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TCI Real Estate Market Skyrockets in Q1; $128 MILLION in transactions

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#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.

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Mother’s Day has meaning Across the World, in the Region and right at here at Home

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May 11, 2024 – Mother’s Day has a rich history that dates back to ancient times when Greeks and Romans held festivals to honor mother goddesses. However, the modern Mother’s Day as we know it originated in the early 20th century.

The official Mother’s Day holiday in the United States was first proposed by Anna Jarvis in 1905, as a way to honor her own mother who had passed away.

Her efforts led to the first Mother’s Day celebration in 1908, organized by her at a church in West Virginia. The holiday gained popularity quickly, and in 1914, President Woodrow Wilson signed a proclamation designating the second Sunday in May as Mother’s Day, a national holiday to honor mothers.

Since then, Mother’s Day has become a widely celebrated occasion around the world, with people expressing their love and appreciation for their mothers and mother figures through gifts, cards, and special gestures.

Mother’s Day is celebrated in various countries around the world, although the dates and traditions may differ. Among the many marking the celebration of mothers is the United States, Nigeria and United Kingdom (which had Mother’s Day in March), Canada, Australia, India, Mexico (marked Friday May 10), Brazil, Japan, South Africa and France (later this month May 26).  These are just a few examples, as Mother’s Day is observed in many other countries as well, each with its own customs and traditions for honoring mothers and motherhood.

In the Caribbean, Mother’s Day is also marked with vim and vigor and reverence.

When you talk about island nations like Jamaica, Trinidad and Tobago, Barbados, Turks and Caicos Islands and The Bahamas, among others, all observe Mother’s Day with celebrations that often include special church services, family gatherings, and the giving of gifts and cards to honor mothers and mother figures.

Traditional foods and music may also be part of the festivities staged in the neighbourhood or huge family groups will flock to their favourite dining spots for brunch.

It is not unusual to see Mother’s Day concerts, national awards ceremonies and luncheons making it a striking and joyous occasion for families eager to show appreciation for the important women in their lives.

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Man charged with illegal importation; 14 vials of liquid marijuana shipped in from Canada

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Wilkie Arthur

Freelance Court Correspondent

 

#TurksandCaicos, May 11, 2024 – A former FedEx employee and now fireman, TRISTON NEWBOLD is on trial for allegedly illegally attempting to import 14 vials of “liquid marijuana vapes” into the Turks and Caicos from Canada.

It is alleged that on Wednesday January 8, 2024 at Cairsea Services transit shed on Providenciales, he did improperly import a quantity of suspected THC vapes cartridges, packages in a manner appearing as intended to deceive Customs officials.

The trial is underway part-heard before his honor, the Chief Magistrate Mr. Jolyon Hatmin.

It commenced in the Magistrate’s court on Tuesday April16th.

Senior Customs officer of 18 years, Alton Scott was the first witness called by the public prosecutor, Ms. Alima Alexis, for the Crown. Scott testified that he was called to Cairsea Services concerning a package that arrived from Toronto, Canada bearing the accused’s name.

The Senior Customs officer said when he arrived, around 11:35 a.m. and sent for the accused man he returned.  Newbold was reportedly asked if that was his name on the package, at which time he acknowledged that it was.  He was then asked, if the package was his, again he said yes it was his.

Senior defense counsel, Mrs. Lara Maroof-Misick challenged that testimony, however officer Scott did not alter his account of the events of that day; adamant that the accused man ‘told me the package was his.’

Other items besides the suspected cannabis vapes oils were in the package, including two small stuffed animals, two small toy balls and other unsuspicious items.

The senior customs official told the court that they tried to rectify this within their powers under the Customs Ordinances by charging TRISTON NEWBOLD a fine of $1,500.00, and that would be the end of the matter, and they had also given him some time to pay the fine, however, the accused refused to pay within the time frame offered and was subsequently arrested and charged to appear before the court.

Mrs. Lara Maroof Misick questioned the senior officer about interviewing or recording statements from her client whilst the investigation interviews were ongoing, after which the trial was adjourned.

The trial continues on May 30th 2024.

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Caribbean News

Magnetic Media attends Caribbean Media Summit, in focus AI in Journalism

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Dana Malcolm 

Staff Writer 

 

 

May 11, 2024 – Using AI in journalism and the Caribbean context was the focus of the 2024 Caribbean Media Summit when regional professionals met from May 8 – 10 in Kingston, Jamaica.

Dana Malcolm, Journalist and News Anchor

Now in its 3rd year, but 1st in-person session following COVID-19, the summit gathered panelists and presenters from the BBC, Broadcasting Commission of Jamaica, Reuters Institute and more. Championed by the Media Institute of the Caribbean, US Embassy, and  Press Association of Jamaica, it focused on introducing journalists to safe and ethical AI use.

Stakeholders from all areas of media were involved, both in person and virtually including dozens of Journalists, regulators (Broadcasting Commission of Jamaica) policy makers (UNESCO) and the creators of AI themselves, including Neil Sanota BM Master Inventor.

Also shown at the event was a new iteration of the UNESCO AI Roadmap for the Caribbean which used needs assessments to create a four pillar AI strategy for the Caribbean. The roadmap focuses on AI for use in Culture and Creativity, Governance and Transformation, Upskilling and Education, and Resiliency and Sustainability.

A particular point shared by panelists was that the digital divide that exists regionally, currently, would only worsen with AI introduction and in order to keep up with the world and manipulate AI as a tool for good Caribbean residents would need to be sensitized and trained in is use

Presenters at the summit included, Petra Abbam, Principal Responsible Al Manager at the British Broadcasting Corporation (ВВС); Brant Houston, Co-Founder of the  Global Investigative Journalism Network; Wesley Gibbings Co-Founder of the  Association of Caribbean Media Workers; Marcellus Alexander. Director at the Scripps Network; Nic Newman, Senior Research Fellow at the Reuters Institute for the Study of Journalism Oxford University; and Canute James, award winning  International Journalist and Lecturer at the Caribbean School of Media and Communication (CARIMAC).

Attending were more than 200 journalists and media professionals from over 50 countries including Magnetic Media representatives: Deandrea Hamilton, CEO; Rashaed  Esson, Journalist and Caribbean News Anchor; Sherrica Thompson, Journalist and Production Lead; Dana Malcolm, Journalist and News Anchor and Shanieka Smith, Journalist and Social Media Co-ordinator.

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