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THE ISLANDS ARE CALLING TURKS AND CAICOS AND BERMUDA PROVE THAT SECOND HOMEOWNERSHIP IS HOT, INDEED BY HANNAH SELINGER
T
his past year has demonstrated a major market surge for real estate in the United States. But when it comes to luxury home
sales, it is not just the homes within the country’s borders that have been selling like hotcakes — and developers are here for it. According to third-quarter reports from Sotheby’s, real estate in Turks and Caicos, the island territory within the West Indies, has increased 319 percent yearover-year, with year-to-date sales volume up 150 percent over the final three quarters of 2020. Single-family homes have made up 56 percent of this market — at over $280 million in transactions
Horseshoe Bay Beach, Bermuda
— and the average home price has increased 17 percent, clocking in at $2.25 million.
estate market (only two years ago, the island’s
have launched and sold in phases, have been
market was virtually stagnant). According to Rego
extremely popular.
Major hotel brands, like the Ritz Carlton and Rock
Sotheby’s International Realty, Bermuda’s luxury
House, have added residence villas to their resort
real estate sales were up 150 percent in 2020
The market on these islands, as with the current
properties (the Ritz opened the doors to its newest
year-over-year, and the year’s fourth-quarter was
market in the United States, shows no real sign
hotel project this past June). Condominiums, like
the best that it had been in over five years.
of slowing, and increased interest from the
these hotel residences, have accounted for just
luxury demographic in the form of hotels and
under 20 percent of the sales market this year,
The price of single-family homes rose 34
restaurants has helped ignite furious demand for
up nearly 200 percent over 2020. Considering its
percent in Bermuda between 2019 and 2020,
these getaways. The distance, too, is key. Second
accessibility to New York — and skyrocketing value
and consumer confidence — paired with major
homeowners can reach Turks and Caicos on a
— this is an island group that ought to be on the
property openings, like the St. Regis — have
three-hour direct flight from New York, and they
radar of anyone seeking a secondary residence.
encouraged even more interest in the island. Three
can reach Bermuda in even less time: just over
years ago, the Rosewood Bermuda reopened
two hours by plane.
Second homeowners in search of a bit of a
after an extensive $25 million renovation. And in
bargain in the luxury market can look no further
2020, Azura Bermuda, a villas-only resort with
And, for homeowners seeking a truly turnkey
than Bermuda, which has an up-and-coming real
residences for sale, opened. Residences, which
experience, the resort residences that have cropped up in these areas are extremely promising. Both the Ritz Carlton and the St. Regis, both of which are owned by the same parent company, offer resort-style amenities, like concierge services, laundry, arrival provisioning, plant maintenance, secretarial services, and, naturally, access to all of the resort’s facilities. At Bermuda’s Azura, guests can even rely on the onproperty management team to assist in renting the home out to other guests to boost property revenue. These markets are rising, but there’s still time to get on board. On Turks and Caicos and Bermuda, the value isn’t going anywhere.
Turks and Caicos
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