Turks and Caicos Has a Roaring Real Estate Market

Turks and Caicos Has a Roaring Real Estate Market

The real estate market in Turks and Caicos is seeing record-breaking performance, according to the newest report from Turks and Caicos Sotheby’s International Realty.

Indeed, Turks and Caicos real estate hit a record $334.7 million in sales volume in 2019, according to the report, itself an increase of almost $76 million compared to 2018.

The data represents dramatic growth in the last decade: in 2010, real estate sales volume in Turks and Caicos totaled just under $59 million — meaning almost 570 percent growth over 10 years.

That was buoyed by almost $220 million in single-family home sales, up from $124 million in 2018 — accounting for nearly 52 percent of sales volume.

On the luxury side, Turks and Caicos saw nearly 21 home sales over the $3 million mark, with the highest recorded home sale at $27 million for an existing. (Those home sales also included the purchase of the Turtle Tail-area home of late music icon Prince).

“We are seeing unprecedented sales activity with a massive spike in median house prices and overall sales volume from 2018 to 2019,” Ian Hurdle, managing partner of The Agency Turks and Caicos, told Caribbean Journal.

He pointed to sales like that of Bruce Willis’ estate on Parrot Cay this year and Triton on Long Bay as prime examples.

And prices have followed suit — the average price rose by 36 percent over the previous year, according to Sotheby’s; overall, Turks and Caicos villas sold for an average price point of $1.98 million, a number Sotheby’s called “stunning.”
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Source: Caribbean Journal