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Half a Billion in Real Estate Transactions in Turks & Caicos

TCI Real Estate Sales

There are over $463 million in pending and conditional real estate transactions in Turks and Caicos Islands, according to industry officials.
And this does not include another $100 million in new development sales at The Ritz-Carlton Residences, South Bank, Beach Enclave, Rock House, The Strand and other new development projects.

The combined total of $563million in transactions was contained in a Turks & Caicos Market Report and Update for the 1st Quarter of 2021, done by Sotheby’s International Realty.

According to the report, following a breathtaking fourth quarter of 2020, the Turks and Caicos Islands real estate market closed “an historical quarter of business” with nearly $128 million in closed transactions, up 60% over the same period last year with average price increases across each sector.

“It is clear for the post-COVID world that ultra-luxury and luxury markets have fully endorsed Turks & Caicos Islands as a preferred warm weather destination. Also, a vacation property is now much more than simply a lifestyle investment, but a life investment and often an integral part of work, play and community, contributing to taking our market to the next level,” the report stated.

The report used data compiled from the Turks and Caicos Real Estate Association’s (TCREA) Multiple Listing System (MLS) in which every piece of land and property for sale through a TCREA agent is placed on a single database.

In terms of the overall market for residential and commercial for the first three months of 2021, there were 86 sales totalling $127million, at an average price of $1.4 million.

There were 27 sales of single family homes for the same period totalling $73million at an average price of $2.7million, while there were 23 condominium sales totalling $26.8million at an average price of $1million.

There were 34 sales of commercial and residential land totalling $26million and at an average cost of $788, 721.00

The report added that since reopening borders last July, the Turks & Caicos Islands Government and the TCI Hotel & Tourism Association have worked closely and diligently to ensure that the community and visitors remain safe.

“Tourism being the main driver of our economy it was important to find a way to operate through this pandemic by instituting testing programs and standard protocols. The next step was to continue the vaccination program and as it stands now, the TCI are a global leader with 43% of the adult population being vaccinated with the goal to increase this percentage dramatically by the end of June, when the program ends. With other countries in the world closed for visitors, it became apparent that it was to our advantage to remain open.

This resulted in a surprisingly busy spring season for our resorts and tour operators. Second homeowners have enjoyed the extended stays this winter too, in this Turks & Caicos safe-haven,” the report added.

Mark A Fulford is one of the Leading Real Estate/Conveyancing Attorneys located on Providenciales, home of the worlds best beach Grace Bay – in Turks and Caicos Islands. http://www.fchamberslaw.com/real-estate/

Article By Hayden Boyce, Editor in Chief of Sun News TCI

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