The Agency Turks & Caicos 2022 Q1 Report
Notable Listings + TABLE OF CONTENTS
01 2SHORES
03 NO LET UP IN SIGHT
05 MORE IS MORE!
07 SINGLE-FAMILY HOMES
11 FLINTWICK ONE
13 CONDOMINIUMS
17 VACANT LAND
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2Shores
LEEWARD | PROVIDENCIALES
5 BED | 5.5 BATH 9,423 SQ. FT | 33,540 LOT SQ. FT.
NO. 1
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No Let Up In Sight No matter how busy the Turks and Caicos real estate market seems it somehow gets hotter. After what was a record year in 2021, one that it felt would be near impossible to beat, 2022 has started off even stronger. When we look out at why this is happening it remains the perfect storm of circumstances globally that continue to reap the benefit on the Turks and Caicos market. Inventory continues to decrease, inflation makes the ownership of real property even more attractive and tourist numbers continue to set records. On two weekends in March recorded arrival numbers at Providenciales International Airport were in excess of 13,000 people. This explosion of travelers, particularly on the weekend, is not flawless but the plans for airport expansion that would permit greater numbers to arrive is a sign of the continued demand for people to come to the Turks and Caicos. As a country and a brand we have identified and delivered as a luxury destination, this identification continues to attract visitors and once they are visitors they want to become owners. I was asked this week what the long term vision for the Turks and Caicos was and how that would affect real estate values and the answer was a simple one, we are going to continue to be the leading luxury destination in the Caribbean and as more vacant property is developed with high-end Villas and Developments more people will discover us, pushing numbers even higher. On a local level, we saw progressive steps from the Turks and Caicos Government to enact financial benefits for Turks and Caicos Islanders to purchase property at reduced duty rates, as well as other concessions. This is an important part of our development as Turks and Caicos Islanders must profit from this process as well. We are also seeing greater numbers of Turks and Caicos Islanders looking at income producing properties, not just raw land, as a means of generating generational wealth between families. This is an exciting prospect and one that will ensure that Turks and Caicos Islanders benefit from this growing economy. When all of these items are looked at together, and the numbers will speak for themselves, we are in for another busy year in the Turks and Caicos. Good luck and happy hunting! Sean O’Neill
NO. 3
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More is More! The fact that sold properties in Q1 of 2022 can exceed the previous year by almost 37% feels like an incredible statement to write, but it happened! 135 properties closed during Q1, compared to 98 in the same period last year. It is not that any one sector, in particular, saw a large increase in the number of sales just that the market rose as a whole. What is noticeable is that while the number of sales increased the volume of sales decreased slightly, as did the average sales price. In a deeper dive, you can see that the volume of sales in the single family home sector, usually the strongest of the three main sectors, decreased by 17%, while the volume of condo sales increased 54%. Unlike the end of 2020 where these numbers were buoyed by the closing of sales at the Ritz Carlton these represent sales at long established Resorts, evidence that the condo model remains a strong one in the Turks and Caicos both from an income and lifestyle perspective. With vacant land sales continuing to power ahead and more new development projects in the work do not expect to see these numbers let up as Developers seek to target not just those in the higher end section of the market but those in the $500,0001,000,000 sector as well.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
98 $139,525,999 $1,425,735
135
$645,000
$450,000
$141,784,800 $1,050,258
89 Silly Creek PROVIDENCIALES
4 BED | 3 BATH 3,600 SQ. FT. | 8,276 LOT SQ. FT
NO. 5
Single-Family Homes
NO. 7
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Leeward is on Fire Historically the Leeward residential community has been one of the most sought after communities in the Turks and Caicos. The combination of canal properties, beachfront properties, a marina, a school and close proximity to Grace Bay make that easy to understand and when you look into the single family home sales for Q1 it is evident that this has not changed. 43% of the recorded sales volume of single family homes took place in Leeward, an excess of $25,000,000, headlined by Ian Hurdle’s sale of Leeward Jewel. Long Bay and Turtle Tail also saw sizeable transactions, including the sale of Wymara Villa 5107, while Grand Turk saw 6 single family home sales, albeit at significantly lower price points to Providenciales. Expect to see these numbers continue to increase with over $150,000,000 of properties noted as pending or conditional during the Quarter.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
28 $75,972,000 $2,713,286 $1,995,000
34 $62,515,000 $1,838,647 $900,000
Villa Brisa PROVIDENCIALES
4 BED | 4.5 BATH 4,700 SQ FT | 18,731 LOT SQ FT
NO. 9
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Flintwick One PROVIDENCIALES
3 BED | 3 BATH 4,539 SQ FT | 216,057 LOT SQ FT
NO. 11
Condominiums
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Condos are more than a lifestyle With 38 recorded sales almost totaling $44,000,000 it is clear that the condo market, and the lock and leave lifestyle that it promotes is a strong one in the Turks and Caicos. On showings it is evident to potential purchasers that the convenience of a condo coupled with the acquisition cost of a property on the beach makes it an attractive purchase. While a significant proportion of the sales were spread out amongst Resorts such as Caribbean Diamond, North West Point, The Yacht Club and others the high-end condo market saw a revival as Bianca Sands, The Somerset, Seven Stars and The Shore Club all saw multiple sales over the course of the first quarter of the year. The only thing likely holding back more condo sales is a lack of access due to exceptionally high tourist numbers. While good for the rental bottom line this is a challenge for realtors but one we have to get used to as projected numbers for the remainder of the year remain high as well.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
26 $29,424,500 $1,131,712
41
$880,000
$710,000
$45,390,000 $1,107,073
1308/9 Wymara GRACE BAY
2 BED | 2 BATH 1,801 SQ. FT. | 1801 LOT SQ. FT.
NO. 15
Vacant Land
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Rapid Increases It is impossible not to be blown away by some of the price increases that have taken place over the last few years. Even just during the time in which we have know the word “Covid”. A 2 acre parcel of beachfont land in Long Bay would have cost $2,500,000 prior to the start of Covid-19, in Q1 2 acres sold for $6,500,000. Meanwhile incredible mansions continue to be built on the beach, reducing vacant site inventory and pushing up prices. By the way, in 2003 a two acre parcel on Long Bay Beach sold for $350,000, if only we all had the crystal ball! That being said the majority of land sales remained under $1,000,000 in Q1. North Caicos continues to see further purchases as there remains greater value for a medium to long term hold there. With increasing inflation and no annual property tax vacant land remains a hot commodity in the Turks and Caicos.
KEY STATS
2021
2022
Total # of Sales Total Volume Average Price Median Price
40 $30,863,499
50
$771,587
$552,536
$245,000
$300,000
$27,626,800
Pumpkin Bluff PROVIDENCIALES
145,926 LOT SQ. FT. NO. 19
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 May 4 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.
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