‘Incredible Environment’ for Real Estate continues for Turks and Caicos

Garfield Ekon

Staff Writer

#TurksandCaicos, April 18, 2024 – Tourism and real estate sales continue to boom in the Turks and Caicos Island (TCI), over other Caribbean territories, with sales numbers and pre-construction sales numbers reflecting an incredible environment.

There are hosts of opportunities for new development offerings, some currently under construction and some that are about to announce their plans. A number of the larger parcels of beachfront land in Providenciales will be reshaped into high-end, branded hotels, and residences to keep pace with the seemingly endless demand for investment and vacation properties.

In a report by the Turks & Caicos Sotheby’s International Realty, it states that “our superb tourism offerings continue to attract A-listers from around the globe as seen throughout the social media channels as well as buyers looking for a place to call home amongst the abundant turquoise blue ocean views throughout, the temperate climate, and tranquil laid-back Caribbean atmosphere,” the report said.

It added that the first quarter of this year witnessed another major groundbreaking celebration in Providenciales, by the same developers of The Ritz-Carlton Residences with The St Regis on Grace Bay, as well as the formal public sales launch by Grace Bay Resorts with The Point.

The two new luxury developments have already recorded over 70% (St Regis Tower I of three towers) and 65% (The Point) units sold/reserved. The Loren on Turtle Cove, which broke ground in June 2023, is showing a unit sales production of 52%, and Andaz Turks & Caicos after officially breaking ground last year, is reporting unit sales production at 65%. ARC at South Bank is 50% sold with construction to start in May of this year.

“This new condominium inventory is satiating the overdue demand with buyers who are willing to wait for up to three years for the completion of the resort properties. We are also gaining momentum on some of the boutique new developments, such as Villas at Blue Mountain, with multiple pre-sales which will soon start construction, and The Summit at Blue Mountain, which has strong momentum and is well under construction,” the report further added.

While the pre-construction sales in the Condominium Sector are high and not officially recorded within our TCREA MLS statistics, in this 1st Quarter, the re-sale condominium sales volume was $18M, 25%-65% lower in comparison to the past three years with the average price remaining high at $1.1M which resulted in a $/SF of $1,100 at the luxury end (+$1.5M).