The Turks and Caicos Hotel and Tourism Association – Mission Statement:
Through involvement and cooperation with our Tourism partners the Turks and Caicos Hotel and Tourism Association (TCHTA) is dedicated to the achievement of sustainable growth in Tourism for the benefit of its members and the wider community, while protecting and enhancing the unique character and environment of the Turks and Caicos Islands.
Turks & Caicos Sotheby’s International Realty is proud to be a member of the TCHTA since it’s inception with our President Joe Zahm one of the founding members. The TCI has a strong and resilient island community with an inviting landscape and inviting people. We look forward to welcoming you to our beautiful by nature islands.
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.
The Luxury Residences are steadily changing the landscape of Cooper Jack Bay as the video provided below shows all of the exciting work that has been accomplished thus far.
Luxury R3 has all windows and doors installed, as well as all plumbing and electrical above ceilings, while Luxury R2’s ground floor slab is poured and walls are forming. Meanwhile, Luxury R7’s main pool base and walls are poured, and the main house ground floor slab will be poured this week. Luxury R1 has its retaining wall in place and work has begun to prefabricate the main house columns.
As for The Villas, Villa ‘A’ Building retaining walls are forming. The pools have been excavated and they will be prepping to pour the ground floor. At the same time, they are building out The Strand kitchen and restaurant area. The first of its kind in Provo, the kitchen will have a living green roof that will blend in with the native vegetation above. But they didn’t stop there—the dining experience at The Strand will also be a first-of-its-kind, with the dining tables on the iron shore edge overlooking a sugar sand beach and the Caicos Banks beyond.
Villa ‘B’ Building is set to start, at which time construction of the Main Pool area will begin. A combination of Old World-inspired stone walls, lush greenery, and your own loungers tucked into the limestone will give you the feeling that you have found your own Caribbean sanctuary.
With three of the custom lots reserved for Grand Residences they are beginning to extend utilities to the East of the development in preparation for these unique properties. The Main Parking retaining walls along Cooper Jack Road are up, and the retaining walls around the Clubhouse entry are being formed.
Taking its prominent position at the gateway to South Bank, Arc rises from the sculpted, sheltered resort beach and offers all-encompassing views from its 17 exceptional Sky Villas. Each with seamlessly connected landscaped Air Gardens, these new residences offer a secluded lifestyle experience of sky, sea, nature and space. At home in their dramatic setting, the Sky Villas welcome all-encompassing views of the Caicos Bank and the ever-changing scene of the vibrant South Bank ocean lifestyle.
A Rare Lifestyle Experience
Wellness, nature, and adventure form the very essence of the experiences at South Bank. Arc features a restaurant and bar, gym, two pools, jacuzzi, owner’s lounge, board room, garden firepits and a boardwalk leading to the cabanas on the pier. Within the main resort, Arc residents also benefit from the lagoon-side rejuvenating spa and gym, effortless boat concierge service and Clubhouse restaurant and bar. With owner and guest service and facilities expertly provided by Grace Bay Resorts, every day will be an experience to treasure. Experience Caribbean waterfront living at its best, delivered by one of the leading hospitality experts in the Caribbean.
Meet The Architects
Piero Lissoni, Founder and Design Principal at Lissoni®, brings his mastery of contemporary design to South Bank with the unveiling of Arc and its Sky Villas. With offices in Milan and New York, Lissoni® has a thirty-year history in developing international projects. Inspired by a sense of rigor and simplicity, his designs are characterized by a regard for detail, coherence, and elegance. The ideal fit for the South Bank vision. Meet the renowned architect behind the Sky Villas at Arc, as he explains his vision for this inspired reimagining of elevated beachfront living.
A lot has happened at The Strand in Cooper Jack Bay since the ceremonial Groundbreaking on March 25th, 2022. We recently published a video in social media (https://www.instagram.com/p/CfhEpytqBY5/) revealing that Cooper Jack Bay Road is now entirely paved. Road paving, as we witnessed in Turtle Tail (paved in 2016), is pivotal to increases in land and property values, with the most recent oceanfront land and oceanfront villa sales garnering a 30+% increase as compared to sale prices of recent years. The completion of Cooper Jack Bay Road was spearheaded by the Developers of The Strand, an ultra-luxury development which will bring tremendous added value to the surrounding neighborhood of Cooper Jack.
The Strand Luxury Residences
As for the construction updates at The Strand, Luxury Residence R3 is now at roof level with doors and windows being installed and Luxury Residences R2 and R7 are beginning the foundation stage. Of the six Luxury Residences, R8 is reserved leaving only one residence remaining available, R9 priced from $8.95M. There are three Grand Residences available priced from $10.5M. The Villas – Building A, is almost fully sold out and will begin construction imminently. The Villas are priced from $2.495M for a 2-bedroom and $3.1M for a 3-bedroom. Other construction milestones will be in the works in the coming months, including the reception building and resort beachfront area. We are excited about construction progress and sales momentum as we look forward to the future of The Strand and the quality lifestyle it will provide.
Our sales agents joined the development team at The Strand site yesterday to get a close up look on the incredible progress of Luxury Residence R3.
Luxury Residence R3 BeachfrontResidences and Villas will have stunning views of Cooper Jack Bay.
An exclusive, sophisticated hideaway in a relaxed coastal setting, The Strand is the first of its kind on the Island with a limited collection of luxury beachfront villas, custom residences, and homesites, alongside access to vibrant community programming and full resort amenities and services. The Beach Club flows into the centerpiece resort-style swimming pool, surrounded by native limestone, and the dramatic water’s edge restaurant and bar. Amenities include access to The Strand’s own Club Boats with a private captain, catamarans, kayaks, and paddleboards, as well as a tennis court, two pickle ball courts, and a state-of-the-art fitness center with a secluded yoga deck. Additionally, a la carte club services include in-home spa services, housekeeping, pre-arrival shopping, private chef and catering, airport transportation, landscape maintenance, an artist in residence program and security. In addition to the beachfront setting, the site offers 1,400 feet of canal and marina frontage, with a full marina and slips for owners, as well as several community yachts slips. The Strand is built from the ground up in the most sustainable way possible. In partnership with Renu Energy TCI, a local leader in solar home integration, The Strand offers solar packages on all its villas, making this development one of the first ultra-luxury community with this level of sustainability in the Caribbean.
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.
Leeward Canal, Providenciales – photos captured May 10, 2022
120 Pinta Lane, designed by COAST Architects, is the newest addition to the well sought-after Leeward Canal community. This sprawling and nearly completed, 5-bedroom, water-front home is situated amongst 0.74 lush acres, with 113 feet of water frontage. The villa is meticulously designed catering to all the amenities of canal front living, with approximately 80 feet of dock space and water views from every room.
Looking for a new vacation home to celebrate all the upcoming holidays? 120 Pinta Lane provides plenty of entertaining space with the first level interior matched with a spacious, end to end, covered terrace, equipped with a BBQ area, overlooking a large in-ground pool. These indoor/outdoor areas are joined by collapsing doors, and when opened, allow for more than 3,000 SF of living, dining, and entertaining space on the lower level. The kitchen and dining area are equipped with best-in-show, Sub Zero and Wolf appliances. With a 3,700 SF interior and a total of nearly 6,000 SF of finished areas, Pinta Lane’s newest addition is the perfect family vacation home. Additionally, the ample lot allows for a guest house or garage, not currently included in this phase of construction, but available upon request. A turn-key furniture package is also available upon request.
The Developer’s Conceptional Renderings
For further detail about 120 Pinta Lane please view our website which includes the floorplans, conceptional renderings and additional construction photos.
Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay, Providenciales
The Palms Turks & Caicos, 5-Star Amenities and Services
The incomparable Palms Turks & Caicos on the world’s #1, Grace Bay Beach with its classic Caribbean elegance, superior service and amenities has proven to be a popular choice for many repeat guests validated by the multi-awards presented to the resort throughout the years. The attention to detail in every aspect from the custom cabinetry, vaulted ceilings, crown molding, and marble flooring to the premium furnishings brings a luxurious quality paired with the services make this an incredible choice for the Caribbean vacation lifestyle. This has culminated in record sales over the past five years as noted within our 2021 Year-End Market Report as investors truly appreciate this 5-star resort and the pleasurable atmosphere it provides.
If you are contemplating a condominium for your vacation lifestyle, consider The Palms Turks & Caicos. We invite you to view the newly listed Penthouse 2501.02.03, which is a 3-bedroom suite that occupies the entire 5th level offering exceptional privacy with beautiful, elevated views of the spectacular serpentine infinity-edge pool and turquoise ocean beyond. Beachfront Suite 5106.07.08 also a 3-bedroom is on the north-west corner of the resort and features a patio area and easy access to the beachfront. For further detail, links to these two real estate offerings are provided in the text.
Rock House is the next generation luxury resort and residential development in Grace Bay Resorts’ family of successful hospitality brands. The operations team enthusiastically prepared for the opening of the resort with trial stays for owners and select guests to support the training phase and to put the finishing touches in place for the first vacation guests to arrive. Rock House is experiencing vast interest from the luxury travel market with advance bookings ahead of forecast. Guests will experience the 5-star luxury from the initial welcome to the beautifully furnished suites and full-scale amenities provided. The center of attraction at Rock House is its dramatic, secluded beach, and the iconic 100 ft infinity pool sitting proudly upon an oceanfront cliff, lined with sophisticated daybeds, built in cabanas and poolside sanctuaries that will feature food and beverage service and a signature stone lounge set on the waters edge. Upon the hilltop overlooking it all is the restaurant and bar, spa, fitness center and arrival pavilions, each offering a 180-degree view of the Atlantic Ocean and Providenciales.
Take a sneak peak at the newly opened Rock House Turks & Caicos!
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.
Turks & Caicos Real Estate | Caribbean 