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Real Estate Market Re-sets at Over Double Sales Volume Since 2020 according to Sotheby’s International | Turks & Caicos Realty

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Turks and Caicos, February 1, 2025 – Since the pivotal year of 2020, our real estate market has more than doubled over the prior pre-Covid period noting that from 2017–2020, the market averaged circa $282M in total sales volume compared to the following four-year period 2021-2024 which has averaged an astounding $710M, a 151% increase! Further to this, the average price point during the same four-year period increased dramatically from circa $824,000 to $1,442,000, a growth of 75%. This spectacular progression in $ volume and average price illuminates Turks and Caicos position as a true luxury destination where quality luxury property and worldly luxury buyers have found a happy place.

Also of interest, over the past four years, led by great new development such as South Bank, The Strand, Beach Enclave North Shore Phase 2, Rock House, The Villas at Blue Mountain and The Summit – along with select significant sales, Single Family Homes have excelled, averaging $360M in $ volume vs. an average of $178M for condominiums which ultimately accounted for 67% of residential sales. Average price in the two sectors follows suit, with SFH average price of $2,592,000 trumping condominium averages of $1,357,000.

However, while Single Family homes have ruled the day over these past four years, next gen condominium projects are now being heard from. With $363M in Pending (Under Contract) transactions, the pre construction condominiums ? led by The Point by Grace Bay Resorts, ARC Sky Villas at South Bank, Andaz Turks & Caicos by Hyatt, The St. Regis Residences and The Loren at Turtle Cove account for $240M of the $363M in residential sales (66%) – a complete reversal in market penetration!

This next gen condominium boom can be readily seen from air and sea and road, whereas the major villa developments were more discreetly tucked away. With other amazing projects in the pipeline, our purchasers will have the best selection of inventory to choose from in the Caribbean! Significant Sales over $10M have shown steady growth, while the $20M+ market has expanded significantly since its first milestone sale on Parrot Cay in 2016. The luxury threshold continues to rise, with $30M+ transactions now occurring annually since 2023, establishing a new benchmark in the ultra-luxury segment. This pattern demonstrates the market’s sustained strength and evolution in the high-end property sector.

With existing and in development significant estates now proliferating, it won’t be long until we see $50+ sales in our market, with $100M likely within the decade. Significant listings and sales of course make news, which is great for our jurisdiction as a luxury destination. As we look toward 2025, the growth and success of the luxury real estate market are poised to continue, securing the Turks and Caicos a top destination for investors and homeowners alike.

 

Source: Turks & Caicos Sotheby’s International

 

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ANDY BURNHAM, NEW UK PM’S FIRST ORDER: LOWER THE COST OF LIVING

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Britain’s new Prime Minister launches his administration with tax relief aimed at easing pressure on household budgets as affordability becomes a defining issue for governments worldwide.

 

By Deandrea Hamilton | Magnetic Media

 LONDON, England — Andy Burnham has wasted little time signaling a new direction for the United Kingdom, making the cost of living the first priority of his administration with a plan to reduce household electricity bills through tax relief.

The newly elected Prime Minister announced that Value Added Tax (VAT) will be removed from domestic electricity bills beginning October 1, describing the measure as part of a broader effort to make everyday life more affordable for working families. The move fulfills a key campaign promise and marks an early shift in the government’s economic agenda.

Burnham inherits a nation still grappling with stubborn inflation, rising household expenses and years of political turnover. His opening policy signals an intention to focus on practical measures that deliver immediate financial relief while restoring confidence in government.

The announcement also resonates across the Caribbean, where affordability remains a pressing concern. In the Turks and Caicos Islands, the Government has just concluded its one-time cost-of-living assistance programme for qualifying residents. While the approaches differ, both reflect a growing recognition that easing financial pressure on households has become one of the defining challenges facing governments today.

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Six Unauthorised Structures Demolished During Multi-Agency Planning Enforcement Operation

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Before demolition

After demolition

Providenciales, Turks and Caicos Islands – Friday, 17 July 2026: The Planning Department, with support from the Informal Settlements Unit (ISU), and the Crown Land Unit conducted a coordinated enforcement operation on Thursday, 2 July 2026, resulting in the demolition of six unauthorised structures on private property at Block and Parcel 60502/48. Security for the operation was provided by the Royal Turks and Caicos Islands Police Force.

The enforcement action followed the issuance of an Enforcement Notice by the Planning Department on 29 January 2026, advising the persons responsible for the structures that they had been erected without the necessary planning approval and were required to be removed. Following the expiration of the compliance period, a multi-agency operation was organised to carry out the demolition.

Before demolition activities commenced, personnel conducted a comprehensive inspection of the site to confirm that all structures were unoccupied and free of gas cylinders or other hazardous materials. These precautionary measures were undertaken to safeguard the welfare of both the enforcement teams and the public while ensuring the operation was carried out safely and efficiently.

Upon completion of the exercise, participating agencies returned to Police Tactical Headquarters for a debrief, marking the successful conclusion of another coordinated enforcement effort.

The Government of the Turks and Caicos Islands reminds members of the public that all construction activities must receive the appropriate planning approvals before work begins. The Planning Department will continue to work alongside its partner agencies to enforce the Planning Ordinance, promote orderly development and ensure that construction throughout the Islands complies with the applicable laws and regulations.

Members of the public are encouraged to familiarise themselves with the planning approval process and to seek guidance from the Planning Department before undertaking any development to avoid enforcement action and loss of money invested.

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DDME’s Hurricane Hunt Scavenger Hunt Sparks Community Spirit and Storm Preparedness in Providenciales

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Department of Disaster Management and Emergencies: Providenciales, Turks and Caicos Islands — Fifteen teams raced across Providenciales on Saturday July 4th for the inaugural DDME Hurricane Hunt, a community scavenger hunt designed to combine friendly competition with hurricane preparedness education.

Teams were given a bag of supplies and 15 cryptic clues, participants had less than two hours to pinpoint locations and collect hurricane must-haves; including water jugs, shovels, flashlights and other supplies that every household should have on hand ahead of a storm.

The challenge tested not only participants’ local knowledge and navigation skills, but also their teamwork under time pressure; all while reinforcing practical lessons about what it takes to stay ready when a storm approaches.

Beyond the hunt itself, the event drew a lively crowd of families and supporters who turned out to enjoy a full day of festivities. Attendees took part in games, received free gifts, face painting, canvas painting, bounce houses and visited vendor booths; while enjoying fresh food off the grill throughout the afternoon.

“This event brought together the best of both worlds; a fun, high-energy competition and a meaningful reminder of how important it is for our community to be prepared,” Mr. Aaron Ballantyne, Community Preparedness Officer for Providenciales. “Seeing 15 teams fully engaged, racing to landmarks across the island while learning what belongs in a hurricane kit, was exactly the outcome we hoped for.”

DDME extends their sincere gratitude to the stakeholders that partnered with the event and generously donated their time, resources and efforts to make it a success: The Turks and Caicos Islands Red Cross, The Oseta Jolly Primary School, The Royal Turks and Caicos Islands Police Force, Do It Center (Building Materials), KB Homes, Digicel TCI, Frost Cay and Clint Grilling and Catering Services, along with all other vendors who were solicited.

The event’s success was also made possible by the private organizations and government departments that opened their locations to serve as scavenger hunt sites, allowing the hunt to unfold across the island; from Chalk Sound to Long Bay.

The quick thinking first place team consisted of; Neekimo King, Keturah Miller-Brown, Lashaunda Dickenson and Kebba Thomas who all walked away with exciting prizes.

Ms. Bernadya Smith, Public Information and Media Manager stated; “With hurricane season underway, this event, along with our recent Hurricane Expo held in Grand Turk and community pop-ups throughout the country, is a testament to DDME’s commitment to blending community engagement with year-round storm readiness. We look forward to making this event an annual staple that brings families together while keeping preparedness at the forefront of every community we serve.

Follow DDME social media pages to stay up to date with upcoming events and to join their weekly quizzes for a chance to win exciting prizes all hurricane season long.

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