The real estate market in Turks and Caicos Islands (TCI) has seen growth in recent years, with sales volumes more than doubling since the pandemic. According to a new report from Joe Zahm, President of TCI Sotheby’s International Realty, total sales jumped from an annual average of $282 million (2017–2020) to $710 million (2021–2024), marking a 151% increase. Average property prices followed suit, rising 75% from $824,000 to $1.44 million. Zahm credits this surge to rising global demand for upscale homes and TCI’s unique appeal as a stable luxury destination.
While single-family homes have traditionally led the market, a shift toward high-end condominiums is on the rise. Between 2021 and 2024, single-family homes still commanded the highest average price at $2.59 million, but next-generation condo developments are quickly gaining ground. New projects such as The Point, ARC Sky Villas, and Andaz Turks & Caicos have contributed to $363 million in pending sales, with condos now comprising 66% of residential transactions. Zahm notes that these luxury condo projects, often highly visible, are driving a new era of real estate growth on the islands.
The ultra-luxury segment is also breaking new ground. Sales of properties over $10 million have increased steadily, with $30 million-plus transactions becoming an annual occurrence since 2023. Zahm predicts the market will soon see regular $50 million deals and potentially $100 million sales within the next decade. With an expanding inventory of high-end developments and growing international interest, TCI is positioned to remain a global hotspot for luxury real estate well into 2025 and beyond.
Read more at: https://suntci.com/tcis-real-estate-market-surpasses-expectations-with-record-growth-since-p12203-129.htm
