Turks and Caicos Reports Record Tourism Growth for 2024, with Several Luxury Resorts Set to Open Between 2024 and 2026

Posted on July 8, 2024 by Turks & Caicos Sotheby's International Realty

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 in Turks and Caicos and are now the highest in the Caribbean region at 87 percent. This is compared to Saint Lucia’s 85.5 percent occupancy rate and Aruba’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: Grace Bay Resorts’ newest luxury residential resort and marina, South Bank is slated to open in November 2024.
The Strand: Luxury and sustainable beachfront villas and custom residences, The Strand is expected to open in fall 2024.
Salterra Resort & Spa: This 100-room resort on South Caicos is scheduled to be opened in February 2025 by The Luxury Collection.
The Andaz Turks & Caicos: 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: 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: Yet another new Grace Bay Resorts residential offering, The Point will feature 56 homes. A late 2026 opening is planned.
Kempinski Grace Bay: This upcoming property will feature new luxury beachfront residences and a resort. A specific opening date has yet to be announced.

“We 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. “We’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.”

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

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

Posted on June 11, 2024 by Turks & Caicos Sotheby's International Realty

Meet Dee Agingu, a Global Real Estate Advisor at Turks & Caicos Sotheby’s International Realty. From Kenya to Turks & Caicos, she brings a world of expertise. For Dee, it’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.

Sotheby’s Concierge Auction 2024: Turks & Caicos Sotheby’s International Realty

Posted on April 25, 2024 by Turks & Caicos Sotheby's International Realty

The world’s finest art, automobiles and antiques are sold at auction. So is luxury real estate.

Now for the first time since its inception in 1744, an exhibition of luxury real estate will gavel live at Sotheby’s London on 30th May 2024. Part of its ‘The Luxury Sales’ series, the ‘Exceptional Global Properties’ sale will be simultaneously showcased with Sotheby’s and feature a selection of marquee Sotheby’s Realty offerings alongside the finest luxury items in the world.

Turks & Caicos Sotheby’s International Realty is pleased to announce two spectacular Blue Mountain lots as part of the ‘Exceptional Global Properties’ offering marking the first time ever that a Turks & Caicos Islands property will gavel at Sotheby’s Auction. Through this exciting partnership with Sotheby’s Concierge Auction.

Accepting Bids from 17th May 2024

Click the images below for more information and to register your bid.

About Turks & Caicos Sotheby’s International Realty

Turks & Caicos Sotheby’s International Realty is the premier luxury real estate brokerage firm in Turks and Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, the firm is the go-to resource for developers, investors, homebuyers 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, Turks and Caicos Sotheby’s International Realty 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 www.turksandcaicossir.com.

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

Posted on April 15, 2024 by Turks & Caicos Sotheby's International Realty

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 2023’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 Sotheby’s International Realty past Market Reports link here.

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

Turtle Cove, Providenciales, Turks & Caicos Islands – Multi Property Offering – $11.5M

Posted on March 22, 2024 by Turks & Caicos Sotheby's International Realty

Minutes from Turtle Cove Marina and near-by restaurants

Three parcels in Turtle Cove totaling 3.29 acres with 116 feet of Beach Frontage and 226 feet of Canal Frontage makeup Grace Bay Beach Ocean Villas, which is presently a profitable short-term villa rental business. In 2018, the vacant oceanfront property was approved for rezoning to Tourist Related (T01), allowing for the potential development of six residential properties on the 0.952 acres. Five villa buildings total are currently located on the other two Residential (R01) canal front properties.

Grace Bay Beach Ocean Villas currently operating as a successful short term villa rental business consisting of three parcels. The vacant beachfront lot received rezoning approval in 2018 to Tourist Related (T01) allowing future development of six residential homes on the 0.952 acres. The other two Residential (R01) canal front lots currently have five villa buildings in total. Breakdown of the three lots as follows:

7 Coconut Road Block 60713: Lot 30, Acres 1.162, 3 Buildings, 113 Ft Canal Front, 6 Bedrooms and 5 Bathrooms, 3,655 SF with Pool & Dock
15 Coconut Road Block 60713: Lot 31, Acres 1.165, 2 Buildings, 113 Ft Canal Front, 7 Bedrooms and 7 Bathrooms, 4,075 SF with Pool & Dock
10 Coconut Road Block 60713: Lot 201, Acres 0.952, Vacant Land with 116 Ft Beachfront

Please contact the listing agents for more information and for the development brochure.

Contact the listing agents below:

Nina Siegenthaler – Broker & Agent
Phone 649-231-0707
nina@tcsothebysrealty.com

Elain Dubenski – Agent
Phone 649-231-4421
elain@tcsothebysrealty.com

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

Development Spotlight – The Summit on Providenciales’ Highest Point

Posted on March 18, 2024 by Turks & Caicos Sotheby's International Realty

Latitude 22, Developers of Ridgeview and Karaya Blue, in collaboration with Turks & Caicos Sotheby’s International Realty are delighted to present a first hand perspective on this remarkable residential development.

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

The Strand Turks & Caicos Hosted an Insightful Webinar – View Recording

Posted on March 13, 2024 by Turks & Caicos Sotheby's International Realty

Click to watch The Strand’s recording, hosted on the 5th of March 2024

After a phenomenal year, The Strand is advancing with remarkable construction progress. Developer John Fair, Vice President and Sales Thorn Capron, broker Joe Zahm along with Sophie Tidrick, Vice President and Development Director hosted an insightful webinar session unveiling the ongoing progress at The Strand and the projected opening of the resort this year!

The Strand has come a long way since breaking ground in 2022. The initial homeowners are already relishing their new residences, and the Strand is set to open officially later this year. Photos below are of the recently completed Luxury Residence.

For more information about The Strand please visit:

The Strand Turks and Caicos Islands

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

Turks & Caicos Real Estate – Grace Bay Land – Development Opportunity – 2.24 Acres

Posted on February 28, 2024 by Turks & Caicos Sotheby's International Realty

Grace Bay Land Development Opportunity

Step into an exceptional investment opportunity in the heart of Grace Bay, The Bight & Thomas Stubbs. Adjacent to the esteemed St. Regis development site and positioned across from The Somerset, with beach access proximity to Grace Bay Beach via Rotary Club Park public beach access, this exclusive 2.24-acre commercial land listing extends a rare invitation to make a substantial investment in this premier location. This offering is designed for those with a discerning eye for prime real estate investment. The strategic positioning, coupled with the prestige of its surroundings, establishes this property as the ideal choice for commercial development. Whether envisioning a landmark commercial project or an upscale development, this 2.24-acre canvas awaits your investment creativity.

Property details

Block: 60804
Parcels: 31 & 116
Property Type: Vacant Commercial Land
Location: Across from The Somerset on Grace Bay and adjacent to St. Regis Residences
Land Size: 2.24 acres
Grace Bay Road Frontage: 260FT
Princess Drive Road Frontage: 345FT
Zoning: Tourism and Hospitality
Building Restrictions: 50 units acre and 7 stories high
Full Listing Here

Listing Agent

Michael W Bovell

T: 1 649.946.4474

C: 1 649.232.1163

michael@tcsothebysrealty.com

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

Turks and Caicos Real Estate – Year In Review 2023 YTD Comparison

Posted on January 30, 2024 by Turks & Caicos Sotheby's International Realty

Led by Significant Sales, 2023 Market Puts Exclamation Point on Happy New Year!

Wherever you were for the festive holiday and New Year’s Eve celebrations we all had plenty to celebrate and be grateful for. The fireworks along the beach closed out 2023 in fine form with a celebration on Grace Bay and beyond that was the best we have ever seen! We look forward to 2024 as we take a brief look back in this report at our successful results within our real estate market.

Of notable mention are two significant sales, one a TCI record of $88.75M for a 36-acre commercial parcel on Grace Bay known as Cotton Bay which is set to be developed into a new resort property. Details to come later this year. The other highly significant sale was a residential record of $33.5M for Sole E Mare by our own Nina Siegenthaler. Both sales helped lead the market to a new record in 2023 of $782,412,342, slightly surpassing our previous 2021 high of $768,737,714. Another contributing factor to the high sales volume was the posting of completed new developments which are defined below and within the charts and graphs in the full report.

In the Single Family Home Sector, the completion of numerous high-end villas at Emerald Estate, South Bank and Beach Enclave North Shore, many of which transacted in 2021, along with very strong new sales at The Strand, led to a whopping 104% annual increase in dollar volume ($488M vs. $238M) and a 128% increase in average price ($3,642,014 vs. $1,590,987). Of course, the record resale of Sol E Mare sale didn’t hurt! The significantly higher average price signals a new day for luxury single-family residences attached to outstanding luxury brands. With other luxury and super-luxury villas in the pipeline and under development, along with occasional re-sales, we should continue to see this average price point hold steady and establish a new normal.

The Condominium Sector, with limited existing resale inventory, decreased by 37% in dollar volume (from $182,337,530 to $114,353,700) and in unit sales by 38% (151 to 93), with average price points remaining steady in the $1.2M range. We are, though, seeing some record $/SF sales of up to $1,500 per SF for prime re-sales, often with competing bids. It appears that condo life is again highly attractive as everyone tends to enjoy having resort amenities at their fingertips. Owners are also finding that rental returns and operational standards are excellent in this sector. We have new development launches at St. Regis, The Loren and others, along with strong pending business with ARC Sky Villas at South Bank and The Point by Grace Bay Resorts and we expect both projects to break ground in the first half of 2024, on the heels of the upcoming completion of the Reserve Villas at Rock House, the second phase of this already widely acclaimed new resort.

The Land Sector was propelled by the $88.75M sale of Cotton Bay exceeding 2022 numbers by 15% ($166,507, 799 vs. $144,375,399) with average price up 70% (from $575,241 to $979,458). Another one or two significant land parcels could potentially transact in 2024 maintaining this new normal for land sales volume. Purchasers and investors remain thirsty for all forms of vacant land, from beach and waterfront, ocean view, canal front, near beachfront, and commercial, with momentum building in activity on our out-islands such as North, Middle and South Caicos.

On a macro level, the end of 2023 signals a close to the “Covid Era”, where we have experienced unprecedented growth in the luxury tourism and real estate sectors and normalized at significantly higher levels of activity and values than ever before. Watch for our 30-year review next month as we examine the past three decades of development in the TCI and analyze data for clues to potentially forecasting future trends.

Special thanks to our valued industry and community partners. We look forward to the season ahead more immediately to our 9th Annual Art Auction for the Ed Gartland Youth Center, to be held Saturday, January 27th at The Shore Club. Please contact us if you would like tickets. We hope to see you there!

We also look forward to welcoming you to our new groundbreaking IMMERSION THEATRE ™, where all our amazing developments and properties can be viewed in virtual realty on a 9’ x 16’ wall screen. We will be providing further information on this game-changing technology later this month.

Happy New Year from all of us at Turks and Caicos Sotheby’s International Realty.

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 Sotheby’s International Realty past Market Reports link here.

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

An Exceptional Turnout at The Summit Turks & Caicos Broker’s Event

Posted on December 19, 2023 by Turks & Caicos Sotheby's International Realty

A big thank you to all of the brokers who attended the event at The Summit on Friday the 15th of December 2023. The Summit, without a doubt, stands as a remarkable project, showcasing one of the most stunning views on the island.

Developer Julian Biggs, in his insightful words, acknowledged that while The Summit may not be the highest point in the world, it is certainly ours, signifying its uniqueness and significance to us all.

The Summit is a select pre-construction opportunity of only 9 villas positioned in a private residential enclave on the highest point in Providenciales offering commanding 180-degree ocean views over the North Shore. With vantage points from 94 to 160 feet above sea level, the Developers of Ridgeview and Karaya Blue, Latitude 22 are delighted to present this low-density development to the Turks & Caicos luxury market. At The Summit, unrivalled ocean views and an irreplaceable location combine with considerate design and organic modern architecture to produce a truly unique offering of 3 to 5 bedroom villas.

Environmentally sustainable, the design includes not only 7.5kw of 20 roof mounted Solar Panels, but also living ‘green’ roofs designed by Jörg Breuning whose organization Green Roof Technology has been pioneering the technology in Europe for over 40 years, and more recently North America and the Caribbean. This sustainable feature acts as a cooling aid, reduces rainwater runoff, protects against weather, and provides an additional habitat for natural flora and fauna ensuring the development enhances rather than imposes upon the beautiful natural surrounds and ocean views of its location in Blue Mountain.

Latest construction update below. Click to watch.