Property buyers are continuing to flock to the Turks & Caicos Islands in droves.
According to recently released data from the Turks & Caicos Real Estate Association, overall sales of Turks & Caicos real estate rose by 7.37% during the first half of this year, having increased by 16% during the first quarter of 2018.
During the first 6 months of this year sales rose to US $135 million from $126 million during the same period in 2017.
The average selling price also increased by 6.79% from US $681,097 to $727,350.
Turks & Caicos real estate sales up 7% in first half of 2018
Home Sales
Sales of single family homes increased by over 7% (in value terms) during this 6 month period, rising from $60.3 million to $64.8 million.
The average price rose substantially by 19.32%, increasing from $1,207,934 to $1,441,349 due to a surge in new villa sales, particularly in areas including Grace Bay, Long Bay and Leeward on Providenciales, as well as South Caicos.
Condo Sales
Condo sales are also up by 1.17% during the first half of this year.
Overall condo sales rose from $33.7 million to $34.1 million, with the average selling price increasing by 8.75% from $784,842 to $853,535.
Land Sales
Finally sales of vacant land for development also demonstrated a significant increase.
Land sales rose by 30% during the period, increasing from $25.4 million to $33 million.
The average selling price increased by a substantial 16.25% from $298,859 to $347,421.
Home Sales
With the tourism sector also performing well and a strong pipeline of pending transactions totaling approximately $184 million, the outlook for real estate in the Turks & Caicos Islands for the full year is looking very promising indeed.