Turks & Caicos Islands Real Estate Winter/Spring 2023/24

COURTESY REGENCY CHRISTIE’S INTERNATIONAL REALTY
The Loren at Turtle Cove is a long-awaited addition to Providenciales’ original tourism center. The Loren features six beachfront
villas, 25 condominiums, a 33-key boutique hotel, and a private 32-slip marina, all nestled in a secluded cove.
A drive around Providenciales or look through this
magazine will reflect two things: villas and vacation rental
properties continue to become larger and more luxurious,
and ongoing development is rampant. As a result, sales
continue to increase, average prices are rising dramatically,
and it’s time to jump into this very lucrative market.
As we went to press, TCREA third quarter sales
figures for the Turks & Caicos real estate market were
available. To date, there were 335 sales with an average
price of $1,572,621, overshadowing the average price for
the record-breaking year of 2021 ($1,287,312) and well
above 2022 figures ($1,050,108). The 2023 figures for the
traditionally slow quarter of the year outperformed expectations
and show that the market is becoming less seasonal
and is continuing to grow rapidly.
Third quarter market figures for single family homes
reflected their status as “cream of the crop.” A total of 110
were sold at an average price of $3,492,489, more than
double the average price of $1,492,127 in 2022 and well
above the average price of $2,219,096 in record-breaking
2021. The spike is attributed to 75% of closed postings
being new developments, including 56 new homes. A look
at the properties at South Bank, The Strand, Peninsula
Estate, and Beach Enclave, for instance, reflects the opulence
of new villas just completed or nearing completion.
Luxury pre-construction offerings exceeded $8,000,000 at
developments including Wymara Villas, South Bank, and
2Shores.
As continued evidence of the high demand and dearth
of existing high-end homes for sale, is the recent off-market
sale of Sole E Mare on Leeward’s coveted north shore.
It marks the first residential re-sale above $30 million in
the TCI and is a testament to the continued growth and
desirability of best-in-class real estate in the jurisdiction.
The sale was the culmination of a painstaking rebuild process
and exceptionally well-executed design, showcasing
the type of design and construction that was not to be
found even five years ago in the jurisdiction. A recently
completed beach revetment and additional new investment
point to continued upward trending price values in
the area.
It’s important to remember that brokers, consultants,
and developers typically consider conditional and pending
sales—not only closed transactions—when evaluating
a market. Conditional transactions are accepted offers,
while pending transactions are under contract. Both are
predictors of the future. In this third quarter, conditional
dollar volume rose 444% over 2022, with pending transactions
up 8%. This reflects the power of the many new
developments that have come onstream over the last year.
As you peruse this magazine, you will find pages of
exciting new projects, not last seen since the boom years
24 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association