2021 Turks & Caicos Real Estate – Exceeding Wildest Aspirations!
The headline for our 2020 Year End Report read: “2020 Turks & Caicos Real Estate Market Closes Like a Champ”. Then, with each quarterly report throughout this past year, we witnessed record breaking sales and it became clear that we were heading for a historic year.
And what to say about a supernova year where our annual sales volume increased 158.5% from $290M to $751M!! Where Single Family Homes accounted for a whopping $369M, up 137% over last year’s $155M, with average prices up 30%, from $1.72M to $2.25M. And where Condominium sales, led by the completion of The Ritz-Carlton, improved by 282%, from $59M to $225M, with a 33.5% increase in average price from $1.03M to $1.38M!
With regard to the Condominium sector, we went well over a decade without a new Grace Bay vertical development, so The Ritz-Carlton fulfilled a huge gap in the market. With other projects in the pipeline, including Point Grace Phase 2 by Grace Bay Resorts, The St. Regis by the developer of The Ritz-Carlton and perhaps the long-awaited Andaz Residences, we should see some consistent Grace Bay condominium development. Demand continues to be frenetic for quality upper-level beachfront units with owners holding dear to their places. Days on market are short with high elasticity in price for the better inventory. The new projects will help to fulfill over a decade of pent-up demand and increase its share of all sales beyond the existing 30%.
From Trophy properties to managed and stand-alone villas, Single Family Homes owned the day, accounting for 49% of the total market. Significant sales included Turtle Tail Estate at $20.25M, Coral Pavilion at $15M, Beach Enclave Grace Bay at $10.2M, Villa Chill at $10M (all Listed and Sold by TCSIR) and Villa Salacia at $16M (Sold by TCSIR). Several off market properties, at significant price points, transacted that were not recorded on MLS. New Development sales posted on MLS accounted for only 18% of gross sales volume in this segment, with most New Development sales still pending as the aforementioned figures do not account for the $460,000,000 in Pending and Conditional transactions on our MLS, led by South Bank, Rock House and The Strand.
Raw Land sales also fared well, with a 115% year-on-year improvement, from $63.7M to $137M and a 54% increase in average price from $370,807 to $573,009.
So, what to say, beyond wow! The colossal numbers aside, TCI continues to enjoy the excellent fundamentals we so often have written about, where quality, ease of access and use, freedom of movement and open outdoor space are treasured. We envision a strong 2022 ahead, albeit with some inventory restrictions, featuring a healthy balance of new development condominiums and villas, and perhaps some traction on our private islands.
As always, we thank our team, clients, customers, industry colleagues, and the broader private and public sectors for their amazing adaptability, tenacity, and grace in navigating the Covid world. We never dreamed that through all of the significant challenges, we would exceed our wildest aspirations in 2021.
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Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474
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