turks and caicos market roaring
The Rock House project is in development.
News

Turks and Caicos Has a Roaring Real Estate Market

By: Alexander Britell - January 16, 2020

The real estate market in Turks and Caicos is seeing record-breaking performance, according to the newest report from Turks and Caicos Sotheby’s International Realty. 

Indeed, Turks and Caicos real estate hit a record $334.7 million in sales volume in 2019, according to the report, itself an increase of almost $76 million compared to 2018. 

The data represents dramatic growth in the last decade: in 2010, real estate sales volume in Turks and Caicos totaled just under $59 million — meaning almost 570 percent growth over 10 years. 

turks and caicos market roaring
The Shore Club on Long Bay in Turks and Caicos, which has set the standard with its luxury villa product.

That was buoyed by almost $220 million in single-family home sales, up from $124 million in 2018 — accounting for nearly 52 percent of sales volume. 

On the luxury side, Turks and Caicos saw nearly 21 home sales over the $3 million mark, with the highest recorded home sale at $27 million for an existing. (Those home sales also included the purchase of the Turtle Tail-area home of late music icon Prince).

“We are seeing unprecedented sales activity with a massive spike in median house prices and overall sales volume from 2018 to 2019,” Ian Hurdle, managing partner of The Agency Turks and Caicos, told Caribbean Journal.

He pointed to sales like that of Bruce Willis’ estate on Parrot Cay this year and Triton on Long Bay as prime examples.

And prices have followed suit — the average price rose by 36 percent over the previous year, according to Sotheby’s; overall, Turks and Caicos villas sold for an average price point of $1.98 million, a number Sotheby’s called “stunning.”

turks and caicos market roaring
A rendering of the Andaz Turks and Caicos, another residential resort in development.

The growth of Turks and Caicos’ strong villa market has also had a significant impact on the destination’s tourism offering, meaning a new wave of luxury travelers staying at villas like those in the WIMCO portfolio.

That’s only broadened what has always been the fulcrum of Turks and Caicos’ tourism industry: its large portfolio of condo and residential resorts — making it a destination where real estate and tourism are particularly intertwined.

That’s a trend that continues to grow across the wider Caribbean, as more and more developers include residential components in their projects or develop full-fledged residential resorts, from in-development projects like the Rosewood Half Moon Bay in Antigua to the luxe Port Ferdinand in Barbados.

Turks and Caicos’ “resort and residential condominium models which have successfully proven to be the core of the Turks and Caicos tourism offering,” Sotheby’s said in the report.

“Turks and Caicos has tremendous momentum and a lot of potential growth as we remain humble and grateful for our wonderful position in the Caribbean and the greater region,” Sotheby’s said in a statement. 

The sales surge in Turks and Caicos arrives as a host of new inventory is set to come on stream, from the soon-to-be-completed Ritz-Carlton Residences on Grace Bay; the Bight Hotel and the highly-anticipated Rock House cliffside development, along with the new Andaz residential resort. 

And Hurdle said it’s likely a sign of even stronger things to come.

“There is no current signs of abatement in demand for product and with surging tourist numbers and a number of luxury pre-construction Villa vacation development projects now fully underway we forecast another strong real estate season not just through Q2 but Q3,” Hurdle said.

— CJ

Popular Posts the sexiest beaches including this resort at atlantis

The Sexiest Beaches in the Caribbean to Visit Right Now 

One is a beach with a nightclub-style pool right next door. Another is filled with beach bars — and even has its own au natural corner. Then there’s a beach that’s practically a nonstop party.  There are so many things that […]


The Best Caribbean Islands to Visit This Summer, From Antigua to St Croix

verandah antigua

We’ve been saying it for years, and we’ll keep saying it: in some ways, the Caribbean is even better in the summer months. The water is warm. It’s a bit less crowded, a little bit quieter. At night, the trade […]


American Airlines Just Expanded Its French Caribbean Flights

martinique american airlines

From the rainforests to the rum, the haute cuisine to the beaches, the French Caribbean island of Martinique is among the most diverse, fascinating places to visit in the wider region.  And now it’s easier than ever to fly to […]


Related Posts dominican republic resorts hyatt pool

Playa: All-Inclusive Market Shifting Toward Luxury

Fernando Mulet joined Playa Resorts in 2006. Through his nearly two decades guiding the now publicly-traded, heavy-hitter in the all-inclusive space, he’s seen an evolution. What once was an industry dominated by Spanish family-owned hotel companies has diversified with an […]


First Grand Cayman, Tulum and Roatan. Now Kimpton Is Opening in the Dominican Republic 

kimpton las mercedes with rooftop pool and bar

Locally-focused restaurants, sleek lobbies, thoughtful service and a reinvention of how hotels do happy hour. Kimpton has always been a unique hotel brand; but it wasn’t until 2016 that the company actually came to the Caribbean, with the outstanding Kimpton […]


American Airlines Is Adding More Daily Saint Lucia Flights 

point hardy

The world’s largest airline is expanding its nonstop service to the Eastern Caribbean island of Saint Lucia ahead of the summer season, Caribbean Journal has learned.  American Airlines is doubling its daily nonstop flights between Miami and Saint Lucia’s Hewanorra […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You