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TCI Realtors sell over $290 Million despite COVID-bust to tourism

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#TurksandCaicos, February 8, 2021 – In reviewing the past decade of a buoyant real estate industry; 2020 surged ahead of 2018 as second best, according to the Market Report Year in Review Comparison published by Turks and Caicos Sotheby’s International Realty and it meant realtors banked an impressive $290,223,626 in sales despite the dismal impact of Covid-19 on travel.

“The 2020 TCI real estate market performed better than we ever could have hoped for in the context of COVID–19, a four-month country-wide shut down and stringent travel requirements,” informed the Market Report circulated in mid-January 2021, which added, “With airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate!”

Resulting in record vacant land sales and multi-million dollar closes on signature properties in the British  overseas territory, the Report attributes the banner year to a reduction in stamp duty. 

The reduction was one of the Government’s revenue raising measures as the coronavirus pandemic robbed the country of critical tourism earnings.

“Quarter two, (led by the sale of a couple of a trophy properties and several new development villa sales) was also assisted by welcomed stimulus from the TCI Government with a concession halving stamp duty for the second quarter. This helped us close sales during this torturous time for our hotel, resort and villa rental partners grappling with the border’s closures. And this is really the first time in our history that our real estate industry has not been so directly tethered to tourism flow,” informed the Market Report.

The report, fueled by statistics from the Turks and Caicos Real Estate Association, (TCREA) informs that 323 listings brought in a whopping $290,223,626 in sales; an average of $898,525 per close.

Showcased as the most significant, big pay day sales for 2020 were:  Emerald Pavilion sold for $13 million; Bajacau sold for $18.8 million; Amanyara Villa 16 sold for $6.75 million; Dream Big Villa sold for $5.75 million; Long Bay House sold for $5.825 million and Cerulean for $4.8 million.

Land sales in 2020 topped 2019; the fourth best performance for Turks and Caicos in the past decade. 

The Turks and Caicos Market Report illustrated that over $63.2 million in vacant lots was earned from 168 listings.

It was a 4.4 percent increase over the year prior.

“Within the 168 sales there were 14 land sales over $1M and the overall average price, as noted on the graph, has experienced a slight increase. Nine beachfront parcels, three in Leeward and six in Long Bay transacted in 2020. The Bight experienced an uptick in sales which were predominantly along Leeward Highway. Leeward’s growth continues with construction throughout and continued land sales as noted below. Discovery Bay shows steady land sales and we predict this will increase with the plans for road pavement along with the recently launched new development, The Strand, in Cooper Jack. Long Bay was the winner again this year posting 42 land sales. The outer-islands recorded land sales in North, Middle, West Caicos, Grand Turk & Ambergris Cay.”

The Ministry of Finance reported increases as well for the public purse due to stamp duty. 

“Stamp Duty on Land Transactions for the quarter was $2.2 million and totaled $12.8 million at the end of the second quarter which was $3.4 million ahead of the estimates,” reported Premier Sharlene Robinson, TCI Minister of Finance in an October 27, 2020 update to the nation.

The 2020 Stamp Duty Waiver for real estate purchases was available from September 20th through to December 20th, and was offered in three tiers, namely:  a 75 percent reduction of stamp duty on property valued up to $2 million, made between September 21st and October 20th; a 50 percent reduction of stamp duty on property valued up to $2 million, made between October 21st and November 20th and a 25 percent reduction of stamp duty on property valued up to $2 million, made between November 21st and December 20th.

Fifty-seven condominiums were sold to top 2019; leading the sales were luxury condos at Grace Bay Club; The Palms;  Ocean Club; The Regent Grand and the Shore Club.

“Condominium sales performance finished the year end with a slight increase after the significant drop in sales volume last year. The average price increased by 37 percent due to the sale of several luxury re-sale condominiums. The sale-to-list ratio remained high at 92 percent and the overall-average price per square foot increased slightly to $488. The price per square foot for condominiums over $1M was $661 and over $3M was $780.”

Condo sales volume boomed by 15 percent after a review of 2020.

Interest continues to abound in 2021 for the alluring alternative life Turks and Caicos real estate listings offer, despite the end to stamp duty concessions. 

The Report explained the remarkable performance is due to these truths:  “They want quality, the ease-of-use and access and security, and are less motivated by rental income opting for personal use and long-term capital appreciation. As a Hamptons real estate agent said in early summer, “life plans changed in a weekend”, and while that may be an overstatement for this market, it is clear that buyers (and most existing TCI property owners) have put their umbrellas in the sand with a clear intention: They really want to be here!”

In Y2020, 93 private homes were sold; more than 16 of them sold for $3 million dollars and nearly 30 percent of those single family homes were in the villa development category.

Government

$94.1Mfor Health; Knowles Pushes to Keep Care at Home

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Turks and Caicos, April 25, 2026 – A major shift in how healthcare is delivered in the Turks and Caicos Islands is at the center of the Government’s latest budget, with a focus on reducing reliance on overseas treatment and strengthening services at home.

Presenting his contribution to the national debate, Kyle Knowles outlined a strategy aimed at building a more sustainable healthcare system—one that allows more residents to access quality care within the country.

The health sector has been allocated $94.1 million, making it one of the largest areas of public spending in the $550.8 million Budget passed on April 23.

Central to the Minister’s approach is a restructuring of the Treatment Abroad Programme (TAP), which has grown significantly in recent years as more patients are sent overseas for specialized care.

The Government now aims to reverse that trend.

“We are reforming healthcare to ensure long-term sustainability,” Knowles indicated, pointing to efforts to strengthen local services and reduce the need for travel.

The strategy includes improving healthcare infrastructure, expanding services available within the islands and increasing efficiency through the digitization of medical records.

Digitization is expected to support better coordination of care, reduce delays and allow for more accurate tracking of patient needs—part of a broader effort to modernize public services.

The Minister emphasized that the goal is not only cost control, but improved access.

“No family should have to leave home to get quality care,” he said, underscoring the Government’s intention to refocus healthcare delivery on local capacity.

The shift comes as rising healthcare costs continue to place pressure on public finances, with overseas treatment representing one of the most expensive components of the system.

By investing more heavily in domestic services, the Government is seeking to reduce that burden while improving outcomes for residents.

While the direction is clear, details on timelines and the pace of expansion for local services were not fully outlined in the presentation.

Still, the emphasis on sustainability, access and modernization signals a strategic pivot in how healthcare is expected to evolve in the Turks and Caicos Islands.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Government

Premier Defends Budget Strategy, Rejects Claims of Inefficiency

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Turks and Caicos, April 25, 2026 – Premier Charles Washington Misick has pushed back against criticism of the Government’s newly passed budget, defending both its direction and execution as deliberate and necessary for national development.

Wrapping up debate on the $550.8 million Budget, passed on April 23, the Premier dismissed concerns raised by the Opposition about inefficiency, rising costs and gaps in delivery, insisting the Government’s approach is measured and focused on long-term growth.

“This budget is about delivering for our people,” Misick said, as he reinforced the administration’s commitment to infrastructure, healthcare expansion and broader economic development.

Opposition Leader Edwin Astwood had earlier challenged the Government’s performance, pointing to unfilled posts, delayed projects and what he described as weak execution despite increasing allocations.

In response, the Premier rejected the notion that the Government is failing to deliver, instead arguing that building national capacity takes time and sustained investment.

He maintained that staffing challenges are being addressed and that improvements across ministries are ongoing, even as demand for public services grows.

The Premier also defended the scale of spending, framing it as a necessary step to support development across the islands, rather than unchecked expansion.

“We are investing in the future of this country,” he said, pointing to continued funding for infrastructure, community development and public services.

On the question of equitable growth, Misick reiterated his administration’s focus on balanced development, including ongoing investments in the Family Islands.

He argued that progress is being made, even if transformation is not occurring as rapidly as some would like.

Throughout his closing remarks, the Premier leaned on the country’s economic fundamentals—highlighting strong cash reserves, stable growth projections and international confidence in the Turks and Caicos Islands’ fiscal management.

While the rebuttal addressed criticism head-on, it did not significantly alter the structure of the budget or introduce major new measures in response to concerns raised during the debate.

Instead, the Government’s position remained consistent: the plan is in place, the investments are targeted, and delivery will continue.

The exchange underscores a clear divide—between an Opposition pressing for faster, more measurable results, and a Government maintaining that its strategy is already on course.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

PHOTO COURTESY OF THE OFFICE OF THE PREMIER

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Government

Digital Government Push Advances, but Reliability and Security Details Remain Unclear

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Turks and Caicos, April 25, 2026 – There was no mistaking the enthusiasm of the Minister of Finance, Investment and Trade, E. Jay Saunders, as he laid out his vision for a more digitally driven Turks and Caicos Islands—one where services are faster, systems are connected, and doing business is easier.

But within that forward-looking presentation, what remained notably absent were clear timelines and defined measures to ensure data security and system reliability.

“We are moving toward a fully integrated digital government,” Saunders told the House, as he outlined a future where public services are delivered seamlessly through technology.

With responsibility for the country’s economic and digital transformation, Saunders pointed to several areas expected to be reshaped by the rollout of e-government systems, including revenue collection, business licensing, customs processing and access to public services—all designed to reduce delays, improve compliance and streamline transactions.

The vision is one of convenience and efficiency: fewer lines, faster approvals, and systems that communicate across departments rather than operate in silos.

Within the framework of the Government’s $550.8 million Budget, passed on April 23, the digital push is positioned as a key driver of modernization and improved service delivery.

However, for many users, the experience of government systems today remains inconsistent.

Periodic outages, payment disruptions and service downtime continue to affect daily transactions, raising practical concerns about how quickly the country can transition to a fully digital model.

Despite the scale of the ambition, the Minister’s presentation did not directly address how system reliability will be strengthened or how data will be protected as more services move online.

Those elements—uptime, security and resilience—are critical to public confidence, particularly as businesses and residents become increasingly dependent on digital platforms to access government services.

The direction is clear, and the potential impact is significant.

But as the country moves closer to greater digital dependence, the success of that transformation will ultimately rest not just on what is promised—but on whether the systems can be relied upon when they are needed most.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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