By the Caribbean Journal staff
Turks and Caicos is one of the Caribbean’s most sizzling real estate markets — and it’s a trend that continued last year.
Turks and Caicos saw overall real estate sales volume of just under $256 million, a 9 percent increase compared to 2017.
That’s along with an overall 169 percent increase in sales volume in the last eight years, according to a new report from Turks and Caicos Sotheby’s International Realty.
The overall market was buoyed by the single-family home market, which represented nearly 50 percent of all sales volume, for a total of just over $123 million, up from $111.67 million in 2017.
That included more than 20 home sales over the $3 million mark, including the highest recorded home sale – $7 million — for an existing villa.
Condos at the Palms, Turks and Caicos, saw strong resale growth, according to Sotheby’s.
That included the sales of the Saving Grace villa for $7 million; an Amanyara villa for $6.55 million and a villa at the Shore Club that sold for $5.9 million, among others.
Indeed, the Shore Club, one of the hottest new residential hotels in the region, has already sold out its villa component, according to Sotheby’s.
The Shore Club.
On the condominium side, a total of 77 condo units were sold last year, with just under $71 million in sales volume — up from $64 million last year.
Several new projects are also on stream.
A rendering of the Beach Enclave at Long Bay project.
That includes the first phase of Beach Enclave Long Bay, an expansion of the Beach Enclave brand, along with another new phase, The Club at Beach Enclave Long Bay, which will include four houses and four condo suites within a 20-suite boutique hotel.
It’s all part of what’s shaping up to be the hottest real estate market in the region right now.
— CJ