The Latest Turks and Caicos Real Estate Report
Prior to the coronavirus pandemic, Turks and Caicos real estate was off to a “remarkable”start in 2020, according to a new report from leading brokerage The Agency Turks and Caicos.
Sales volume, average price and median price had all increased compared to the first quarter of 2019, according to the report.
“The Turks and Caicos real estate market is a very resilient one and has over the last 10 years seen steady, stable growth. Even with our market in a pause at the moment we are still seeing significant activity and interest, particularly at the higher end,” Sean O’Neill, managing director at The Agency Turks and Caicos, told Caribbean Journal Invest.
Total sales volume in Turks and Caicos was $65.69 million in the first quarter, with a total of 74 sales averaging $887,739 — with a median sales price of $276,250.
Most notably, the average sales price marked a 22 percent jump over 2019.
Much of the volume was driven in the luxury market (meaning properties over $1 million). in which sales volume totaled $51.59 million — and the average sales price in that market was $3.03 million.
While the world has changed significantly in the last few months, Turks and Caicos’ government has made the most notable real estate stimulus so far in the Caribbean: cutting Stamp Duty rates by 50 percent until June 30.
“The Turks and Caicos Government’s initiative to reduce Stamp Duty by 50% will see activity continue and ensure that the one time tax on property, an important revenue stream for our Government, continues to support the overall economy,” O’Neill said.
It all shapes up to what is a major opportunity, O’Neill said.
“What Q1 of 2020 shows is how in demand the Turks and Caicos has been. We now have an opportunity during this period to reach out to those people who are realizing that they can work remotely and offer them an incredible quality of life in one of the most beautiful places in the world,” O’Neill said. “Many can consider enjoying the lifestyle that they thought was just for their vacations on a daily basis.”
For the full report, see here.