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Author Archives: Turks & Caicos Sotheby's International Realty
Turks & Caicos Real Estate 1stQ Market Report 2015
The Turks & Caicos Real Estate Market continued its solid performance in Q1 of this year, pretty much matching the performance of Q1 of 2014 at circa 61M in Closed Listings. There are, in addition, 39 Pending transactions in the MLS that should close later in 2015 or in early 2016, highlighted by the pending sale of the magnificent Leeward beachfront villa, Amazing Grace (listed at 17.9M). Click here to read more.
By Joe Zahm, President & Denise Douglas, Marketing Manager
Turks & Caicos Sotheby’s International Realty
Turks & Caicos Construction Update – The Dunes Villas
In early September 2014, The Dunes Development ( #turksandcaicos ) broke ground on the first building of a two villa micro-resort concept and design which, after completion, will be managed by Grace Bay Resorts, the leader in the short term rental market in Providenciales with Grace Bay Club, The Estates at Grace Bay Club, West Bay Club and the new villas The Residences. The Dunes will be a welcome addition to Grace Bay Resorts rental portfolio. We welcome you to view our April 2015 construction update. Click on the picture below to download the 6 page PDF update.
Turks and Caicos Signs Deal for $224 Million Ritz-Carlton Hotel Project
April 2, 2015 | 4:29 pm | Grace Bay Beach pictured above
The Turks and Caicos Islands government has signed a development agreement with Desarrollos Hotel Group to build a $224 million hotel, resort, casino and spa project in the British Overseas Territory, Caribbean Journal has learned.
The project, which would be located in the Grace Bay area of the island of Providenciales, would include 124 hotel rooms, penthouses, resort residences and associated facilities, according to the government.
Ritz-Carlton Hotels Company will manage the property.
“This European Plan style hotel development provides a welcome diversification to the TCI tourism sector as it is more of a traditional hotel, rather than the previously prevalent condominium model in the TCI,” said Turks and Caicos Premier Dr Rufus Ewing. “At the same time, it further develops the luxury tourism offering in this destination with the addition of such an important luxury brand in Ritz Carlton.”
Desarrollos has been developing a number of hotels in the Caribbean region in the last few years, most notably the Ritz-Carlton Aruba.
It owns four Marriott hotels in the region, including the aforementioned Aruba property.
The government said construction work was anticipated to begin in November 2015 and would last “approximately three years.”
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By Alexander Britell – The Caribbean Journal
The Shore Club Newsletter – Long Bay, Turks & Caicos Islands
Turks & Caicos News – Sailrock Construction Update
March 18, 2015
Today marks the one year anniversary of The Villas At Great House Groundbreaking Ceremony and we are pleased to present the following construction update. Click on the picture or this link Sailrock Update to view our six page report.
Turks & Caicos Sotheby’s International Realty
Turks & Caicos Celebrates with Everyman 20th Anniversary Concerts
Save the date and join the party with Joe Zahm Band as Everyman reunites for an Anniversary Concert at Blue Haven Resort!!
March 27th and 28th – tickets available at Fottac, Wine Cellar, Blue Haven Resort and Turks & Caicos Sotheby’s International Realty office in Grace Bay.
You don’t want to miss this Turks & Caicos party!!
Sotheby’s International Realty Significant Sales for December 2014
March 2, 2015
Turks & Caicos Sotheby’s International Realty makes the top significant sale for Sotheby’s International Realty brand posting a $23M sale of a North West Point parcel in December 2014. This significant sale was also celebrated as one of the top sales for the for the entire year. Links to both sales lists below.
Link to Dec 2014 Significant Sales
Link to Best of 2014 Significant Sales
House Hunters International Discovers Salt Cay
Tune in to HGTV as House Hunters International discovers Salt Cay, Turks & Caicos – a charming island southeast of the main island of Providenciales. Steeped in history this sleepy little island is pure relaxation in a rustic setting.
Turks and Caicos is the Caribbean’s Fastest-Growing Tourism Destination
February 13, 2015
MIAMI — The Turks and Caicos Islands is the fastest-growing tourism destination in the wider Caribbean region, Caribbean Journal has learned.
The Turks and Caicos Tourist Board reported a 50 percent increase in stopover arrivals to the archipelago last year, by far the highest of any destination in the Caribbean in 2014.
That was a total of 435,475 stopover arrivals in 2014, up from 290,587 stopover arrivals in 2013, according to the data.
In an interview with Caribbean Journal, Turks and Caicos Islands Tourist Board Director Ralph Higgs said the rise was due to a number of factors.
“I certainly think not least about them is we had a good push from Mother Nature — unseasonably cold weather up North was a contributing factor,” he said. “But I also think perhaps the biggest contributing factor was accessibility to our destination. We have very good airlift from most of our gateways in North America, and we’ve had additional lift from JFK and Boston. And there’s a stepped up co-op marketing campaign with the Tourist Board and some of its private sector partner. And we’ve increased our co-op relationship with many of the major wholesalers that sell Turks and Caicos. I think that they are the contributors to what is happening here.”
Higgs told CJ that the rapid growth was in line with several years of double-digit growth for the TCI, even in the wake of the financial downturn.
“We had one of our highest years in 2011,” he said. “But we were experiencing double-digit growth even during the height of the crisis — and while that growth slowed, we didn’t see any decline in growth there. I think that’s because of, generally, the way the destination has been positioned. The clientele that patronizes [the TCI], they tend to be a little more recession-proof.”
The next-fastest-growing destination in the Caribbean 2014 was Grenada, which posted growth of 18.4 percent last year, according to an analysis by Caribbean Journal.
So how does the TCI build on this level of growth?
Higgs said a major priority would be continuing to diversify the country’s source markets, and by focusing on improving what tend to be slower months for the region like August, September and October.
And that’s borne out in the numbers.
The Turk and Caicos saw one of its biggest single improvements last year in typically-slow October, when it welcomed 36,399 tourists — a whopping 131.6 percent higher than October 2013.
“The greatest periods of growth were the traditionally slow months for the region,” he said. “That supports a strategy that we continue to try and introduce to diversify our source markets, and look very closely at markets that have opposite seasons to North America. And I think we will accelerate our push in that direction. And if we can grow the summer months here then we can expand on that growth.”
He also said the TCI was working to expand its hotel product beyond the traditional hub of Providenciales to places like South Caicos, Middle Caicos, Grand Turk and Salt Cay.
“We are now concentrating on shining the spotlight on our sister islands,” he said. “If we can bring those destinations under the spotlight and people see them for what they have to offer, there may be some real possibilities for continued growth.”
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By By Alexander Britell – Caribbean Journal









