The Agency Turks & Caicos 2022 Q2 Report
Notable Listings
+ TABLE OF CONTENTS
01 2SHORES
03 RECORD BREAKING MONTHS
05 FEELS LIKE SUMMER
07 THE SUMMIT
09 SINGLE-FAMILY HOMES
11 VILLA BRISA
13 FLINTWICK ONE
15 CONDOMINIUMS
17 WYMARA 1308/9
19 VACANT LAND
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2Shores LEEWARD | PROVIDENCIALES
5 BED | 5.5 BATH 9,423 SQ. FT | 33,540 LOT SQ. FT. $8,995,000
NO. 1
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Record Breaking Months Every time you think the Turks and Caicos Real Estate Market is about to cool off it continues to surprise you and the first half of 2022 has been no exception! Despite reducing inventories demand remains high as investors continue to purchase across the Islands and we see an increasing number of owners looking to reinvest in more properties here. It would be impossible not to note the recent sale of Dellis Cay to the developers of the Ritz Carlton in Providenciales as a prime example of this continued investment. At The Agency we have seen a significant amount of activity and records being broken in the Villa and Condo market. What has continued to increase, and shows the growth of the economy as a whole, is activity in the commercial sector, which saw the sale of The Venetian Apartments highlighting commercial activity for those looking for steady long-term revenue. Looking forward, there remain signs that the slowdown that is discussed in other parts of the world will not affect the Turks & Caicos in the same way. While matching the blistering speed of the market in2021 is unlikely we were not in the crazed market that enveloped the United States and Canada and it is more likely that the market will continue to prosper at a sustainable speed. With continued activity in North and Middle Caicos and the commercial ventures there looking to anchor development on those Islands expect to see more activity on the Sister Islands as land acquisition costs remain significantly lower than in Provo. Good luck and happy hunting! Sean O’Neill
NO. 3
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89 Silly Creek PROVIDENCIALES 4 BED | 3 BATH 3,600 SQ. FT. | 8,276 LOT SQ. FT. $1,995,000
Feels Like Summer The first half of 2022 has raced by and the Turks and Caicos Real Estate Market has not shown any signs of slowing down. Despite the feeling that the frenetic pace of 2021 could not be matched the Turks & Caicos market has managed to see an increase in sales in the first half of 2022, with 312 sales being recorded, an 8.33% increase on the same period the previous year. As always it is important to look into the details of those statistics and it can be seen that 26 of those sales were at the newly opened Rockhouse Resort, which would have required the sales to close on the completion of construction rather than at the time of the contract. Average and median sale prices fell from high points in the previous year but the average list to sale price increased to 96.34% showing sellers continued reluctance to negotiate very much on price. With new listings having decreased by 8.57% there continues to be great demand for off market properties, which will see a further shortening of days on market, which has now dropped to 299 days.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
288 $366,055,531 $1,271,026
312
$549,000
$500,000
$323,804,759 $1,037,836
NO. 5
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The Summit BLUE MOUNTAIN | PROVIDENCIALES
VILLA 6 | 3 BEDS | 3.5 BATHS | 6,263 SQ. FT. | 19602 SQ. FT LOT. | $2,999,500 VILLA 8 | 4 BEDS | 4.5 BATHS | 7,059 SQ. FT. | 17860 SQ. FT LOT. | $3,395,000
NO.7
SingleHom
-Family mes
NO. 9
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Villa Brisa PROVIDENCIALES 4 BED | 4.5 BATH 4,700 SQ FT | 18,731 LOT SQ FT. $2,900,000
Patience and Time It was going to be impossible to see the sales of Single Family Homes for the first half of the year match that of 2021, inventories are down and revenue is up. That being said $121,116,030 is still an impressive sales volume over 67 sales. Wymara Villas saw its share of that success, with Villas 5103, 5105 and 5109 selling in the second quarter of 2022. With over $204,000,000 in Single Family Home inventory marked as Conditional or Pending there remains a lot of inventory to be transacted over the remainder of the year.
KEY STATS
2021
2022
Total # of Sales
79 $197,192,689 $2,496,110 $1,450,000
67 $121,116,030
Total Volume Average Price Median Price
$1,807,702 $1,071,065
NO. 1 NO. 11
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Flintwick One 3 BED | 3 BATH 4,539 SQ FT | 216,057 LOT SQ FT. $2,995,000
NO. 13
Condom
miniums
NO. 15
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1308/9 Wymara GRACE BAY 2 BED | 2 BATH 1,801 SQ. FT. | 1801 LOT SQ. FT. $1,699,000
On The Up Condominium properties continued to see a surge in the first half of 2022, both in terms of the number of sales and the volume of sales. As mentioned, this was buoyed in part by the closing of condominiums sold preconstruction at Rockhouse but even absent the Rockhouse numbers there was an increase in sales as properties such as Wymara Penthouse 1502 and Grace Bay Club B500 saw significant resales on Grace Bay Beach. With more condominium properties in the development stages expect that the condo market will remain active in the years to come both on a new development and resale stage.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
77 $88,142,900 $1,144,713
104
$820,900
$762,985
$124,364,430 $1,195,812
NO. 1 NO. 17
Vacant
t Land
NO. 19
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Pumpkin Bluff PROVIDENCIALES 145,926 LOT SQ. FT. $1,700,000
Looking North Want evidence that the Sister Islands of North and Middle Caicos are a hive of activity? 26 of the recorded land sales over the first 6 months of the year took place there! That represents over 20% of the total number of sales for this period. There is no mistaking the continued trend of land purchases on North and Middle Caicos, and Ian Hurdle has been shouting it from the rooftops for some time, buy land on North! For those who maybe looking for a more immediate development opportunity Provo land sales remained resilient with over $47,000,000 in sales over the first 6 months of the year. This was boosted by significant sales on Long Bay Beach, of $4,495,000 and $6,500,000, which should be a further reminder of the benefits of purchasing premium locations at discounted prices on other Islands.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
115 $65,070,999
125
$565,835
$525,314
$192,000
$190,000
$65,664,299
NO. 1 NO.21
Your Move. THEAGENCYRE.TC
DISCLAIMER: While all reasonable effort is made to ensure the information in this publication is current The Agency Turks and Caicos does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all or any loss or damage arising in connection with the data and information contained in this publication. The property sales data is compiled using information provided by the Turks and Caicos Real Estate Association effective July 7th 2022. Any person using or relying upon such information does so on the basis that The Agency Turks and Caicos accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
AN INDEPENDENTLY OWNED AND OPERATED FRANCHISEE OF THE AGENCY REAL ESTATE FRANCHISING, LLC