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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.

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Invest Turks and Caicos Islands Highlights Investment Growth and Workforce Opportunity at 5th Annual General Meeting

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Providenciales, Turks and Caicos Islands – Monday, 28th September 2026:Invest Turks and Caicos Islands (Invest TCI) hosted its 5th Annual General Meeting (AGM) on Tuesday, September 15, 2026, at The Ritz-Carlton, Turks and Caicos, under the theme “Investment and Opportunity: Building a Stronger Workforce.”

The event brought together government officials, investors, developers, industry leaders, small business owners and key stakeholders for an evening of reflection on the Agency’s performance and the continued growth of the Turks and Caicos Islands. The meeting was called to order by Invest TCI Chairperson Ms. Cindy Ewing, who greeted the guests, outlined the purpose of the AGM, including the Agency’s statutory mandate and commitment to public accountability.

Building on the evening’s focus, Premier and Minister of Finance, Trade and Investment, Hon. Charles Washington Misick, reflected on the strength of the tourism industry, continued development and the transformation experienced by the Islands over the past five decades. He emphasized that economic progress cannot be measured solely by the number of buildings constructed or the amount of capital reaching the country’s shores, but by whether the people of the Turks and Caicos Islands are advancing alongside that growth.

The Premier also called for greater attention to the social cost of economic expansion and the extent to which the benefits of growth are shared. As Invest TCI continues to play a central role in facilitating development, he stressed the importance of responsible corporate citizenship and of ensuring that those benefiting from the economy contribute meaningfully to the society in which they operate.

Following the Premier’s remarks, Her Excellency Governor Dileeni Daniel-Selvaratnam highlighted the opportunity to convert strong investor confidence into lasting economic capability, productivity and prosperity. She underscored the importance of viewing investment as a catalyst for innovation, skills development, enterprise and institutional strength, while building the domestic capacity required to support continued growth.

Bringing the discussion back to Invest TCI’s role in advancing that objective, Chairperson Ms. Ewing presented the Board’s report, reflecting on governance, Board oversight, key achievements and the strategic direction of the Agency, while underscoring the responsibility that accompanies a growing investment environment.

“The true value of investment is not only what is built on our shores, but also what is built within our people,” Ms. Ewing said. She further emphasized the Board’s responsibility to understand the investment landscape, question it and, where necessary, improve upon it.

The focus then shifted from strategic oversight to the Agency’s performance, as Chief Executive Officer Mrs. Angela Musgrove presented on the performance of the organization for the 2025/26 financial year. She highlighted an active investment pipeline of 53 projects valued at approximately $6.335 billion and reported that the Agency received 140 applications to its Micro Small and Medium Enterprise programme, the highest number of applications in the programme’s history. Importantly, she emphasized that the Agency’s focus extends beyond the size of the investment pipeline to the impact these investments are expected to generate across the economy, including employment, construction activity, business opportunities, linkages with local enterprises and broader economic participation.

Further demonstrating the breadth of activity across the Agency’s portfolio, Mrs. Musgrove reported progress under the Heritage Turks and Caicos Islander Investment Policy, with two Development Agreements executed and five projects currently progressing through the Heritage pipeline. She highlighted the Agency’s focus on moving these projects forward and converting investment activity into tangible outcomes, including construction and employment opportunities. This impact-focused approach reflects the Agency’s emphasis on not only attracting and facilitating investment, but on tracking how investment translates into measurable benefits for the Turks and Caicos Islands and its people.

Providing a financial and operational overview, Mrs. Musgrove emphasized that performance should not be assessed only by budget utilization, but by what the Agency delivers through its resources, including investments advanced, businesses supported and opportunities created across the Islands. This , she noted, reinforces the Agency’s focus on accountability, results and  measurable economic impact.

A central feature of the evening was the special panel discussion, “Beyond Employment: Turning Investment into Opportunity for Our People.” Moderated by Damian Wilson, Deputy Director of Radio Turks and Caicos, the panel brought together James McAnally, Regional Managing Director, Sandals Resorts International; Hon. Jamell Robinson, Deputy Premier and Minister of Immigration and Border Services; Claudia Been Munnings, Director of Organizational Learning and Development, Pelican Energy; Melanie Smith, Founder and Owner, Talent Recruitment Group; and Dr. Candice Williams, President, TCI Community College.

The discussion explored five interconnected priorities: workforce quality, meaningful local participation, skills and workforce readiness, career progression, and stronger partnership and planning. Panelists considered how education and training can be better aligned with industry demand and higher-value, specialized and future-focused roles, while creating clearer pathways for advancement and leadership. The discussion also reinforced the importance of collaboration among government, investors, employers and training institutions in preparing the workforce for the next decade of development.

Other highlights of the evening included an investment and economic development video and a prize giveaway, with prizes including a spa experience for two at South Bank and four day or night passes sponsored by Beaches Turks and Caicos. Invest TCI also recognized staff members who reached five and ten years of service, acknowledging their dedication and contribution to the Agency’s continued growth and development.

The 5th AGM reinforced Invest TCI’s continued focus on attracting and facilitating investment while ensuring that economic growth creates meaningful opportunities for the people and businesses of the Turks and Caicos Islands. With a significant investment pipeline, record demand for MSME support and continued progress under the Heritage Policy, the Agency remains focused on advancing projects, supporting enterprise and strengthening the connection between investment, workforce development and long-term economic opportunity.

The evening concluded with closing remarks and appreciation to attendees, speakers, panelists, partners and the organizing team for their contribution to a successful AGM.

For more information on upcoming events and Invest TCI initiatives, follow Invest TCI on social media @InvestTCI.

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DDME Conducts Hurricane Preparedness Presentation to Digicel Staff

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Providenciales, Turks and Caicos Islands— Thursday, 24 September 2026:  The Department of Disaster Management and Emergencies (DDME) was invited by Digicel to deliver a hurricane preparedness presentation to members of their staff.

The engaging 90-minute presentation formed part of DDME’s ongoing public education and awareness efforts aimed at strengthening preparedness across the Turks and Caicos Islands. During the session, Digicel employees were provided with important information on the potential impacts of hurricanes and other emergencies, as well as the actions that individuals and organisations can take to reduce risks and protect lives, property and essential operations.

The presentation emphasised that preparedness is a shared responsibility and should begin well before a storm or other emergency threatens the country. Staff were encouraged to understand the risks associated with hurricanes, remain informed through official sources and develop personal and workplace preparedness plans.

DDME recognises the important role that businesses play in national disaster preparedness and resilience. Corporate organisations are encouraged to establish and regularly review emergency plans that clearly outline responsibilities, communication procedures, evacuation arrangements, business continuity measures and recovery actions.

“Preparedness is most effective when it is planned and practised before an emergency occurs,” Jason Hills, DDME Director. “Organisations that invest in preparedness today are better positioned to protect their people, maintain essential services and support the wider community during times of crisis.”

Corporate organisations, schools and government departments interested in DDME’s assistance with hurricane preparedness training, emergency drills support or assistance with developing a business contingency plan are encouraged to contact the Department of Disaster Management and Emergencies via email at ddme.tci@gmail.com.

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Indian Association of Turks and Caicos Islands Empowers Local Students Through Back-to-School Backpack & Supplies Drive

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PROVIDENCIALE, TURKS AND CAICOS ISLANDS — The Indian Association of Turks and Caicos Islands (IATCI) is proud to announce the successful completion of its 2026 Back-to-School Supplies Initiative, distributing essential backpacks and educational materials to local students and families across the community.

With the new academic year underway, this annual drive was designed to alleviate the financial burden on families while equipping local youth with the necessary tools for academic success.

Education is an investment in a better generation and a brighter future. We are grateful to all our generous donors and supporters whose contributions helped make this initiative possible.

The initiative’s success was made possible through the collaboration and contributions of local corporate partners and community members. IATCI extends its sincere appreciation to the following sponsors for their support and commitment:

• Mayaa Ltd, Ayavue Enterprises, Provo Café, Sunny Foods, Gold Smith, Charlie’s, Kishco / Kostco, Citrusbuy Ltd.

Through partnerships like these, IATCI continues its commitment to fostering community growth, supporting educational development, and making a lasting positive impact across the Turks and Caicos Islands.

About the Indian Association of Turks and Caicos Islands (IATCI)

The Indian Association of Turks and Caicos Islands is a non-profit community organization dedicated to cultural enrichment, community service, and supporting educational and social initiatives throughout the islands.

Indian Association of Turks and Caicos Islands (IATCI)

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