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
