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