#TurksandCaicos, May 3, 2021 – After more than a year of detrimental Covid-19 impact on the TCI economy, all is not lost for the real estate sector. Following a murkier fourth quarter in 2020, the industry has locked in a phenomenal profit in the first quarter of 2021.
According to Turks & Caicos Sotheby’s International Realty quarterly report, TCI Real estate market has just closed a record-breaking quarter of business with nearly $128 million in closed transactions, up 60 per cent over the same period last year with average price increases across each sector.
There are over $463 million in pending and conditional transactions, leaving out another circa $100M in new development sales. This includes sales at the Ritz-Carlton Residences set to open this summer, South Bank, Beach Enclave, Rock House, The Strand, and other new development projects underway.
While other tourism-dependent businesses have to keep up with the flopping profits, the impressive performance in the TCI real estate industry can be attributed to some underlying factors.
According to the report, Turks and Caicos is one of the tourist destinations endorsed by most ultra-luxury and luxury markets in the post-Covid era as a preferred warm weather destination. Besides that, a vacation property has now become not only a lifestyle investment, but also a life investment.
A vacation property is always an integral part of work, play, and community, contributing to the overall growth of the market to another level.
The Market Report said, since the Turks and Caicos government opened its borders to international tourism on July 22, 2020, the authorities and TC Hotel & Tourism Association have worked diligently with close collaboration to ensure both the community and the visitors streaming into the islands remain safe.
Since the government instituted critical measures, robust mass testing, and boosted vaccination efforts, TCI has become a global leader with at least 43 per cent of the adult population vaccinated.
While other countries closed their borders for tourism, it was to the country’s advantage to remain open, leading to a significantly busy spring for the resorts and tour operators.
The Sotheby’s first-quarter report also stated that second homeowners had enjoyed the extended stays this winter, too, in this Turks & Caicos safe-haven.
According to the Sotheby’s report, the company made sales of up to $10M at Villa Chill, $6.975M from Lizard Lounge, $5.5M from Amanyara Villa 15, 5.75M from Beach Enclave Long Bay V5, $5.39M from Beach Enclave Long Bay V7, and $4.95M from the Shore Club Penthouse in the first quarter of 2021.
Overall, Turks & Caicos Islands real estate made sales of up to 73,777,000 in single family homes, $28,802,000 in Condominiums, and $26,816,499 in the land (Residential and commercial) in the first quarter of 2021, according to data retrieved by TCSIR from the TCREEA ML Systems on April 12, 2021.