Tag Archives: Turks & Caicos News

Over 1.2m visitors for Turks and Caicos Islands in 10 months

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In a span of just 10 months, the Turks and Caicos Islands have welcomed over one million visitors, encompassing both air and cruise arrivals. The Ministry of Tourism recently released these statistics, and Tourism Minister Hon Josephine Connolly expressed her satisfaction with the growing influx of visitors and the enhanced offerings for tourists across the islands.

Renowned for its pristine turquoise waters, white sand beaches, world-class resorts, culinary diversity, cultural experiences, and natural beauty, often referred to as ‘Beautiful By Nature,’ the Turks and Caicos Islands continue to attract visitors seeking barefoot luxury and unique experiences.

The increased visitation serves as a testament to the destination’s appeal, prompting Minister Connolly to highlight the country’s efforts to diversify the product experience. She emphasized encouraging visitors to explore the culture, heritage, and various activities available for both day tours and overnight stays beyond Providenciales.

Long Bay Beach: The Shore Club

For the period spanning January to October 2023, the Turks and Caicos Islands witnessed 535,893 visitors arriving by air and 677,943 via cruise. Air arrivals for this period marked a 4.8 percent increase over 2022, representing 18 percent growth compared to the figures from 2019. Cruise arrivals, totaling 677,943, indicated a significant 30.5 percent increase compared to the same period in 2022.

Maintaining a consistent trend, the United States continued to be the leading source market, contributing 434,343 arrivals in the ten-month period. The Canadian market saw 35,606 arrivals, and the United Kingdom contributed 8,541 arrivals. Minister Connolly anticipates further increases from the UK and Europe with the introduction of Virgin Atlantic flights.

Stacy Cox, CEO of the Turks and Caicos Hotel and Tourism Association (TCHTA), emphasized that the growth across all source markets bodes well for the destination, especially leading into the US Thanksgiving holiday, as evident in the current week’s visitor arrivals.

Notably, esteemed travel and lifestyle publications such as Travel + Leisure and Conde Nast Traveler have listed the Turks and Caicos Islands among the must-visit destinations for 2024. This recognition further supports the expectation of surpassing visitation figures from both 2019 and 2022.

Sourced: Turks and Caicos Weekly News

2023 Turks and Caicos Real Estate – 3rd Quarter Year-To-Date Comparison

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The Third Quarter Trends Sharply Upwards

While most market followers focus on Closed transactions when evaluating real estate markets, brokers, consultants, and developers take an even closer look at Conditional and Pending transactions. Conditional transactions are Accepted Offers not yet Under Contract (Pendings) and both are really a harbinger of things to come.

Quarter 3 (usually our slowest quarter) outperformed expectations and further indicates that we are increasingly a year-round market and less of a seasonal market insofar as real estate activity is concerned. Led by Single Family performance, Conditional dollar volume is up a whopping 443.65% Q3 2023 over Q3 2022 ($124,223,600) vs. ($22,850,000). Pending transactions are up 8.13% ($136,524,800 vs. $126,257,357).

This sharp rise is a real eye-opener during our typically slowest quarter, so let’s examine why: Many of these Conditional transactions are on the strength of our New Development projects led by Arc, South Bank, The Strand, The Loren, with The Point by Grace Bay Resorts and St. Regis soon to be substantially adding to the mix when their listings officially come to market. So, we should continue to see substantial rises in our Conditional Sales as our big projects pre-sell and start construction in 2024, with the Hyatt Andaz just breaking ground. This leads to our biggest differentiator in times of scarcity of (existing) inventory, and that is our awesome New Development pipeline, which promulgates our sustainable growth and satisfies a market hungry for luxury properties in TCI.

Regarding Closed transactions across all segments of the TCI market, our Q3, Y.T.D. numbers are up 10% over 2022 ($526,828,182 vs. $475,699,009), with Average prices up 49.76% ($1,572,621 vs. $1,050,009) and up 130% in the Single–Family segment ($3,492,489 vs. $1,492,127)! This is another “wow” moment and can be best explained next time you take a ride over to South Bank, The Strand, Peninsula Estate, Beach Enclave North Shore Ph 2 and others and see so many gorgeous new villas either just completed or nearing completion which have contributed to the closed numbers.

With strong demand and very scarce existing condo inventory, this aspect of the market continues to struggle (sales volume down 43.62% Y.T.D.), as there is very little re-sale activity and owners are holding on with a tight grip. When we do see quality re-sales come up, they sell quite quickly and often at record numbers. Two recent Shore Club sales are illustrative, as they each sold for over 25% higher than prior markers. However, as discussed above, these numbers should normalize as our new projects reach critical mass and start the construction and completion cycles.

As we continue to shepherd our new projects and succeed in all aspects of the market, we look forward to welcoming you back as we approach the holidays, and…introducing you to the Future of Real Estate in November.

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

Investing in the Turks and Caicos Islands

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Turtle Tail, Providenciales, Turks and Caicos Islands

Real Estate investment historically has proven to be a very profitable venture in the Caribbean and particularly in the Turks and Caicos Islands. 

Profitability can be realized through the generation of rental income, providing a positive cashflow or when selling an appreciated property at a profit. Whether you are a savvy venture capitalist or a discerning individual investor, real estate is a smart way to diversify your investment portfolio. However, identifying the ideal investment property and the right investment model, long term versus short term, are key factors when making a real estate investment decision.

Why investing in the Turks and Caicos Islands?

There are several benefits for investing in the Turks and Caicos Islands. The islands offer a unique combination of some of the world’s most beautiful waters, a diverse and intimate group of islands and cays, a historically low tax environment, high quality properties and wonderful accessibility from the United States and Canada, as well as one-stop flights from London. Here are some investment and lifestyle benefits:

  • No Income Taxes on revenue generated from property
  • No Capital Gains Tax on property transfers
  • No Estate or Inheritance Taxes
  • The United States dollar is the primary currency
  • No Corporate Taxes or Exchange Controls
  • A one time Stamp Duty charge
  • Steady appreciation in property values.
  • Steady increase over the past decade and is a top destination for travelers with many repeat visitors

Read more on the Turks & Caicos Sotheby’s International Realty latest Buyer’s Guide.

Active land listing on Providenciales

Providenciales is the most well-known of the Turks and Caicos Islands and is at the heart of economic activity, with a wide range of businesses as well as world class hotels, restaurants, retail outlets, golf, tennis and other sports facilities. The island offers residents, businesses and investors state of the art technological services, cable television, high speed internet as well as banks, legal and accounting firms and off-shore finance specialists. The national parks, secluded beaches, marinas and typical Caribbean settlements offer alternative tourism and other business opportunities in addition to the world-famous Grace Bay, seat of most of the tourism infrastructure. We’ve narrowed down six active listings for you. Please see below.

Prime Grace Bay Beachfront

Representing the only beachfront land available on the entire stretch of Grace Bay beach for private villa or hotel and tourism development, this nearly 3 acre-site boasts best-in-class pristine beachfront. With the surrounding precedents of single family residences, it is ideally slated for a low-density tourism related opportunity. There is no other land offering on the entire northern shore of Providenciales like this! Surrounded by high-end luxury residences and walking distance to Turtle Cove to the west and Wymara and West Bay Club and Grace Bay hotels and restaurants to the east. Full listing here.

2.9 Acres

286 Ft Ocean Frontage

$19.5M

Turtle Tail Beachfront

Turtle Tail Beachfront Introducing a rare opportunity to own a beachfront paradise in the coveted Turtle Tail, Turks & Caicos. Embrace the breathtaking vistas of the Caribbean Sea from your doorstep and create your dream haven on this pristine canvas. With direct access to the powdery white sands and crystalline waters, indulge in a lifestyle of tranquility and luxury. This exclusive beachfront gem presents an unrivaled chance to experience the best of island living in one of the world’s most sought-after destinations. Full listing here.

0.77 Acres

110 Ft Ocean Frontage

$2.1M

Elevated Turtle Tail Oceanfront Lot

Discover the majestic shoreline of Ocean Drive within this prestigious and exclusive Turtle Tail neighborhood. Elevations are over 40’ of elevation. Lot 58 is a rare and generously sized 1.11 acres, with magnificent 145’ of linear ocean frontage. Surrounded by significant homes and embracing jaw-dropping views of the southern shoreline and endless Caicos banks at all times of day, the site is slated for an exquisite home and site with ample opportunity to create one’s idyllic island lifestyle. Full listing here.

1.11 Acres

145 Ft Frontage

$2.33M

Turtle Tail Oceanfront

This coveted location provides commanding vistas of the resplendent turquoise waters spanning the Caicos Banks. The area has become a focal point of burgeoning demand and escalating value as discerning purchasers actively vie for opulent assets within this prized setting. Noteworthy is that the most substantial estate transaction within the vicinity has already exceeded the benchmark of $20 million. Full listing here.

0.83 Acres

160 Ft Frontage

$1.6M

Leeward Canal Font

Canal front land with expansive frontage located in the prestigious Leeward Development. Close to school, shopping, golf course, restaurants, grocery and Grace Bay. All utilities to lot line. Leeward Gardens host to 56 canal lots. Excellent for the boating enthusiasts. Full listing here.

0.61 Acres

200 Ft Frontage

1.59M

Long Bay Hills Oceanview

This beautiful ocean view lot located in Long Bay is a short distance to Long Bay Beach, neighboring multi-million dollar villas and the new Southbank development and marina. With its low-density residential zoning and high-end residential character this lot would be the perfect site for you to build your own peaceful oasis or a luxurious vacation rental, just a short drive to all amenities in Grace Bay including shopping, professional services, supermarket, banks, watersports, and an array of 5 star and casual dining restaurants. Full listing here.

3.1 Acres

Oceanview

$1.25M

Invest Turks and Caicos is dedicated to providing free and confidential advice and support, including: information on the local business climate; facilitating the investment process through liaison with key Government Departments; advice on Government incentives and concessions to investors; introductions to local service providers/suppliers; advice on immigration matters, including permanent residence certificates; and specific ongoing support following the set up of a business. Find out more on www.investturksandcaicos.tc

For more listings throughout the Turks and Caicos Islands, feel free to visit our website www.turksandcaicossir.com to get in touch with our expert Real Estate Associates.

The Strand Construction Update: August 2023

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Click on the video above to watch the latest construction update

Turks & Caicos Sotheby’s International Realty is once again delighted to bring you the latest construction updates for The Strand. The four months since our last construction update marked a significant journey with the completion of the first Luxury Residence, others nearing completion and palpable excitement surrounding the commencement of the beach and groin works.

The unique essence of The Strand has always been its unparalleled location, design and of course, quality. An authentic architectural marvel, The Strand elegantly boasts a geometric design that seamlessly blurs the boundaries between indoor and outdoor living spaces. This design philosophy harmonizes flawlessly with old world craftsmanship, creating an environment where sophisticated luxury is ever-present. Rising from the beautiful Copper Jack, The Strand is reshaping the coastline as it brings forth a new paradigm of beachfront living.

Prioritizing a commitment to quality sometimes means taking extra time to ensure every intricate detail meets our high standards. In the end, the outcome is nothing short of spectacular, as John Fair, the esteemed Managing Director, Developer & Project Manager remarked, “The completed R3 Luxury Residence is one of the finest homes I have ever been a part of.” 

Despite labor demands and supply chain challenges, delays have been kept under control and minimized, Broker Richard Sankar revealed. “The project is progressing smoothly and is in line with the projected plan,” adds President Joe Zahm. “John and his team have been laser focused since the outset, and have been undeterred by COVID delays and other obstacles as they march towards completion with will and skill,” Joe completed. 

View The Strand’s active listings here

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.     

We welcome the 2023 Lobster Season in the Turks and Caicos Islands

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The month of August in the Turks and Caicos Islands holds cultural significance for two reasons. We celebrate Emancipation Day, the official end and liberation of slavery throughout the Caribbean, and it also marks another reason to celebrate – the arrival of the lobster season for the important fishery trades.

The Turks and Caicos Island Government announced on July the 26th that the opening of The Lobster Season would commence on Monday, August 1st 2023 through the 31 March, 2024. 

Fishermen, restaurants, tourists and the local community at large can now look towards an exciting seven months with this fine local delicatessen being back on the menu. 

South Caicos, being the lobster capital of Turks and Caicos rejoices each year for the new lobster season, for local fishermen throughout this sleepy island can now catch, process and export spiny lobster at last. 

The official name for the local lobster is Panulirus argus. It is also sometimes referred to as rock lobster and sea crayfish. Spiny lobster differs from its northern cousin, Maine lobster, in two ways. First, the meat is only edible in the tail of a spiny lobster, whereas the meat is edible in Maine lobster in the claws, body and tail. Secondly, the spiny lobster meat tends to be coarse and dry in comparison to Maine lobster meat. Despite the contrast in texture, a South Caicos lobster on the open flame, is sure to produce a wonderful grill lobster. 

Most South Caicos lobster is harvested from the East Harbour Lobster and Conch Reserve, located near the coastline of East Bay Resort. Lobster is caught by trapping and hooking. Trapping involves use of lobster traps, whereas hooking is done by free diving (holding breath while diving). Free divers will use snorkel gear and a three foot long pole with a barbed hook end. Experienced divers will typically catch three lobsters per dive. Catching lobster by free diving can be risky, as spiny lobsters have long, stiff antennae over their eyes which can inflict serious wounds, as can their tails.

It is estimated that up to 75% of the South Caicos population is employed in the fishing industry. The opening of lobster season is known locally as, “The Big Grab”, when 30% to 40% of the lobster harvested for the entire season is caught. If having an abundant supply of fresh South Caicos lobster on your vacation is important, it is best to visit South Caicos at the start of lobster season in Turks and Caicos.

The local government instills strict rules and regulations to maintain the longevity of the indigenous lobster. The Department of Marine Fisheries and Resource Management appeals to citizens, residents and visitors in the Turks & Caicos Islands, to familiarize themselves with and to uphold the Fisheries Regulations, and urges all responsible citizens to report any violations.

The Turks & Caicos Sotheby’s International Realty wishes you a lovely 2023 lobster season.

2023 Turks and Caicos Real Estate – 2nd Quarter Year-To-Date Comparison

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Turks and Caicos Market Closing Out New Development Inventory

Historically, Turks and Caicos Real Estate Association (“TCREA”) allowed New Development sales to be entered into production as Closed after property completion, which created a significant lag time in reporting (up to five years), as we waited for major condo projects, and some new development villas, to complete. This anomaly has recently been resolved regarding New Development villas (where the homeowner owns the underlying land), so that we can now enter these in our MLS system as Sold once the land closes and the associated construction contract is signed. This change will assure that our Market Reports will better reflect our real time market conditions, at least regarding New Development Single Family residences and villas. Condominium sales data will continue to lag though, as project completion is a condition to Closed sales in our MLS system.

You may ask, “why bring up this technical information?” Here’s why: you will find after Q 2 of this year that our Sold $ Volume is pretty much even with last year (circa $373M vs. $375M) led by Single Family Homes Sold $ volume, which nearly doubled last year (circa $275M vs. $144M). However, much of this inventory was actually “Sold” between late 2020 and Summer of 2022. South Bank for example has 35 villas either under construction or newly completed, and this inventory remained in “Pending Transactions” until very recently when the transactions were belatedly entered into our production reports as Sold. Moving all these Pending Transactions over to Sold of course means that Pending Activity (signed contracts) went down (55%).

So, what are the takeaways in the Single Family Home sector? First, TCREA sold a boatload of Single Family Homes over the past 30 months (led by South Bank, then Beach Enclave, and more recently, the Strand). Secondly, we have established SFH as a true luxury segment as the 118% increase in average price demonstrates ($3,572,350 vs. $1,637,988). Thirdly, we are in a build-and-complete phase as we wait for new projects and pipeline projects to ripen. Fourth, the newly sold residences of today become the re-sale inventory of the future. And finally, new projects are in the pipeline to replenish supply.

With regard to the Condominium Sector, we simply lack existing re-sale inventory, with $ Volume numbers down 54% year from last year (circa $61M vs $134M). When a quality condominium enters the market, it typically moves quickly and at an excellent price. For example, we recently sold a couple Shore Club units at record sales prices. Fortunately, we have great new development condominium inventory fulfilling a decade of built-up demand, led by The Point by Grace Bay Resorts, ARC at South Bank, and The St. Regis among others. This sales activity often will not go on the board as Pending and then Sold for months to years as the respective condominium developments gain momentum.
The upshot is that there is a story within the numbers unique to our jurisdiction, and that’s where we can assist in optimally learning from the past, evaluating the current market, and foreseeing trends to come.

So don’t 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

Beach Enclave Long Bay Phase 3 Has Started Construction

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Beach Enclave Long Bay’s Phase 3 is progressing to completion with the addition of two Beach Houses, of which one is available for sale, a Mediterranean inspired beach club with restaurant, bar and five hotel keys, as well as full sport amenities.

In addition to the existing world class fitness center, owners and guests will enjoy a sports area including a lighted tennis court, lighted pickle ball court & half basketball court, yoga deck and a Kids Club to be completed in advance of the last two beach houses. A revamped kiteboarding centre with launching, cleaning and a storing area will complement the watersports area. The adjacent Beach Bar & Restaurant, when completed, will be a barefoot sophisticated Mediterranean restaurant and bar, with indoor and outdoor lounge areas, dedicated pool as well as five beach facing hotel suites on the upper level. The amenity set adds tremendous value to the private villa resort homeowners and guests’ lifestyle.

Beach Club

Owners and hotel guests will have the convenience of a daytime and early evening beach club opening onto the Long Bay beach, featuring modern Mediterranean cuisine, a bar and beach service.

Hotel Suites

The upper level of the Beach Club will have five luxury studio hotel suites for rental guests or owners who may have overflow guests during their family vacations.

Construction on Beach House 05 started in May, with a completion date of March 2024. The final home available in the resort, Beach House 6, is ready to start construction upon sale and marks the last opportunity to purchase one of the most celebrated beachfront home designs in the Turks & Caicos, within an exclusive and full-service managed enclave renowned for personalized owner and guest services. Designed by acclaimed architects Jacobsen Arquitetura and built by Norstar Group the Beach Houses opened to wide acclaim and stellar rental program, adding an exciting, modern, tropical design to the Turks & Caicos Islands.

For a sneak peek at the Beach House interior and design we welcome you to view the Matterport VR Tour of Beach House 4 or review the listing information on your website.

Beach Enclave Long Bay Beach House 6 – Last Available Beach House!

Link to Listing Information for Pre-construction Beach House 6.

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.       

Discover iconic simplicity. 

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Arc onsite event on May 2, 2023 gave all a taste of what Living South Bank truly is

South Bank and Windward put together an intimate and exclusive event to give all a chance to see the progression of South Bank as well as a preview of Arc, the latest addition to South Bank. The anticipated event, which took place on the 2nd of May was very well attended by our local community. 

The iconic Arc, designed by Piero Lissoni, will take a prominent position at the gateway to South Bank, rising from the resort beach and extending the landscape towards the sky. Having attracted the attention of the community since it’s first launch, this was the first time, real estate agents, brokers, government leaders, influencers, key members in the community and others have had the chance to see first-hand and experience what is going to be such a significant architectural piece on Long Bay Beach.  

Hosted in the newly completed Shoal Villa 8, the event gave the attendees a taste and feel of what “Living South Bank” really is. Guests were transported from the villa in small group to have one-on-one sessions with the developers. Both Ivor Stanbrook and Ingo Reckhorn highlighted the notable work that has been implemented in South Bank and look forward to the significant engineering work ahead that will change the coast line. 

“Arc is not just a revolutionary project” Kyle Smith said. The Arc, which comprises of 17 exceptional Arc Sky Villas, triumphantly brings great architecture together with the wonder of nature, creating an exceptional experience on every level. This is truly special. Revolutionary and daring, the team at the Turks & Caicos Sotheby’s International Realty is proud to be working with such vision-driven partners like Windward and South Bank who are transforming the real estate industry in the Turks and Caicos Islands.

Joe Zahm, President and Broker of the Turks & Caicos Sotheby’s International Realty highlighted his devotion and excitement to the project from the very beginning. Turks & Caicos Sotheby’s International Realty, being a key player in the sales of South Bank is proud to have such a great relationship with Windward. With already three reservations on Arc, the Turks & Caicos Sotheby’s International Realty continues to be fully committed to this substantial new development.

HON. E. Jay Saunders, Deputy Premier and Hon Josephine Connolly, Minister of Tourism thanked and recognized the unparalleled work South Bank is doing for the economy of the country.

The evening continued with live music from Janardo Laporte, ourdeuvres and drinks from Grace Bay Club. As the sun set, the attendees had the perfect backdrop behind them.

It was an ideal evening and a true taste to luxurious living. Adding to the South Bank facilities and amenities, Arc will feature a restaurant and bar, gym, two pools, jacuzzi, Arc owner’s lounge, board room, garden and lounging areas, and a boardwalk leading to serviced cabanas on the beach pier.

Contact us if you have any questions. Turks & Caicos Sotheby’s International Realty is please to share all the details of this exclusive and private residential resort.

For more information please visit our website:  

Turks and Caicos News | Tagged Caribbean Real Estate, Island Real Estate, Sotheby’s International Realty, Turks & Caicos Islands Real Estate, Turks & Caicos Realty, Turks & Caicos Sotheby’s International Realty | Leave a reply

Developer Spotlight – Volume 5 – Turks & Caicos Islands

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Our Developer Spotlight series is a brief look at the background and horizon of several of our top Turks & Caicos Islands luxury developers, with Q & A led by our President, Joe Zahm.  

Click on the cover below to view and download our Developer Spotlight – Volume 5.

The Strand Turks & Caicos – John Fair

About The Strand
The Strand promises a private residential resort community unlike any other, where the essence is an owner centric experience. This high-end oceanfront residential resort and marina destination offers onsite amenities, including Clubhouse with state of the art gym, retail shop and yoga deck, use of beach access, an oceanfront restaurant and pool with zero setbacks to allow the facility to sit directly on the waters edge, Beach Club with paddleboards, kayaks, sea bobs, jet skis, e foils, kiteboards and sailboats, tennis and pickleball courts, as well as access to a Club Boat for captained excursions or events. Full in villa spa services offered. The Marina is independent from The Strand, but operates as a central amenity for the homeowners, offering approximately 23 slips for boats ranging between 40 – 60 feet.

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.

2023 Turks and Caicos Real Estate – 1st Quarter Year-To-Date Comparison

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Supply and Demand Considerations in Turks and Caicos Islands

The inextricably linked tourism and real estate businesses in the Turks and Caicos Islands are, naturally, predicated upon the simple principle of supply and demand, and we are enjoying tremendous economic success due to our strong fundamentals with regards to these two vital drivers.

On the supply side, we have an amazing array of existing hospitality inventory and property – from hotels, condominiums, managed and stand-alone villas – that have proved to be among the best-in-show throughout the Caribbean for high-end tourism, drawing in high quality visitors. Further, our inventory pipeline is strong, as developers conceive and build luxury properties, which will continue to satisfy tourism and real estate demand for renting and non-renting owners alike. Because our market is more dependent on New Development than more mature markets, and further dependent on individually owned condominiums and villas, New development buyers, who often buy off-plan and before a shovel is in the ground, are essential participants in our market’s growth. For example, in the New Development sector, at projects such as Beach Enclave, South Bank and The Strand, construction of an individual villa commences once purchasers have signed land purchase and construction agreements. In the condominium sector, developers commit to building once a prerequisite number of units are pre–sold. In this regard, we are highly dependent on pre–construction purchasers to “co-invest” with our developers in order to fuel new projects. Presently, as we navigate the low existing re-sale inventory market, we look towards the future with a plethora of great projects in the pipeline, led by The Point By Grace Bay Resorts, ARC at South Bank, The Strand, St. Regis and others. These new projects create welcome for-sale inventory into the market, to supplement our constricted, existing re-sale inventory.

Our first quarter numbers reflect the importance of this new development inventory as we close out many recently or soon-to-be-completed villas at South Bank, Beach Enclave and the Strand, with many more to follow this year. A quick drive around to these three projects illustrates how New Development matures into completed tourism, vacation and residential real estate. It is always thrilling to see what Steven Covey calls the “first creation” born of the imagination (the plans) transition to “the second creation”, born of will (the physical projects) and then even to the “third creation” (the hospitality operation). The process never gets old and provides continual blood flow into our market. A recent headline amplified how the Caribbean and especially Turks and Caicos has been a big winner in tourism, and this is primarily because we have such great supply and demand fundamentals.

At Turks and Caicos Sotheby’s International Realty, we are grateful for our role in all aspects of the supply and demand cycle, together with our partners and many stakeholders in the process made up of our developer, investor, hospitality, architect, legal, engineering, construction, design, broker, banking and government sector communities…the list goes on. There is nothing more satisfying than being involved from the planning and product launch to project opening and operation – from pre-ribbon cutting to post product grand opening. In so many ways, the New Development forges our identity and continues to elevate Turks and Caicos Islands globally as a sustainable, international luxury brand.

Happy Spring!

Download the full report with one of the links below.


Link to PDF Report

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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