Recently published data indicates that the Turks & Caicos real estate market is enjoying growth, in particular the homes / villas segment.
Overall Real Estate Sales
The overall volume of real estate sales in the Turks & Caicos increased by over 7% from 167 sales during the second quarter of last year to 180 sales during the second quarter of this year.
While volume sales increased, the overall value of sales dipped slightly from US $134,910,526 to US $124,767,905.
The average selling price also dropped somewhat from US $807,847 to US $693,155.
Grace Bay Beach, Providenciales, Turks & Caicos Islands
Homes Sales
The homes / villas segment of the market saw the strongest growth during the period.
50 homes / villa sales were achieved during the period compared to 40 sales during the same period of 2016.
This represents an increase of 25%.
While the average selling price declined from US $1,427,066 to US $1,207,934, the total value of all homes / villa sales during the period increased by 5.8% from US $57,082,626 to US $60,396,706.
Condo Sales
In contrast to sales of homes and villas, sales of condos in the Turks & Caicos Islands declined during the second quarter of this year.
This is primarily due to a lack of new stock and existing condo owners’ contentment with the rental returns generated by their units.
There were 42 sales during the period with an average selling price of US $790,433 in contrast to 50 sales with an average selling price of US $1,009,620 during the second quarter of last year.
As a result, the total value of condo sales decreased from US $50,481,000 to US $33,198,200.
Land Sales
The number of land sales in the Turks & Caicos Islands rose almost 11% from 73 during the second quarter of last year to 81 during the same period this year.
However, as the average selling price dropped marginally from US $349,425 to US $305,160, the total value of land sales also saw a dip from US $25,508,000 to US $24,717,999.
2017 Forecast
With a very strong pipeline of sales expected to close this year and a strong pipeline of real estate developments in Providenciales, Middle Caicos, South Caicos and Parrot Cay coming on stream, full year 2017 is expected to be a very positive year for Turks & Caicos real estate sales.