These numbers represent historic events, of course, and with Canada and other countries now open for travel, we expect a strong fourth quarter with the caveat that all this great sales volume is resulting in constriction of inventory.
PROVIDENCIALES, Turks & Caicos Islands (PRWEB) October 26, 2021
Building on the record breaking first half of the year, Q3, historically our slowest quarter, gained a whopping 319% over Q3 last year ($158,905,323 vs. $37,891,750), with year-to-date sales volume up over 150% over the first three quarters of last year ($496,710,829 vs. $198,330,657). These numbers represent historic events, of course, and with Canada and other countries now open for travel, we expect a strong fourth quarter with the caveat that all this great sales volume is resulting in constriction of inventory.
Led by a slew of trophy sales, and luxury villas (managed and standalone), single family homes have accounted for 56% of the total market y-t-d ($280,874,064 with an average price of $2,246,993) up 161% and 17% respectively. Condos account for 19.8% of the total market ($98,745,262) up 196% y-t-d). 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 21% of the total market and is up 123% year-on-year with an increase of 45% in average price from $397,363 to $576,371. Significant sales in Q3 included Coral Pavilion $15M, Footprints on the Beach $8.1M, Beach Enclave North Shore V4 $5.5M, Beach Enclave Long Bay V6 $5.45 and Hawk’s Nest Villa $2.77M.
The recent Baker Tilly Annual Survey* presents a rosy outlook for Caribbean investment by non–banks, with (Ultra)-High-Net-Worth individuals and family offices leading the way with inward investment. Here is a sample of motivators for Luxury Caribbean real estate: “Open outdoor spaces and high-quality amenities…FBO [private air terminals], excellent telecom, plus tax advantages”…“Ease of access, eco-system of services and activities, telecom, stable political environment”.
Certainly, our TCI real estate product checks these boxes and we expect the trend to continue for the foreseeable future. We are also happy to see tourism rebound strongly, and as the proof of vaccination becomes the (short term) custom and reciprocated practice for much international travel into the TCI and the 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. “Turks and Caicos did a great job and still is.”
We wish you a wonderful autumn and look forward to seeing you on island in the very near future. As always reach out to us should you need assistance with anything related to Turks & Caicos.