Market Report Q2-2018 Comparison
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
“An investment in knowledge always pays the best interest” -Benjamin Franklin It has always been our goal at Regency-Christie’s International Real Estate to provide our clients with the information needed to make wellinformed decisions. Be they looking to purchase a stunning island property or sell their existing home or condo, we can help them pursue their next dream. We fully appreciate that the Turks and Caicos Islands not only represents a very different market from what most are used to but also a different process as it relates to ownership. As such, it’s our job to guide and advise our clients through each step, allowing them to reach their goals and dreams with minimum effort. One of the key factors in the initial stage is becoming familiar with our market and how it performs. Most will find it very different, yet once this report has been provided, much becomes clear and extremely easy.
01
Year In Review
2018 It’s evident to all familiar with the Caribbean that 2017 offered our islands, and many others, significant challenges. With a very active 2017 hurricane season, bringing with it two storms of the likes never seen by the Islands’ residents, many were left concerned that the aftermath would result in a decline in both tourism and real estate sectors. As you will see in this report, these fears were not realized, with some sectors of the real estate market showing gains over the preceding year and tourism appearing to be very strong even late into the season. Due to this robust tourism market and the increased activity created by several new developments, one can certainly be persuaded that the Turks and Caicos Islands is experiencing a vital and very exciting period. Nothing highlights this more than the outstanding success achieved through the tremendous volume of sales at the new Ritz Residences on Grace Bay where, at the time of writing this report, only three units remain available from the current inventory. From its inception, this development has been under the stewardship of Regency-Christie’s International Real Estate, thus exposing the stunning Ritz, Turks and Caicos product to the world. From such milestones as this, the TCI is now experiencing a dramatic increase in developer interest. Many now view the Turks and Caicos Islands as one of the most desirable countries in the jurisdiction, one that, in most cases, out performs most other countries in the region.
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
4
2018 And none of this is by chance. The Turks and Caicos Islands offers an amazing mix of attractive real estate, high quality services and amenities, and, of course, the perfect Caribbean lifestyle. When combined with the myriad of additional benefits too numerous to mention in this report, these attributes make the TCI a very smart and clear choice. The initiation of construction on the Ritz’s Grace Bay project has done much to encourage developers in the area. With the Ritz team has wasted no time in getting to work and making good on their promise to hit their own targets on schedule. In several discussions with such developers, they believe this to be the beginning of a new development phase for the Islands, seeing the globally respected and trusted Ritz brand as a landmark project for the TCI. As such, and on this new landscape, many are actively pursuing development opportunities of their own, taking into account the many benefits provided by the TCI, something not found in other countries in the region. With this forward momentum will come new opportunities: the ability to expand the real estate market, increase inventory and choices, widen the variety of developments, open up new locations, enjoy new styles and embrace new price points. Certainly a positive outlook!
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
5
02
Current Status
2018 What follows in this section of the report is a graphic depiction of how Q2-2018 has performed over the same period in previous years. We have carefully gathered information provided us through the Turks and Caicos Real Estate Association MLS (Multiple Listing Service), an organization with membership from all of the Islands’ major real estate firms. The MLS system records critical sales data in real time, allowing us to report on sales volumes in all sectors of the market, regardless of the individual brokerage. As such, this provides a complete and unfiltered, high-level view of the market, a critical factor for those who are looking either to purchase a property in the Islands or to sell their existing one and upgrade or move to another location on island. Our quarterly reports have become an important element for clients’ continued understanding of the market and, in turn, a resource that has allowed them to make well-educated and informed decisions about their real estate needs and desires.
Kindest Regards, Robert Greenwood Broker/Partner
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
7
Total Market Numbers Q2 2018 - YTD
$155,375,525
$135,764,695 $134,910,520 $126,002,905
$115,871,150 $114,042,272
As can be seen from the graph presented on this page, the second quarter of 2018 has performed well over the same period of 2017.
$96,996,310
$41,710,000
An increase of 7.75% in total dollar volume of sales can be seen this year over last, with a further increase in the average sale price of 5.47%, taking us from US$681,097 to US$718,330..
82 sales Ave,. Sale Price $508,659
133 sales Ave,. Sale Price $729,296
What can also be seen is a slight decrease in the average days on the market, a factor seen most clearly in the Condo Sector and identified in the following pages.
2011
2012
165 sales Ave,. Sale Price $691,165
2013
149 sales Ave,. Sale Price $777,659
181 sales Ave,. Sale Price $858,428
2014
2015
167 sales Ave,. Sale Price $807,847
2016
185sales Ave,. Sale Price $681,097
2017
189 sales Ave,. Sale Price $718,330
2018
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
This information derived from actual MLS statistics, As such is reliable, however, Regency-Christies International Real Estate can not be held responsible for an errors or omissions.
8
Condominiums Q2 2018 - YTD
$50,481,000 $47,804,525
$39,298,100
$36,544,773
$39,282,000
$33,748,200
$34,141,400
Whilst a seemingly small increase as it appears on the MLS, a significant volume of sales have occurred through developments such as the Ritz, Rock House, and Turks Cay. Many sales not yet shown in these figures and would greatly increase 2018 figures and surpass 2017 and potentially 2016.
$16,794,000
28 sales Ave,. Sale Price $599,786
2011
53 sales Ave,. Sale Price $741,474
43 sales Ave,. Sale Price $849,878
2012
2013
43 sales Ave,. Sale Price $913,535
2014
The condominium market provides a 1.17% increase in dollar volume of sales taking us from US$33,748,200 in 2017 to US$34,141,400 in 2018.
61 sales Ave,. Sale Price $771,000
50 sales Ave,. Sale Price $1,009,500
43 sales Ave,. Sale Price $784,842
186 sales Ave,. Sale Price $727,350
2015
2016
2017
2018
One of the standout changes in the Condo Market has been the Average Days On The Market, reducing by an impressive 24.26% from 402 to 305 days.
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
This information derived from actual MLS statistics, As such is reliable, however, Regency-Christies International Real Estate can not be held responsible for an errors or omissions.
9
$64,904,500
Single-Family Homes Q2 2018 - YTD
$57,082,626
$60,396,706
$64,860,746
$51,572,500
Dollar Volume of Sales have increased in the Single Family Home/Villa sector by over 6.98 %, with an increase in the average sale price of 16.70% from US$1,351,819 to US$1,577,519.
$25,995,000 $22,804,000
This sector has been steered by numerous luxury villa enclave projects now quite popular in the TCI.
$10,527,000
18 sales Ave,. Sale Price $584,833
29 sales Ave,. Sale Price $896,379
34sales Ave,. Sale Price $670,706
34 sales Ave,. Sale Price $1,516,838
39 sales Ave,. Sale Price $1,664,218
40 sales Ave,. Sale Price $1,427,066
50 sales Ave,. Sale Price $1,207,934
45 sales Ave,. Sale Price $1,441,350
2011
2012
2013
2014
2015
2016
2017
2018
Very similar to the Condo/Resort Market by way of services, amenities and full management, these residences differ in so much as they offer increased privacy and intimacy.
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
This information derived from actual MLS statistics, As such is reliable, however, Regency-Christies International Real Estate can not be held responsible for an errors or omissions.
10
Villa Market/Villa Enclaves Over the last several years, the Turks and
Condo Market
Caicos Islands Villa and Single- Family Home Market has grown leaps and bounds, w i t h
new, f r e s h , i n c o m e -
p r o d u c i n g properties coming online, either as individual villas or resort-
SOLD: $63,100,746
It’s certainly a new era for the Turks and 1
Caicos Islands, with its world renowned and
managed properties.
much sought-after Condo/Resort Market
The Condominium Market has entered a second development phase, seen emerging today through such projects as the Ritz, the Andaz, and Turks Cay. Such
introducing new and highly desirable product
2 SOLD: $34,141,400
through the Ritz and the Andaz. These new projects are stimulating the
single- asset properties have now created
market and have certainly been a
a stand-alone demand that will continue
contributing factor to the increase in sales
regardless of the new condo product.
and decrease in list time for this quarter. This new energy now hitting the shores of
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
the Turks and Caicos will continue to drive positive rewards. 11
Land Q2 2018 - YTD
$48,138,500 $40,656,500
$33,112,249
$25,508,000
Land sales have increased by 30% YTD over 2017, increasing from US$25,402,999 to US$33,112,249 in dollar volume.
$25,402,999
$30,018,200 $22,900,650
Average sale prices have also increased by 14.22% from US$298,859 to US$341,363
$13,289,000
34 sales Ave,. Sale Price $390,853
44 sales Ave,. Sale Price $638,685
81 sales Ave,. Sale Price $594,302
2011
2012
2013
68 sales Ave,. Sale Price $338,098
2014
75 sales Ave,. Sale Price $542,087
2015
73 sales Ave,. Sale Price $349,425
85 sales Ave,. Sale Price $298,859
97 sales Ave,. Sale Price $341,363
2016
2017
2018
It’s certainly good to see that so many new homeowner investors are looking to the mid-range sector with plans to build their own dream home.
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
This information derived from actual MLS statistics, As such is reliable, however, Regency-Christies International Real Estate can not be held responsible for an errors or omissions.
12
Pending
Sold Chart Title
Pending Sales
SOLD: $135,764,395
At the time of writing this report, the MLS shows Pending Sales in the amount of $197,595,390 (at list). Whilst we would need to account for the difference between the list-to-sell ratio, something that can’t be determined until actual closing, these would certainly put us in line with the year-end total sales figures of 2017.
Sold $135,764,395.00
Pending-v-Sold Pending $184,000,000.00
The reader should also keep in mind that these are the secondquarter figures only! A significant part of the year remains, with new sales expected.
PENDING: $197,595,390
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
13
Where Do We Go From Here ?
Q4 Q3 Q2 Q1
As mentioned on numerous occasions, the Turks and Caicos Islands real estate market has received significant stimulation through the many new projects coming to market. With more projects in the pipeline, this energy and excitement will continue to grow, offering a wide variety of luxury real estate to satisfy today’s high demand. We can also expect to see some diversification in highend luxury real estate as well as mid- range, something we are now experiencing through well-thought-out projects such as the Granvia, which offers beautifully designed mid-range properties that are just minutes’ walk from worldfamous Grace Bay Beach.
04
The Team
Robert Greenwood
Walter Gardiner
CO-Founder/Director/Broker
Director/Broker
Founding the company in 2007, Robert
One of the islands leading Brokers and
has dedicated over a decade building
Partner in Regency-Christie’s International
global relationships through the Christie’s brand. Exposing the Turks and Caicos to
Real Estate Walter is known for his
some of the worlds most discerning
immense depth of knowledge and market
buyers
insight.
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
34
Carolina Malcolm
Kirby Mae Been
Robert Henry
Claudius Williams
Snr. Sales Agent
Sales Agent
Sales Agent
Sales Agent
Hazel Rush
Shirley Hentutler
Noriette Cherry
Sales Agent
Sales Agent
Sales Agent
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
35
Contact Regency-Christie’s International Real Estate Suite B202, The Regent Village, Regent St, Grace Bay, PO Box 973, Providenciales, Turks & Caicos Islands, BWI Office (649) 941 4100 Int. Tel (954) 636 1426; (954) 284 4053 Int. Fax (954) 206 0989 info@tcibrokers.com www.TheTurksandCaicos.com
Regency-Christie’s International Real Estate Turks and Caicos Islands Real Estate Market Report for the Turks and Caicos Islands
36