#TurksandCaicos, November 13, 2021 – The Turks and Caicos real estate market has experienced huge boom with Third Quarter reports showing a mammoth 319 per cent over last year’s period of ($158,905,323 versus $37,891,750), with year-to-date sales volume up over 150 per cent over the first three quarters of last year ($496,710,829 vs. $198,330,657).
According to the latest Turks and Caicos Real Estate Market Report, the numbers represent historic events, and with Canada and other countries now open for travel, there is an expectation that a strong fourth quarter with the caveat that all “this great sales volume is resulting in constriction of inventory.
“This number will normalize as new development condos at Ritz Carlton Grace Bay and Rock House are posted as closed. Raw land sales also displayed strong performance and have accounted for 21per cent of the total market and is up 123per cent year-on-year with an increase of 45 per cent in average price from $397,363 to $576,371,” the Report said.
It added that the growth trend is expected to continue for the foreseeable future, and it is also pleased with the tourism rebound, as it is a proof of vaccination becomes the “(short term) custom and reciprocated practice” for much international travel into the TCI and the United States (US).
“We expect ever-growing demand in tourism as well. The Baker Tilly Annual Survey also cited an accolade to the Turks & Caicos Government, a Gold Star Award for providing the best support for the local tourism economy,” the Report further added.
Some $463,000,000 in pending conditional transactions, along with a $100 million new development at the Ritz-Carlton Residences, as well as other developments in South Bank, Beach Enclave, Rock House, and several other new development projects.
Real estate market watchers argue that COVID–19 had triggered doubts on viability of investments in the industry, bringing back memories of the opposite of the financial crash of September 2008, but, with airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate.
Credits have been given to the measures put in place by the authorities to secure the health and welfare of people in the TCI, which resulted in the steady stream of visitors.
The Report also cited the Cruise Port in Grand Turk, which is undergoing an expansion, and set for reopening in December, as an investment that will bring a “significant” amount of tourists to the island.