July 22,2021 – Providenciales, Turks & Caicos Islands
The TCI real estate market is seemingly ‘too hot to handle’ as we witness yet another record-breaking quarter in sales volume along with pending/under construction sales not recorded within this amount! This first half of the year has just closed out with a staggering $328M in sales volume which is normally TCI’s yearly sales volume – in a very strong year! That’s a 105% increase over last years 2nd Quarter with an average price increase of 26%. All segments of the market saw increases contributing to this incredible spike in sales. Significant sales noted in this 2ndQ were, Turtle Tail Estate $20.25M, Villa Salacia $16M, Casa Tremer $7.995M, and The Estate at Grace Bay Club G504 $5M.
The tourism industry is also witnessing record numbers in occupancy during this time as Turks & Caicos continues to flourish and to fulfill its destiny as a leading and premiere upscale destination in the Caribbean. The resilient Turks & Caicos real estate and tourism market has sustained economic growth and real estate sales for the past eight years, and we expect to see continued growth, with new and exciting projects in the pipeline.
We congratulate the Ritz-Carlton Residences on their Grand Opening which took place on June 22nd with a fan-fair event including all TCI Government Ministers in attendance. Rock House Resort is on target to open its jaw dropping resort in December 2021, while South Bank continues to take shape turning their development vision into reality with numerous villas under construction and the Boat Houses to commence in August. Beach Enclave developers are busy on North Shore Phase 2 Villa construction and will soon start construction on The Club at Beach Enclave Long Bay. The Strand in Cooper Jack Bay is completing its first sales and getting closer to construction start. We expect to announce a new villa development for Grace Bay in the coming weeks with preliminary plans in place. This limited offering will prove to be a popular model for vacation home buyers.
The Turks & Caicos Islands Government and the TCI Hotel & Tourism Association continue to work diligently to ensure that our community and our visitors remain safe. We are now experiencing a more relaxed, yet diligent, atmosphere throughout with a hint of caution as we see other countries still struggling. The fourth batch of vaccines has now arrived and the Government is hopeful of having 75% of our adult population vaccinated which will help protect everyone in the months and years to come. We welcome you to view the following report which includes our usual graphs for visual and a brief outline of some new waterfront listings.
Denise Douglas, Turks & Caicos Sotheby's International Realty, [email protected], 649.946.4474
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Denise Douglas, Turks & Caicos Sotheby’s International Realty, [email protected], 649.946.4474