2018 was a great year for TCI real estate! Overall sales topped 255M, a 9% jump over 2017. Getting into the real estate market in the Turks and Caicos is getting tougher, and with the liquidity issues in the Caribbean still existing, it is not going to get better moving forward. If you missed getting into the market during the down turn from 2009 to 2013, there is no better time to buy than now!
The strongest sector of the real estate market last year were single family homes, making up nearly 50% of the sales volume (in dollars). The average price of a single family home sold last year was over 1.4M US dollars!
Condominium sales were also fairly strong last year, although the lack of new units in the market is taking a toll. As new units start to be built in the next couple years, this sector will once again start to see volume and dollar figures rise. Last year saw over 70M dollars of sales, up 9% over 2017 but down from 2014 to 2016.
Land sales saw another spike in 2018, up 15% over the previous year. A solid number considering we did not see any large parcels sold which tend to skew the results. The average price of bare land was just over $310,000.
As we have mentioned in previous blogs, micro villa resorts are all the rage in Turks and Caicos today, and the 2018 real estate numbers seem to back this up. As for 2019, it appears to be another big year in the making as more resorts and villa developments come on line. Let us know if you would like to speak to one of real estate partners to discuss your options in the TCI.