By the Caribbean Journal staff
The real estate market in Turks and Caicos continues to show strong growth, according to a new report from Turks and Caicos Sotheby’s International Realty.
Sales volume totaled $135 million in the first half of 2018, which represented a 7.37 percent increase over the same period in 2017.
The average sales price also rose 6.79 percent, jumping from $681,097 to $727,350.
That was driven in part by five villa sales in Turks and Caicos’ Beach Enclave Long Bay development, while six beachfront villas at the Shore Club are 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,” the report said.
There were an additional $184 million in pending transactions at the time of publication.
“Overall, market performance through the first half of 2018 has been consistently strong,” the report said. “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.”