Turks and Caicos Real Estate – 2nd Quarter 2024 YTD Comparison

“Experience Turks & Caicos”

TOURISM AND REAL ESTATE GROWTH CONTINUE THROUGH 2024

The Turks & Caicos Islands luxury lifestyle continues to top the charts in both real estate sales and tourism arrivals demonstrated by the successful TCREA MLS sales trends and the TCI Government arrivals statistics report noting that TCI welcomed more than 1.5 million visitors in 2023 representing a 21% increase. The TCI Tourist Board recently re-branded as โ€˜Experience Turks & Caicosโ€™ and aims to diversify our tourism offerings to the outer islands to ensure a sustainable tourism revenue that benefits the entire population. For further details please see the article published February 2nd by Turks & Caicos Weekly News: https://tcweeklynews.com/.

In our real estate market, the first half of 2024 witnessed a very healthy sales volume throughout all sectors but by far the headline of the first half of this year is the resurgence of next gen luxury condominiums. With over $270M in pending deals in the condominium sector at an average price point of circa $2.5M, and building daily, the product mix is re-balancing towards a more equitable blend of condominiums and single family homes, of which the latter carried the market the prior decade. Based on overall pending transactions, that are predicted to close out in 2024, the year end numbers are poised to remain at this newly established sales volume.

The graphs in the pages of our report reveal the steady sales flow throughout the past four years whereby TCI real estate is experiencing a new level of performance along with a much higher average price proving that this rising star of the Caribbean delivers a quality, luxury lifestyle.

Enjoy your summer!

Find Turks & Caicos Sothebyโ€™s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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

American Airlines to Launch First-Ever Direct Flight to South Caicos Island in Turks and Caicos

Out Island Luxury Awaits

American Airlines will introduce the first-ever direct flight from the U.S. to South Caicos, Turks and Caicos, starting February 15, 2025. The year-round route will operate twice weekly, on Wednesdays and Saturdays, from Miami using an Embraer 175 aircraft, accommodating 76 passengers, including 12 in first class.

โ€œAmerican has flown to Turks and Caicos for over 30 years, and weโ€™re excited to offer nonstop service to South Caicos starting next February,โ€ said Jason Reisinger, Americanโ€™s managing director of global network planning.

Experience Turks and Caicos noted that the new flight will enhance the territoryโ€™s appeal as a multi-island destination. Flights from Miami to South Caicos start at $213.00.

Turks and Caicos, a British overseas territory in the Caribbean, comprises 40 islands and cays known for their turquoise waters, excellent scuba diving, and top-tier beaches. South Caicos, spanning 18 square miles, is a 90-minute ferry ride from Providenciales. High season runs from December to April, but the islands enjoy 350 days of sunshine annually.

Sailrock Resort:

Sailrock Resort, Turks & Caicosโ€™ premier resort and residential community, is nestled along the pristine beaches of South Caicos. Named the Worldโ€™s Leading Luxury Villa Resort, Sailrock is a world of world-class dining, invigorating spa treatments, and unique experiences, surrounded by beautiful, lush, unspoiled terrain.

Explore Sailrock here

Explore Sailrock real estate opportunities here


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 and Caicos Reports Record Tourism Growth for 2024, with Several Luxury Resorts Set to Open Between 2024 and 2026

Tourism in Turks and Caicos has gotten off to a record-breaking start this year.

Both cruise and air arrivals to the Caribbean archipelago destination have experienced significant growth between January and May of 2024.

Air arrivals, in particular, are up 10.85 percent over the same period last year with the majority of those arrivals being travelers from the United States. March was the busiest month of all, with a record-breaking 77,559 air arrivals, which amounted to a 15.57 percent increase over the same month last year.

Cruise arrivals in Turks and Caicos are also breaking records with 29 calls to port in April 2024. That figure is the highest number of the year so far, followed by 26 calls in May, which is a 73.74 percent increase in cruise passengers compared to May 2023.

Arrivals to the islands are also expected to remain strong for the coming months, reaching a 24 percent year-over-year increase through August, according to data from the 2024 Amadeus Destination Insights Report, which tracks travel searches and future bookings.

Occupancy rates are also surging inย Turks and Caicosย and are now the highest in the Caribbean region at 87 percent. This is compared to Saint Luciaโ€™s 85.5 percent occupancy rate and Arubaโ€™s 84.3 percent occupancy levels.

In conjunction with the visitation spike, several luxurious resorts and residential developments are preparing to open between 2024 and 2026, according to Experience Turks and Caicos, the tourism authority for the destination. The openings on tap for the destination include:

  • South Bank:ย Grace Bay Resortsโ€™ newest luxury residential resort and marina, South Bank is slated to open in November 2024.
  • The Strand:ย Luxury and sustainable beachfront villas and custom residences, The Strand is expected to open in fall 2024.
  • Salterra Resort & Spa:ย This 100-room resort on South Caicos is scheduled to be opened in February 2025 by The Luxury Collection.
  • The Andaz Turks & Caicos:ย The first Hyatt property on the island, The Andaz Turks & Caicos will be a 59-key resort and 74 residences. A late 2025 opening is planned.
  • The Loren at Turtle Cove:ย Further out on the openings timeline,the The Loren will offer luxury residences including six private beachfront villas, 25 condominium units and 33-guest suites. The property is scheduled to open in 2026.
  • The Point:ย Yet another new Grace Bay Resorts residential offering, The Point will feature 56 homes. A late 2026 opening is planned.
  • Kempinski Grace Bay:ย This upcoming property will feature new luxury beachfront residences and a resort. A specific opening date has yet to be announced.

โ€œWe are thrilled to share that tourism in the Turks and Caicos Islands is at an all-time high,” Hon. Josephine Connolly, minister of tourism for the Turks and Caicos Islands, said in a statement. โ€œWeโ€™re proud to build on such a successful start to the year as we gear up to welcome several new luxury resorts and properties in the second half of 2024 and beyond.โ€

These record statistics for early 2024 follow a busy 2023. Last year the destination welcomed more than 1.5 million visitors, a figure that surpassed the previous year in both air and cruise arrivals.

And in still more evidence of the surging popularity that Turks and Caicos is experiencing, recent research released by Google Flights shows that for U.S.-based travelers, the Turks and Caicos Islands is the most searched destination for couples and family vacations. Turks and Caicos is along among the top five choices for solo travelers for summer 2024.

Altogether, search volume from the U.S. has reached 10.84 million searches to date, an increase of 14 percent from 2023.

Source: TravelPulse

The Palms Turks and Caicos to undergo extensive renovations in the fall of 2024

Please be advised that the Palms will be temporarily closed for extensive renovations starting August 24th, 2024. The resort is scheduled to reopen on December 7th, 2024.

During this period, the Turks & Caicos Sotheby’s International Realty flagship office at the Palms will also be closed, as our team members will be reassigned to the main office.

Please feel to contact Turks & Caicos Sothebyโ€™s International Realty Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 visitย http://www.turksandcaicossir.com.

Villas At Blue Mountain, Turks & Caicos Islands – Construction Start Slated for the Fall

Momentum Builds with Sell-Out Success of the Oceanview Villas, with only Three Oceanfront Villas remaining.

Turks & Caicos Sothebyโ€™s International Realty and Villas At Blue Mountain are thrilled to announce that the three recently offered Oceanview Villas have been sold, leaving only three exclusive Oceanfront Villas remaining in this highly sought-after development.

Designed with a focus on the stunning views of Providencialesโ€™ North Shore, these stylish homes embody casual elegance and provide the perfect setting for beachside living. Nestled in the heart of Blue Mountain, this privately managed collection of 12 homes offers an unparalleled combination of luxury, privacy, and breathtaking natural beauty. The Villas At Blue Mountain feature incredible indoor and outdoor living spaces, with open floor plans ranging from three to seven bedrooms, ensuring every amenity required for effortless modern living. 

Renowned architect Rafael Amuchastegui and his talented team at RAD Architecture have masterfully designed these homes to showcase the harmonious blend of glass and stone, highlighting the stunning vistas of the sky, shoreline, and sea. Each villa is a testament to their commitment to creating spaces that enhance the natural beauty of the surroundings while providing a serene and elegant living experience. 

โ€œBlue Mountain was the very first place my family and I lived when we moved to Providenciales. Today it remains one of my favorite locations on the Island with its incredible views, private beach areas and stunning tranquility. I am very excited to be the development custodian of such a rare and timeless piece of paradise,โ€ says Stan Hartling, CEO & Founder of the Hartling Group and developer of this project.

This milestone reflects the unique appeal of the development and the exceptional lifestyle it offers. Turks & Caicos Sothebyโ€™s International Realty is proud to be working together with Stan on a project that is so close to his heart.

Villas At Blue Mountain are more than just homes; they are a sanctuary where residents and owners can immerse themselves in the tranquility of island living. With every detail thoughtfully considered, these villas offer a seamless blend of modern sophistication and relaxed charm.

Dee Agingu, Global Real Estate Advisor and listing agent, expresses her enthusiasm for the project. โ€œI love Villas At Blue Mountain so much that I call it my home. I canโ€™t think of a more inspiring place to reside and it is a thrill to be working alongside Stan Hartling and his team to represent such an amazing development. We are thrilled with our sales performance so far this year and look forward to selling out the remaining three Oceanfront lots in no time!โ€    

Turks & Caicos Sothebyโ€™s International Realty encourages all prospective buyers to schedule a private tour of the spectacular beach grotto as well as the land site to experience firsthand the breathtaking and expansive views of the remaining oceanfront lot. 

View the remaining oceanfront listings here.

Book a tour here.

For more information or to schedule a private tour, please contact the Turks & Caicos Sothebyโ€™s International Realty office I 1.649.946.4474 I info@tcsothebysrealty.com


About Turks & Caicos Sothebyโ€™s International Realty

Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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.

Meet Dee Agingu, Global Real Estate Advisor, Turks & Caicos Sotheby’s International Realty

Meet Dee Agingu, a Global Real Estate Advisor at Turks & Caicos Sothebyโ€™s International Realty. From Kenya to Turks & Caicos, she brings a world of expertise. For Dee, itโ€™s more than transactions; it’s about happy customers finding their dream homes, forging lifelong friendships, and spreading joy with every set of keys handed over.

Watch why Dee is so passionate about real estate and the Turks and Caicos Islands.

Turks and Caicos’ Newest Residential Resort, South Bank, Opens in November

Views of the Lagoon Villas and Lagoon Islands


Anticipation builds as South Bank prepares to welcome guests into a realm of unparalleled luxury holiday experiences. Travel and Leisure underscores compelling reasons why considering South Bank for your upcoming trip to Turks and Caicos is a must.

The entire $400 million development, which is opening in phases, was inspired by Port Grimaud, a fishing village in the South of France. โ€œItโ€™s a place with a series of canals and life is lived on the water,” Ingo Reckhorn, co-founder of Windward, the developer of South Bank, explained to me over lunch. Boats can pull up directly to South Bankโ€™s dock.

South Bank is so tranquil that when the waves are calm, you can hear a pin drop and might not see another human being for days. Itโ€™s located on a quiet, low-density part of the island thatโ€™s zoned for single-family homes. The secret weapon is combining seclusion with access to all the other Grace Bay Resorts properties. If you want a change of scenery, say an afternoon at Grace Bay for a sail on the propertyโ€™s catamaran or a gourmet Italian lunch at The Rock House, itโ€™s all at your fingertips and easily arranged.

Stunning views

South Bank was designed by Blee Halligan Architects, a firm based in both London and Turks and Caicos. Theyโ€™ve created sleek, angular, and uber-modern structures that are more reminiscent of the architecture youโ€™d see in Dubai than in the Caribbean.

There are four distinct neighborhoods, one of which, Arc, wonโ€™t open until 2026. The starting category is the boathouses, of which there are 38 one-to-three-bedroom residences located adjacent to the marina, each with its own private rooftop terrace.

The 18 lagoon villas, which range in size from three to five bedrooms, are located on the islandโ€™s first ocean-fed โ€œswimmingโ€ lagoon (itโ€™s only 4.5 feet) that feeds into the open ocean. Some of the Lagoon villas have private docks.

The ocean estates are the crown jewels, ranging from four to six bedrooms. The smallest one is 3,150 square feet, while the largest is in the range of 8,000 feet. And if my visit was sufficient to judge, there isnโ€™t a bad view in the place. Estate villas come with personalized butler service.

Arc will be the structure most reminiscent of a hotel. Currently, it’s a construction site, but by 2026, it will be a six-story building designed by Italian architect Piero Lissoni with 17 residences, ranging from one to five bedrooms.ย 

Food and Drink

When South Bank opens in November, Chef Neerul Tamar, a recent transplant from Sandy Lane in Barbados, will helm Lua, a restaurant with Mediterranean-inspired cuisine. We got a sneak peek (or rather, taste) when he cooked for us one evening. Tamar prepared a straightforward but perfectly executed meal of grilled red snapper with mango salsa, tomato mozzarella pesto salad, and steak with salsa verde that ranks among the most tender Iโ€™ve ever had.

Thereโ€™s a beach firepit lounge, bicycles, a fitness center overlooking the lagoon, and a tennis and pickleball court.

Activities and Amenities

When the property officially opens in November, there will be a boat concierge who can arrange all things boating, including yacht rentals, diving excursions, and access to the coral reef research center.

The Spa

The spa, which has yet to open, will have four beachfront treatment rooms. It will be managed by the same company, Grace Bay Resorts, that runs the top-notch spa at the Grace Bay Club โ€” a promising sign. Three very picky people from our group raved about their massages at the Grace Bay spa.

Source:

Travel + Leisure.

Read the entire article here.


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 Sothebyโ€™s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

South Bank Hosted an Insightful Webinar โ€“ Viewย Recording

Click to watch South Bank’s recording, hosted on the 2nd of May 2024

With immense enthusiasm, we are delighted to share the latest updates of South Bank and Arc brought by Ingo Reckhorn, Developer of South Bank, Nikheel Advani, COO and Principal of the award-winning Grace Bay Resorts, and Joe Zahm, President and Broker of the leading real estate brokerage Turks & Caicos Sothebyโ€™s International Realty.

The journey at South Bank has been marked by significant milestones. Among some of the most notable are the sold-out inventory of both the Ocean Estate and Lagoon Neighborhoods, and the completion of the stunning Lagoon Islands, accompanied by the majority of their luxurious amenities already in place. Additionally, we are thrilled to announce that the highly anticipated Clubhouse, home to Lua Restaurant & Bar and operated under the esteemed management of Grace Bay Resorts, is set to be completed over the next few weeks. We expect nothing short of excellence in every aspect.

The excitement continues as South Bank prepares to embark on its final neighborhood: Arc. Positioned at the southwest corner of the illustrious development, Arc has remarkably secured over 50% of its Sky Villas by eager owners. The momentum is undeniable as we gear up to commence construction on this extraordinary project.

Estimated Key Dates:

November 2024: Completion of groins and beach work

October 2024: Groundfloor slab to be in place

February 2025: Roof level

June 2026: Completion of Arc

Subscribe to stay in touch

https://www.turksandcaicossir.com/eng

https://livesouthbank.com/


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 Sothebyโ€™s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

Turks and Caicos Real Estate – 1st Quarter 2024 YTD Comparison

Real Estate Sales Volume Holding Steady as Pre-Construction Sales Heat Up

Turks and Caicos continues to be a leader in tourism and real estate sales throughout the Caribbean region and the sales numbers and pre-construction sales numbers certainly reflect this attraction to be a part of our incredible environment whether just for a brief stay or for a lifestyle.
 
There are currently a host of opportunities for new development offerings, some currently under construction and some that are about to announce their plans. A number of the larger parcels of beachfront land in Providenciales will be reshaped into high-end, branded hotels, and residences to keep pace with the seemingly endless demand for investment and vacation properties. Our superb tourism offerings continue to attract A-listers from around the globe as seen throughout the social media channels as well as buyers looking for a place to call home amongst the abundant turquoise blue ocean views throughout, the temperate climate, and tranquil laid-back Caribbean atmosphere.
 
The first quarter of this year witnessed another major groundbreaking celebration in Providenciales by the same developers of The Ritz-Carlton Residences with The St Regis on Grace Bay as well as the formal public sales launch by Grace Bay Resorts with The Point. These two new luxury developments have already recorded over 70% (St Regis Tower I of three towers) and 65% (The Point) units sold/reserved. The Loren on Turtle Cove, which broke ground in June 2023, is showing a unit sales production of 52%, and Andaz Turks & Caicos after officially breaking ground last year is reporting unit sales production at 65%. ARC at South Bank is 50% sold with construction to start in May of this year. This new condominium inventory is satiating the overdue demand with buyers who are willing to wait for up to three years for the completion of the resort properties. We are also gaining momentum on some of the boutique new developments such as Villas at Blue Mountain, with multiple pre-sales which will soon start construction, and The Summit at Blue Mountain, which has strong momentum and is well under construction. The positive side, for buyers to the delay in usage of their new vacation property, is the stage payments with new construction which fit the bill for those who prefer a payment plan for their Caribbean investments.
 
While the pre-construction sales in the Condominium Sector are high and not officially recorded within our TCREA MLS statistics, in this 1st Quarter, the re-sale condominium sales volume was $18M, 25%-65% lower in comparison to the past three years with the average price remaining high at $1.1M which resulted in a $/SF of $1,100 at the luxury end (+$1.5M). Also note that re-sale condominium inventory continues to remain low with DOM averaging only 118 days.
 
The Single Family Home Sector continues to lead the way albeit the sales volume is down from 2023โ€™s numbers but steady in terms of healthy growth when reviewing the past five years. There are several pending sales that will be posted throughout this coming year and the new listings that have come on the market will help to fill the gap in this sales volume by the end of the year.
 
The Land Sector experienced a large spike in activity, as a result of five large transactions, Emerald Estate-$8M, Northwest Point-$7.5M, Grace Bay-$6.75M and $5.365 and Long Bay-$3.8M, which also raised the average price to $1.325M, an all-time record. Interesting to note, beachfront land in Long Bay was selling for $20,000 per linear foot of beachfront in January 2021 then hit a cyclical high of over $42,000/LF in January 2022. The 110% increase in value over a one-year period caused a pause in demand for a couple of years. This changed in March 2024 when we saw a modest increase of 10% to over $46,000/LF. The outer island land sales continue with this 1st Quarter seeing 30% of the land units sold from North Caicos, Middle Caicos, and Grand Turk.
 
Enjoy the beautiful spring weather wherever you are! We look forward to keeping you up to date with the real estate market in the months to come.

Do not hesitate to reach out to your sales professional to have a conversation about our market, and to assess purchase and selling opportunities!

Find Turks & Caicos Sothebyโ€™s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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

Turks & Caicos Sotheby’s International Realty Spring Insights Newsletter