Q1 Real Estate for 2023 lagging, but not by far 

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, May 5, 2023 – Real estate numbers in the Turks and Caicos are trending slightly lower in the first quarter of 2023 compared to a record breaking 2022 period, but realtors at Sotheby’s International Realty say with some sales still pending, that could very well change and they’re predicting the market will pick up in the coming months.

In their Q1 report, the realty revealed that overall, the country has already recorded $149.7 million in sales this year from 95 transactions, which is lower than the 148 units sold for $166 million in the same quarter last year, but prices are trending much higher now than they were this time last year.  The average price per unit was 1.1 million in 2022, that has shot up to 1.5 million, Sotheby’s says.

The price increase is evident in the value of single family homes sold. In 2022, Q1 43 were sold at a value of $65 million, in 2023 $114 million has been made off of only 29 units. The realty company says the price spike is due to a suite of new developments in The Strand, South Bank and Beach Enclave North Shore.

Condo sales were less than half the 2022 Q1 sales at $23 million for 23 units compared to $49 million for 45 units sold, but this came with a caveat, Sotheby’s said several sales are still in progress that could push the total up.

Land sales were down drastically more due to pricing than quantity, only $8 million was made from the 39 units sold in Q1 in 2022  58 units sold for $48.4 million. This too is subject to change with $48 million in potential sales pending.

In 2022, a jaw-dropping $765 million in real estate was traded in the Turks and Caicos for the calendar year.