth of our market. With 85% of TCI real estate owners from North America, we can sense the ebb and flow with investor confidence within our market which is historically linked directly to the USA and NA.  Now for our current market report for the first half of 2022, the market stats are holding up quite well to last year’s historic run. Condominium sales continue to be strong with a sales volume increase of 42.54%, led by the Rock House completion, Ritz Carlton sales completions carryover and robust condominium re-sales. In 2021, buyers were focused on single family villas until inventory depleted, and now in 2022 they are concentrating on condominiums at all price ranges. The Overall Market finished a mere 10.5 % down over last years’ Q2 with $327,501,259 in total sales.    Even in the face of world events and economic shock waves led by inflation, TCI continues to see steady demand for quality real estate, though certainly a bit less frenetic than in 2021. Q3 and Q4 will see the launch of significant blue chip new developments, which bodes well for future inventory and our evolving luxury tourism product.   We welcome you to view the full report for new listings and market graphs illustrating the decade long momentum.  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

Turks & Caicos Real Estate Sales Continue To Soar

Turks & Caicos Real Estate Market Report – 1st Quarter 2022 YTD Comparison

Turks & Caicos Real Estate continues to soar as 2022 is shaping up to be another strong year with buyer demand remaining solid in a fast-paced market with a lot of moving targets. Competition for desired properties is high with many listing agents managing multiple offers and off market properties selling without coming to market. Buyers know what they want, and sales agents are digging deep to find an appropriate investment or vacation home for their clients and customers.

Construction throughout Providenciales, even without large scale vertical development, at this time, is at an all-time high with new homes coming out of the ground in all community areas and stretching to the out islands. The biggest issue for builders and developers is trying to contain ever increasing construction costs hit hard by supply chain and inflationary issues.

In the forefront with new construction is the implementation of renewable energy which seems to be a top selling feature for new developments on island. Notable developers are on board with Renu Energy TCI, a renewable energy company that has also experience tremendous growth over the past three years with the installation of solar panels, tesla power walls and electric vehicles and accessories.

Fortis TCI has also been at work transforming the TCI energy landscape with the introduction of solar power programs to take advantage of this ample resource, C.O.R.E (Customer Owned Renewable Energy) and U.O.R.E. (Utility Owned Renewable Energy), with the latter program contracting several companies. The EV and charging station pilot project which was introduced in 2018 has started to catch on with several electric cars in use throughout and charging stations popping up across the island.

Leading the way in energy efficiency and various forms of renewable energy in Turks & Caicos was Green Revolution which was established in 2011. Since their formation the company has completed many projects both residential and commercial in scale, throughout the region. These projects are saving residents of the Caribbean hundreds of thousands of dollars each year.

With sustainability on peoples’ minds and in the news, we are proud that our country has embraced the importance of these initiatives and developed a plan for our beautiful by nature islands. The recent signing of the TCI Climate Change Charter which took place on Earth Day this past Friday, April 22nd during the 1st Annual Climate Change Summit entitled “Only One Earth – Invest In Our Planet”, the private and public sectors came together to take action with this roadmap as a guide to help protect and safeguard our environmental assets. 

To continue reading, download the full report with one of the links below.

Click link to download full report.

Link here to full 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

Turks & Caicos Real Estate Market Report Year In Review 2021

2021 Turks & Caicos Real Estate – Exceeding Wildest Aspirations!

The headline for our 2020 Year End Report read: “2020 Turks & Caicos Real Estate Market Closes Like a Champ”. Then, with each quarterly report throughout this past year, we witnessed record breaking sales and it became clear that we were heading for a historic year.
And what to say about a supernova year where our annual sales volume increased 158.5% from $290M to $751M!! Where Single Family Homes accounted for a whopping $369M, up 137% over last year’s $155M, with average prices up 30%, from $1.72M to $2.25M. And where Condominium sales, led by the completion of The Ritz-Carlton, improved by 282%, from $59M to $225M, with a 33.5% increase in average price from $1.03M to $1.38M!
With regard to the Condominium sector, we went well over a decade without a new Grace Bay vertical development, so The Ritz-Carlton fulfilled a huge gap in the market. With other projects in the pipeline, including Point Grace Phase 2 by Grace Bay Resorts, The St. Regis by the developer of The Ritz-Carlton and perhaps the long-awaited Andaz Residences, we should see some consistent Grace Bay condominium development. Demand continues to be frenetic for quality upper-level beachfront units with owners holding dear to their places. Days on market are short with high elasticity in price for the better inventory. The new projects will help to fulfill over a decade of pent-up demand and increase its share of all sales beyond the existing 30%.
From Trophy properties to managed and stand-alone villas, Single Family Homes owned the day, accounting for 49% of the total market. Significant sales included Turtle Tail Estate at $20.25M, Coral Pavilion at $15M, Beach Enclave Grace Bay at $10.2M, Villa Chill at $10M (all Listed and Sold by TCSIR) and Villa Salacia at $16M (Sold by TCSIR). Several off market properties, at significant price points, transacted that were not recorded on MLS. New Development sales posted on MLS accounted for only 18% of gross sales volume in this segment, with most New Development sales still pending as the aforementioned figures do not account for the $460,000,000 in Pending and Conditional transactions on our MLS, led by South Bank, Rock House and The Strand.
Raw Land sales also fared well, with a 115% year-on-year improvement, from $63.7M to $137M and a 54% increase in average price from $370,807 to $573,009.
So, what to say, beyond wow! The colossal numbers aside, TCI continues to enjoy the excellent fundamentals we so often have written about, where quality, ease of access and use, freedom of movement and open outdoor space are treasured. We envision a strong 2022 ahead, albeit with some inventory restrictions, featuring a healthy balance of new development condominiums and villas, and perhaps some traction on our private islands.
As always, we thank our team, clients, customers, industry colleagues, and the broader private and public sectors for their amazing adaptability, tenacity, and grace in navigating the Covid world. We never dreamed that through all of the significant challenges, we would exceed our wildest aspirations in 2021.

Click link to download full report.

Link here to full 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

Turks & Caicos Real Estate Market Report Q3 2021

Impressive TCI Market Continues Through Q3!

Building on the record breaking first half of the year, Q3, historically our slowest quarter, gained a whopping 319% over Q3 last year ($158,905,323 vs. $37,891,750), with year-to-date sales volume up over 150% over the first three quarters of last year ($496,710,829 vs. $198,330,657). These numbers represent historic events, of course, and with Canada and other countries now open for travel, we expect a strong fourth quarter with the caveat that all this great sales volume is resulting in constriction of inventory.

Led by a slew of trophy sales, and luxury villas (managed and standalone), single family homes have accounted for 56% of the total market y-t-d ($280,874,064 with an average price of $2,246,993) up 161% and 17% respectively. Condos account for 19.8% of the total market ($98,745,262) up 196% y-t-d). This number will normalize as new development condos at Ritz Carlton Grace Bay and Rock House are posted as closed. Raw land sales also displayed strong performance and have accounted for 21% of the total market and is up 123% year-on-year with an increase of 45% in average price from $397,363 to $576,371. Significant sales in Q3 included Coral Pavilion $15M, Footprints on the Beach $8.1M, Beach Enclave North Shore V4 $5.5M, Beach Enclave Long Bay V6 $5.45 and Hawk’s Nest Villa $2.77M.

Click link to download full report.

Link here to full 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

Turks & Caicos Real Estate Market Report Q2 2021

Turks & Caicos Real Estate Sales Continue at a Breakneck Pace!

The TCI real estate market is seemingly ‘too hot to handle’ as we witness yet another record-breaking quarter in sales volume along with pending/under construction sales not recorded within this amount! This first half of the year has just closed out with a staggering $328M in sales volume which is normally TCI’s yearly sales volume – in a very strong year! That’s a 105% increase over last years 2nd Quarter with an average price increase of 26%. All segments of the market saw increases contributing to this incredible spike in sales. Significant sales noted in this 2ndQ were, Turtle Tail Estate $20.25M, Villa Salacia $16M, Casa Tremer $7.995M, and The Estate at Grace Bay Club G504 $5M.

The tourism industry is also witnessing record numbers in occupancy during this time as Turks & Caicos continues to flourish and to fulfill its destiny as a leading and premiere upscale destination in the Caribbean. The resilient Turks & Caicos real estate and tourism market has sustained economic growth and real estate sales for the past eight years, and we expect to see continued growth, with new and exciting projects in the pipeline. To continue reading, click link to download full report.

Link here to full 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

Turks & Caicos Real Estate Market Report Q1 2021

TCI Real Estate Market Ascends To The Next Level

Following a breathtaking fourth quarter of 2020, the TCI real estate market has just closed an historical quarter of business with nearly $128,000,000 in closed transactions, up 60% over the same period last year with average price increases across each sector. What’s more, there are over $463,000,000 (you read that right!) in pending and conditional transactions and this leaves out another circa $100M in new development sales at the Ritz-Carlton Residences (set to open this summer), South Bank, Beach Enclave, Rock House, The Strand and other new Development projects.

There is a lot to unpack. First, it is clear for the post-COVID world that ultra-luxury and luxury markets have fully endorsed Turks & Caicos Islands as a preferred warm weather destination. Also, a vacation property is now much more than simply a lifestyle investment, but a life investment and often an integral part of work, play and community, contributing to taking our market to the next level. To continue reading, click link to download full report.

Link here to full 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

Turks & Caicos Real Estate Market Report Year In Review 2020

2020 TURKS & CAICOS REAL ESTATE MARKET CLOSES LIKE A CHAMP

The 2020 TCI real estate market performed better than we ever could have hoped for in the context of COVID–19, a four-month country-wide shutdown and stringent travel requirements. And I guess our task in this space is to seek to answer the question, as set forth by the great David Byrne of Talking Heads: “Well, how did we get here?!”
Let’s start abroad: After the stock market cratered, it began to recover quickly and it became clear this was not a rerun of the 2008 financial crisis. Soon thereafter, we witnessed affluent buyers starting to move on luxury vacation property from Vail to Aspen, and from the Hamptons to South Florida. COVID–19 was triggering the opposite of the financial crash of September 2008, in that luxury real estate was highly desired by those looking for easy-to-access, safe-haven retreats away from urban areas and primary homes. With airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate!

Link here to full report

Turks & Caicos Sotheby’s International Realty