Tag Archives: Turks & Caicos Market Report

Turks & Caicos Real Estate Market Report Year In Review 2020

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2020 TURKS & CAICOS REAL ESTATE MARKET CLOSES LIKE A CHAMP

The 2020 TCI real estate market performed better than we ever could have hoped for in the context of COVID–19, a four-month country-wide shutdown and stringent travel requirements. And I guess our task in this space is to seek to answer the question, as set forth by the great David Byrne of Talking Heads: “Well, how did we get here?!”
Let’s start abroad: After the stock market cratered, it began to recover quickly and it became clear this was not a rerun of the 2008 financial crisis. Soon thereafter, we witnessed affluent buyers starting to move on luxury vacation property from Vail to Aspen, and from the Hamptons to South Florida. COVID–19 was triggering the opposite of the financial crash of September 2008, in that luxury real estate was highly desired by those looking for easy-to-access, safe-haven retreats away from urban areas and primary homes. With airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate!

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Turks & Caicos Sotheby’s International Realty

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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Turks & Caicos Market Report – 4th Quarter 2019

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Turks & Caicos Real Estate Closes The Decade With Record Shattering Year On the Strength of Luxury Villa Sales

Turks & Caicos real estate sales closed out the second decade of the 21st-century with a bang, after entering it tepidly in 2010, as the following graphs demonstrates that villa sales represented around 52% of the total market in 2019. Circa $219.7M of the record $334.7M dollar volume were villa sales with a stunning average price point of $1.98M. This incredibly impressive performance speaks volumes for the power of the Turks and Caicos Islands brand, our private and public sector, and our wonderful investors, homeowners and visitors. If the past ten years can make history as our decade of the luxury villas, what will the next ten years’ headline be?

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Turks & Caicos Market Report – 3rd Quarter 2019

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Impressive 3rd Quarter Leads TCI Market Towards Record Year

Led by our record-breaking sale of The Residence on Parrot Cay at $27,000,000, Q3 2019 posted an impressive gain over 2018 (up 38.8% from $64,785,600 to $89,918,500). Historically, Q3 is our sleepiest quarter, but it has become apparent over the past few years that TCI is now indeed a year-round market for both tourism and real estate, and not just a seasonal one, with strong summers and improving shoulder month performance. Overall, the market after three quarters is up 16.47% over last year in $ Volume ($241,145,500 vs. $207,048,195). This dollar volume is more than the market did in all of 2017! Average price is up 30% from $692,469 to $903,167.

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Turks & Caicos Market Report – 2nd Quarter 2019

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Real Estate Sales Continue On An Upward Trend!

Turks & Caicos Islands, the shining star of the Caribbean, continues to shine brightly as we see a steady influx of investor growth and activity in new development. The infrastructure improvements and ongoing utility upgrades will further improve to serve the luxury standards now set by our luxury home-grown brands and with the most recent entrance of world renowned brands such as Ritz-Carlton and Andaz. The construction industry has been busy for the past five years as we have witnessed villa projects and new homes being built on recently sold land parcels. In addition, high end land purchasers who desired to build from scratch, or who could not find a home/villa that fit their needs, have embarked on some amazing new homes and estate homes, relying on the expertise of local architects, builders and consultants, proceeded to build their own custom dream vacation homes. There is evidence of this impressive array of private development throughout the Turks & Caicos, especially in the luxury sector, as the islands continue to grow as the destination of choice for many real estate investors and visitors. Click on link to view full report.

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Turks & Caicos Market Report – 1st Quarter 2019

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Turks & Caicos Islands Shows Continual Solid Real Estate Growth In The 1st
Quarter Market Report 2019

The Overall Market compared to the past several years is holding solid ground with this
quarter representing 23% of last years’ sales volume which may indicate that our real estate market is on target for another successful year.

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Turks & Caicos Real Estate Market Report – 4th Quarter 2018

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AN OVERNIGHT SENSATION . . . AFTER 30 YEARS

Over the past few years we have been predicting that the market trend was to continue upward based on all of Pending transactions on our TCREA MLS system. We are pleased to display this year end report that exceeded our expectations and still with $175M+ Pending deals to close out throughout this coming year.

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Turks & Caicos Real Estate Market Report – 3rd Quarter 2018

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THIRD QUARTER SHOWS REAL ESTATE THRIVING THROUGH 2018

We are pleased to show the 3rd Quarter Market Report with a continuing robust and strong output throughout 2018. We expect this performance to strengthen into 2019 and beyond as the new villa developments that have sold out, namely Beach Enclave Long Bay, The Shore Club Villas, and Blue Cay Estate, will be posted into the MLS system as their construction comes to an end. Meanwhile, we will announce new real estate investment opportunities coming to market this November and in early February.

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