2024 Luxury Outlook Report by Sotheby’s International Realty – Reveals Affluent Home Seekers Expanding Reaches And Sustainability Is Top Of Mind

Sothebyโ€™s International Realty Releases 2024 Luxury Outlook Report Uncoveringย New Hot Spots for Global Investment, International Destinations With Enticing Tax Incentives,ย and How Cities and Suburbs Continue to Fare Post-Pandemic.

Sothebyโ€™s International Realtyย published its 2024ย Luxury Outlookย report,ย a comprehensive exploration into high-end real estate markets across the globe. Following several years of residential real estate frenzy, the report reveals that buyers have begun to acclimate to a new normal of higher interest rates, with high-end home seekers expanding their reaches to more parts of the world withย Australia,ย Mexico,ย Saudi Arabia, andย Turkeyย poised for growth. The report explores the trends shaping real estate investment decisions in the year ahead, from the intergenerational transfer of wealth, to pinpointing parts of the world where tax incentives are increasingly enticing.

โ€œOur goal for the fourth edition of the Luxury Outlook report was to couple the expert insight of our agents with the perspectives of leading global institutions on the trends affluent buyers can expect in the months ahead to help them make opportunistic transactions in 2024,โ€ said Bradley Nelson, chief marketing officer, Sothebyโ€™s International Realty. โ€œDespite higher interest rates, demand remains strong in many corners of the market, as people move both because theyโ€™re going through major life eventsโ€”such as new children or new jobsโ€”or simply because they want to upgrade their home and, with it, their lifestyle.โ€

The Sothebyโ€™s International Realty 2024 Luxury Outlook report was compiled by surveying Sothebyโ€™s International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including UBS; The Brookings Institution; McKinsey & Company; and property technology and security firm, Kastle Systems; in addition to art and luxury experts at Sothebyโ€™s, the famed auction house, to round out luxury trends in the year to come.

Link to our custom report here.


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 Sothebyโ€™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

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

Wherever you were for the festive holiday and New Yearโ€™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 didnโ€™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 โ€œCovid Eraโ€, 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 โ„ข, where all our amazing developments and properties can be viewed in virtual realty on a 9โ€™ x 16โ€™ 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 Sothebyโ€™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 Sothebyโ€™s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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

Caribbean Getaway: There Are New Reasons To Go To Turks & Caicos

An Oceanfront Pool Studio at Rock House, operated by GRACE BAY RESORTS

Sitting at the Cave Bar atย Rock House, on the Turks & Caicos Islandsโ€™ main island Providenciales, itโ€™s easy to think that youโ€™re on an island in the Cyclades: the resort is hilltop; built into a 75 foot limestone cliff; overlooking turquoise water and surrounded by walls composed of chiseled white stones. Mark Durliat, CEO ofย Grace Bay Resorts, of which this resort is a part, and his wife honeymooned in Greece, apparently, and transferred the romantic ambience (and Mediterranean cuisine) they encountered there to this nearly two year old resort. And itโ€™s working: I checked in at the same time as a newlywed couple from New York and every day other couples were lined up by the pool, in the hideaway hillside terraces and on the 130 foot jetty decked out with loungers.

Mostly, though, they were in the water. This British Overseas Territory composed of two island groups 575 miles southeast of Miami is known for its beaches, perfectly clear turquoise water and teeming underwater life courtesy of a wrap around coral reef. The marquee beach is three mile long, powdery white sand Grace Bay Beach on the islandโ€™s north coast, regularly named as one of the best in the world. Rock Houseโ€™s beach is to the west of that, smaller but very private in keeping with the overall secluded tone and intimate scale of the resortโ€”46 rooms in individual cottages with several new one-five bedroom Reserve Villas opening March 1st.

The Lagoon Villas at South Bank: Long Bay

On the other side of the island, the more residential south coast, Grace Bay Resorts has a management project on a much larger scale set to open in May.ย South Bank, situated on 31 acres near Long Bay, is a combination residential ownership community/resort split into different neighborhoods with varying amenities; all, however, are populated with striking contemporary architecture containing sleek interior design, top of the line appliances and uninterrupted water views over the vivid blues of the Caicos Banks.

Boat owners will likely be drawn to the section The Launch featuring 2,077 square foot two bedroom and 2,839 square foot three bedroom Boathouses along the marina waterfront, each with its own private dock that can accommodate up to a 26 foot boat. Lagoon Villas are 3,982 square foot three bedroom and 4,295 square foot four bedroom residences situated along the beach of a manmade lagoon. Ocean Estates oceanfront houses range from 3,150 square foot, three bedroom Reef Villas to 7,683 square foot, six bedroom Dune Villa beach houses. All will be privately owned with many placed in the guest rental pool. A forthcoming building ARC will debut in 2026 with 17 Sky Villas designed by famed Italian architect Piero Lissoni; these will be only owned, not rented. Other facilities open to both property owners and guests: a lagoon front spa and fitness center; a Clubhouse with a bar and restaurant; a fully equipped marina and hard courts for racquet sports.

Luxury Residences, The Strand: COOPER JACK BAY

Also on the south coast, overlooking Cooper Jack Bay 10 miles away,ย The Strandย is another luxe community development set to combine villa ownership with guest rentals but with a difference: in one category, the two and three bedroom Villas, floors can be locked off as separate units to be rented on their own as well as the option of a complete house rental. The design is also contemporary but with natural elements providing a warm counterpoint to the modern lines: etched limestone from the Dominican Republic, European oak cabinets and millwork. Thereโ€™s also a strong sustainability element: owners can opt for solar energy and there are chargers for electric cars in the houseโ€™s garage.

Houses range from two bedroom, 2,740 square foot Villas to six bedroom Estate Residences with 7,312 square feet of interior space and nearly 7,000 additional in exterior space with beach frontage on one side and canal frontage in the back for a private boat slip. Facilities and services include a spa and fitness center, tennis and pickleball courts, excursions for bone fishing and snorkeling among other water sports and a Mediterranean/Mexican restaurant. The property opens in November.

Read more by clicking on the link below.

Source: https://www.forbes.com/sites/lauriewerner/2024/01/14/caribbean-getaway-there-are-new-reasons-to-go-to-turks–caicos/?sh=d903f8d477a4

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

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 โ€˜greenโ€™ roofs designed by Jรถrg 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.

Listing agent:

Courtney Chapman

courtney@tcsothebysrealty.com

c +1 649.431.9517

Listings:

Full Listings here

South Bank Construction Update: December 2023

South Bank is excited to announce that all Lagoon Villas have been handed over welcoming new residents to their exceptional homes to enjoy the Malibu-inspired lifestyle. Atilla Cimsit, our General Manager, and his dedicated hospitality team are ready to assist owners and guests with any requirements and can offer personalized recommendations to enhance the island living experience. Owners who are part of the South Bank rental program managed by Grace Bay Resorts and non-owners looking to experience the South Bank lifestyle next Spring, GBR is now accepting reservations for villa stays commencing on May 1st, 2024.

The Fitness Center:

For health and wellness enthusiasts, the state-of-the-art Gym featuring the latest Technogym equipment will be opened this month. Strategically located at the waterโ€™s edge, the Gym overlooks breathtaking views of the serene lagoon. Fully air-conditioned, it offers residents and guests the ideal setting for maintaining an active lifestyle. Next to the Gym, the Spa is also nearing completion to receive guests and residents into an array of bespoke wellness services.

The Clubhouse:

Those who have visited South Bank recently will have noticed the Clubhouse structure is now at roof level, promising an inviting indoor-outdoor experience with picturesque lagoon views. As the hub of South Bank, the Clubhouse will feature an internal dining arrangement that flows out to a central landscaped courtyard and romantic beach seating with dining options to include a relaxed yet sophisticated restaurant, an outdoor pizza oven, and a chic cocktail bar.

The Launch Boathouses:

Anticipating waterfront living with instant ocean access, the first two blocks of The Launch Boathouses, E and D will be handed over for occupancy in March 2024. These homes offer direct boat access, inviting owners to explore the archipelago at their leisure. Two remaining Boathouses are available for purchase. If you would like to know more on the latest availability, please contact our office. The Ocean Estates: Oceanfront living is becoming a reality at the Ocean Estate, with some owners already settling into their villas. The remaining Ocean Estate Villas are making progress, promising serene vistas and pure waters.

ARC Sky Villas:

Looking ahead to 2024, the developers are preparing for an exciting new chapter with the construction of Arc. The site for Arc is currently being leveled, with the Wastewater Treatment plant works well underway and the beach works having commenced. This striking addition to the South Bank community will break ground in Q1 2024. Only ten ARC Sky Villas remain available for sale, including one last remaining sunset-facing end unit. All residents of South Bank will enjoy access to a new resort beach, pool, bar, and restaurant that will be part of this new South Bank neighborhood.

For more information on ARC Sky Villas, visit our website or view the Youtube videos on this channel.

Development information here.


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 visitย http://www.turksandcaicossir.com.

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

Villas at Blue Mountain officially launchedย 

The Villas at Blue Mountain, the newest passion project presented by one of Turks and Caicosโ€™ most celebrated developers, Stan Hartling of the Hartling Group, has officially launched. 

Designed by internationally respected architect, Rafael Amuchastegui and his team at RAD Architecture in Miami, these homes are a stunning combination of glass and stone showcasing the sky, shoreline and sea. 

The Villas at Blue Mountain is a privately-managed collection of 12 homes, where friends and family can gather to enjoy the laid-back rhythms of the islands in luxury and privacy. 

The launch for the new development was held on Monday November 20th, 2023 at their beautiful Beach Grotto. 

Stan Hartling CEO & Founder said: โ€œWeโ€™re launching Villas at Blue Mountain which is a beautiful new development in the heart of Blue Mountain, one of the very first spots that I stayed when I first moved here so this is coming first circle and the story continues. Today it remains one of my favorite locations on the Island with its incredible views, private beach areas and stunning tranquility. I am very excited to be the development custodian of such a rare and timeless piece of paradise.โ€ He added: โ€œItโ€™s beautiful, weโ€™ve got half acre lots, and weโ€™re a service community, so we will be having butlers in the community. We have rental programs and more importantly we also have five ocean view lots, so when weโ€™re finished here there will be a total of 12 residential homes all in a service community. This area has always been stunning and every area will sort of get its attention at a certain time, but I think that youโ€™re going to see a lot of attention. We have the Rock House newly opened next door and thatโ€™s been a great success, so I think that maybe itโ€™s time for Blue Mountain. It is really a stunning part of the island and very nice and central for people if they want to go to the stores within minutes of a drive to Grace Bay and I think time has come.โ€ 

More about Villas at Blue Mountain

Blue Mountain is one of Providenciales most prestigious and sought-after residential communities. Just five minutes from Providenciales International Airport, this Hartling Group-managed development, is the perfect place for bringing people together to experience the pristine natural beauty of Turks and Caicos.Owners at the Villas at Blue Mountain will have the benefit of a proven full Maintenance and Rental Management program operated by the Hartling Group. 

Those enrolled in the program will benefit from turn-key, worry free management of their Villa and benefit from a professionally promoted rental program that offers a consistent service and quality level through all of the participating Villas.

Active listings

Click here to find all current listings of Villas at Blue Mountain.


About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 Sothebyโ€™s International Realty, Venture House, Grace Bay Road, Providenciales info@tcsothebysrealty.com | 1.649.946.4474

Welcome to The Strand Turks & Caicos Signature Residences

Weโ€™re thrilled to announce the launch of our latest homes at The Strand: Signature Residences.

These 4- and 5-bedroom oceanfront homes were designed to make a statement. Each house has two master bedrooms (one on each floor) – with their own private terrace, walk-in closet and plush bathroom. Three of the four homes also have a guest casita/flex room and garage. With a versatile bonus room on the second level, an infinity pool that spans 42 feet and the most lush and welcoming outdoor living space, it just might be the perfect place for your real estate investment.

The Strand is exceptionally delighted to welcome Frits and Jenny to our team, as their invaluable experience will play a key role in their daily operation.

More about The Strand

Overlooking the sapphire blue waters of Cooper Jack Bay with dramatic vistas and an awe-inspiring setting, The Strand is a hidden retreat complete with private Residences, Villas, and Estates, a swimmable shoreline, destination dining, and crafted experiences specifically for reconnection.

Active listings

Click here to find all current listings of The Strand.

About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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 Sothebyโ€™s International Realty, Venture House, Grace Bay Road, Providenciales info@tcsothebysrealty.com | 1.649.946.4474

Turks & Caicos Real Estate Association – TCREA 2023ย Annual General Meeting

The TCREA Annual General Meeting of 2023, held on November 16th, 2023, at Opus, garnered a positive response with the Conference Room brimming with agents.

The Executive Members for 2022/2023 expressed formal gratitude as they concluded a successful year. The former Vice President, Robert Greenwood, Director & Senior Broker at the Regency-Christieโ€™s International Real Estate extended thanks to each agent and broker for their contributions throughout the year. He encouraged everyone to strive for even greater achievements as they embark on a dedicated new era, emphasizing the importance of more volunteers for the association’s betterment. “I know everyone is busy, but the association needs you,” he stressed.

Joe Zahm, the President of Turks & Caicos Sotheby’s International Realty, acknowledged Veronica Delancy at Keller Williams Turks and Caicos Real Estate for arranging successful open house tours each year. Joe also highlighted the success of the TCREA/MLS, positioning it as one of the most sophisticated MLS systems in the Caribbean.

The TCREA Office Administrator and MLS Coordinator, Ashley Simmons later conducted the formal voting for the new 2024 Executive Committee. Several agents were nominated for the roles of President, Vice President, Treasurer, and Secretary. Following a mix of self-nominations and votes, the 2024 Executive Committee was announced:

  • President: Ian Hurdle, Founder & Director of The Agency Turks and Caicos
  • Vice President: Latoya Jones-Harvey, Grace Bay Realty
  • Treasurer: Richard Sankar, Turks & Caicos Sothebyโ€™s International Realty
  • Secretary: Kirbymae Been Fulford, Christie’s International Real Estate
  • Ambassador: Toreth Jackson, Keller Williams Turks & Caicos

The AGM meeting adjourned with a strong sense of accomplishment. The newly elected President, Ian Hurdle, expressed his commitment to the role, pledging to follow in the footsteps of the outstanding presidents who preceded him.

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

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 letโ€™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 Singleโ€“Family segment ($3,492,489 vs. $1,492,127)! This is another โ€œwowโ€ 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 Sothebyโ€™s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

About Turks & Caicos Sothebyโ€™s International Realty
Turks & Caicos Sothebyโ€™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 worldโ€™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 firmโ€™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

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.ย 

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 timeย Stamp Dutyย 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 40โ€™ of elevation. Lot 58 is a rare and generously sized 1.11 acres, with magnificent 145โ€™ 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 oneโ€™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

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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.