Tag Archives: covid-19 update

Turks & Caicos Real Estate Market Report – 3rd Quarter 2020

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Light At The End of The Tunnel
3Q Sales Show Steady Balance With Positive Year End Predictions

There is light at the end of the tunnel as we creep back to a somewhat normal life, albeit carefully, so as not to unleash further closures as parts of the world are now experiencing for a second time. The measures put into place have helped secure the health and welfare of our people here in the Turks & Caicos Islands and the steady stream of visitors fortunate enough to arrive over the past couple of months have been pleasantly surprised at the consistent protocols throughout the businesses on island. The atmosphere and the beautiful, uncrowded beaches make for a very refreshing place to rest and revive your spirit through this time. It is no surprise that real estate inquiries are streaming in and sales are continuing at a regular pace. Last year marked a record year in real estate sales so it’s humbling to compare to those numbers, however, the 3Q graphs for 2020 are indicating a constant and strong balance. It is noteworthy that, of the $147M in pending sales on MLS, we expect $80M of these deals to close out before the end of this year which would bring the projected annual total sales for 2020 to $273M, approximately $10M higher than our 2018 year end sales.

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Turks & Caicos Real Estate Market Report – 2nd Quarter 2020

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Defying the Odds – First Half of 2020 Up Over Same Period Last Year

In late March, our world, and everything in it, came to a screeching halt, as Turks & Caicos Islands closed its borders to tourists and visitors through the end of June. Resorts, restaurants, airports and businesses closed and real estate deals, after a strong Q1, were either canceled or deferred.

However, unlike the aftermath of the financial crisis of September 2009, where we had weak fundamentals and luxury buyers disappeared, the opposite has occurred, with luxury and other buyers remaining in the game and continuing to shop and purchase real estate. Reports from our Sotheby’s International Realty network echo similar strength and trends in the US and Canada, and many countries internationally. In this regard, our market demand has shown much greater resilience and further, there has not been a flight to list property. So far, at least, our market has backed up prior assertions that we are stronger and fundamentally healthier. There are several reasons for this. First, we do not have an oversupply of inventory; second, we have very few speculators in the market; third, our debt–to–equity ratio is very low; fourth, throughout North America and beyond, there has been a COVID-19 surge to quality, open space and “safe” havens, and TCI checks all of these boxes. Finally, and most importantly, we continue to work diligently to communicate and serve our clients and customers. From our regular virtual internal team meetings to participation in Industry Zoom conferences, and virtual showings with customers and clients across the globe, we have placed quality communication at the forefront. In this regard, it is inspiring that we feel more connected with our network, team and community than ever.

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Turks & Caicos Real Estate Market Report – 1st Quarter 2020

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1ST QUARTER 2020 CLOSES OUT ON A HIGH – PRE-COVID-19

As many of us are forced to slow down our lives and reflect inward, we are grateful for many things that this unprecedented time has brought us to evaluate, including of course our families, friends, communities and a country that has put all of our people first with their proactive decisions during this health crisis. We are further grateful to our TCI Government leaders, HE Premier Cartwright-Robinson, HE Governor Dakin, the Ministry of Health and their teams for their thoughtful leadership and communication.

As we begin to accept and absorb our new reality, we are advancing our way back to business activity and effectively working as a team and with clients and customers, and there are even new transactions in process, furthered by the recent reduction in Stamp Duty by 50%, which has provided a welcome trigger for short-term activity. Click link below to read more . . .

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