Sotheby’s International Realty has come out with it’s annual Turks and Caicos Market Report for 2019, and as usual it is packed with all kinds of great information. The report touches on 2019, as you might expect, but also talks about the last decade. The 2010’s saw TCI move away from the beachfront condo and into luxury villa developments, which was a big part of 2019’s success.
The past year was a huge one for real estate sales in Turks and Caicos, with a total combined volume of nearly 335M USD. This figure was up 29% over last year and a whopping 568% over 2010! A big reason for the big increase over 2018 was in this luxury villa market discussed earlier, which accounted for 52% of the real estate sales volume last year. Sales units were actually down slightly from 2018, but the average unit price was up 33%, coming in at $964,990.
The largest villa sale in 2019 was actually the vacation home of actor Bruce Willis. He sold his Parrot Cay home for 27M USD. This actually increased the average sales price in the TCI by $75,000, not an insignificant sale.
There are some great projects which started in 2019 and will become more prevalent in 2020. The South Bank project in Long Bay is a new development by Windward Developments (Blue Cay Estate). This exciting new community really takes the micro resort idea to the next level.
Another new project is the Rock House Resort. Another Grace Bay Resorts property, this property is already the talk of the town so to speak and there is no doubt it will be a huge success.
Beach Enclave have another development started in Long Bay. Anyone who follows Turks and Caicos real estate knows how Beach Enclave have led the charge on managed villa developments. This project will also include a condo development for those looking for something a bit smaller.
The condo market was really the only loser in this report, losing 32% in total sales volume over 2018. This tells us a couple things. The luxury villa market is all the rage in TCI right now and there hasn’t been a lot of new development in terms of condos in a long time. This is poised to change with some new projects coming on line, such as the Ritz Carlton.
One other take away from the condo report, is that prices are down quite significantly over the past year (15%). Coupled with this we see listings on condos are up 22% over last year. This may be a very good time to buy a condo in Turks and Caicos!
Please read the report (link above) for yourself if a property in TCI is in your future. There is a lot of great info and as always, we are hear for any questions you may have on financing your purchase.