Tourism and real estate sales are booming in the Turks and Caicos Islands (TCI), surpassing other Caribbean regions. Both sales and pre-construction numbers reflect a thriving market, with many large beachfront parcels in Providenciales being transformed into high-end, branded hotels and residences to meet the strong demand for investment and vacation properties.
A report from Turks & Caicos Sotheby’s International Realty highlights that the islands’ exceptional tourism offerings continue to attract A-listers from around the world, as well as buyers seeking homes with stunning ocean views, a mild climate, and a serene Caribbean atmosphere. The first quarter of this year saw major developments, including The St Regis on Grace Bay and The Point by Grace Bay Resorts, both achieving significant pre-sales, along with The Loren on Turtle Cove and Andaz Turks & Caicos reporting strong unit sales.
The new condominium inventory is satisfying the long-overdue demand from buyers willing to wait up to three years for completion. Boutique developments like Villas at Blue Mountain and The Summit at Blue Mountain are also gaining momentum. Despite high pre-construction sales not being officially recorded, the first quarter re-sale condominium sales volume was $18 million, 25%-65% lower than the past three years, with the average price remaining high at $1.1 million, translating to $1,100 per square foot at the luxury end.
Read more at: https://magneticmediatv.com/2024/04/incredible-environment-for-real-estate-continues-for-turks-and-caicos/
