Turks & Caicos Islands Real Estate Winter/Spring 2021/22

attributed the tremendous demand over the last year?
TCREA agents report that beachfront properties are
going under offer within days of being listed on the MLS
system. Single-family homes typically last less than 180
days on the market, about 1/3 of the market average.
Some has to do with a strong U.S. stock market,
which has left high-end investors with plenty of money
to spend. In the wake of the pandemic, the wealthy are
seeking a safe, private, beautiful place to “escape,” both
now and in the future. For many reasons, the Turks &
Caicos Islands offers just that.
Perhaps because there has never been a sustained
period of high demand in the past, there are still beachfront
and waterfront land and properties available,
especially on the “out islands” and private enclaves beyond
Providenciales. At the same time, the market has adjusted
to quickly provide development opportunities to cater to
these eager investors.
Much has been said about the TCI's superb handling
of the COVID-19 pandemic. The borders were
closed from March 23 to July 22, 2020, with strict initial
lockdown restrictions. Over time, local businesses were
cautiously reopened with capacity limitations and enforcement
of masks and hand-sanitizing, which continue to
this day.
When the borders reopened, the TCI Government
thoughtfully established entry protocols designed to strike
a balance between mitigating risk while not discouraging
travellers. The TCI Assured portal handles the issuance of
travel authorization certificates with speed and agility. To
date, all visitors over the age of 16 must be fully vaccinated
and provide a negative PCR or antigen COVID-19 test
taken within three days of travel.
By the end of March 2021, over 47,000 doses of the
Pfizer-BioNTech and 300 doses of the AstraZeneca vaccines
had been shipped to the Islands and disseminated.
At press time (late October 2021), it’s estimated that
approximately 26,112 residents (68%) are fully vaccinated.
For some categories, including work permit holders, vaccination
is mandatory.
The end result is that visitors flocked to the TCI
during the traditionally slow summer and fall seasons,
with record tourist numbers reported over the summer
2021. This, too, spurred the real estate market to record
levels, reflected in astonishing changes when TCREA
third quarter figures are compared between 2020 and
2021. Total sales jumped from 51 to 132, with an average
price increase from $743,000 to $1,164,000! Median price
rose from $148,000 to $527,500! Clearly the luxury market
(sales over $1 million) is on the rise.
22 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association