Turks & Caicos 1st Quarter Market Report - TCI Real Estate Market Ascends To The Next Level by Turks & Caicos Sotheby's International Realty

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It is clear for the post-COVID world that ultra-luxury and luxury markets have fully endorsed Turks & Caicos Islands as a preferred warm weather destination. Also, a vacation property is now much more than simply a lifestyle investment, but a life investment and often an integral part of work, play and community, contributing to taking our market to the next level.

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With other countries in the world closed for visitors, it became apparent that it was to our advantage to remain open. This resulted in a surprisingly busy spring season for our resorts and tour operators. Homeowners have enjoyed the extended stays this winter too, in this Turks & Caicos safe haven!

Following a breathtaking fourth quarter of 2020, the TCI real estate market has just closed an historical quarter of business with nearly $128,000,000 in closed transactions, up 60% over the same period last year with average price increases across each sector. What’s more, there are over $463,000,000 (you read that right!) in pending and conditional transactions and this leaves out another circa $100M in new development sales at the Ritz-Carlton Residences (set to open this summer), South Bank, Beach Enclave, Rock House, The Strand and other new Development projects.

There is a lot to unpack. First, it is clear for the post-COVID world that ultra-luxury and luxury markets have fully endorsed Turks & Caicos Islands as a preferred warm weather destination. Also, a vacation property is now much more than simply a lifestyle investment, but a life investment and often an integral part of work, play and community, contributing to taking our market to the next level.

Since reopening our borders last July, the Turks & Caicos Islands Government and the TCI Hotel & Tourism Association have worked closely and diligently to ensure that our community and our visitors remain safe. Tourism being the main driver of our economy it was important to find a way to operate through this pandemic by instituting testing programs and standard protocols. The next step was to continue the vaccination program and as it stands now, the TCI are a global leader with 43% of the adult population being vaccinated with the goal to increase this percentage dramatically by the end of June, when the program ends. With other countries in the world closed for visitors, it became apparent that it was to our advantage to remain open. This resulted in a surprisingly busy spring season for our resorts and tour operators. Second homeowners have enjoyed the extended stays this winter too, in this Turks & Caicos safe-haven!

As we gradually yet inexorably work our way back to the new normal, we look forward to working with you, along with our friends, partners, and colleagues in the community as we all seek to ascend to the next level.

Download the report to see the detail the first quarter 2021 real estate sales with an update on the construction and sales demand for the new developments that we represent.

Link to Full Report

Link to Digital Flip-Book

TurksandCaicosSIR.com

Turks & Caicos Sotheby's International Realty, Venture House, Grace Bay Road, Providenciales.

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Joe Zahm
@TCI_RealEstate
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