POSITIVE PROPERTY OUTLOOK FOR TURKS AND CAICOS WITH SALES SURGE

The property market in Turks and Caicos has witnessed a significant surge in the past 12 months, with sales totalling $135 million in the first half of 2018.

According to data from Turks and Caicos Sotheby’s International Realty, sales saw a 7.37% increase from the same period in 2017, with the average sales price also rising 6.79 percent, jumping from $681,097 to $727,350.

Much of that is due to five villa sales in Turks and Caicos’ Beach Enclave Long Bay development, while six beachfront villas at the Shore Club have been either sold or reserved. Another six of seven villas at the Gansevoort’s new luxe development have also been sold.

In the single-family home sector, sales prices rose by 19.32 percent to $1.441 million, led by what the brokerage said was “new development in the luxury villa sector.”

Condo sales growth was flatter, with a 1.17 percent increase in sales volume to $34.1 million, though average prices rose 8.75 percent to $784,842.

Sotheby’s noted that days on the market in the condo sector fell by 24 percent, from 402 days to 305 days, due to constructed supply and increased demand.

“This performance is a precursor for the rebirth of new development in the Turks and Caicos Islands, with projects including Rock House and the new Ritz-Carlton Residences, which is now under construction, and other pipeline development,” says David Hay from Turks and Caicos Sotheby’s International Realty.

“Overall, market performance through the first half of 2018 has been consistently strong. This steady pattern shows that investors are recognizing the value in Turks and Caicos Islands real estate with the ease of access and use, beautiful location and amazing views, a low-tax jurisdiction, population growth and first-rate infrastructure. We anticipate vibrant growth throughout 2018 beyond.”