2022 Real Estate Market Posts Strong Follow-up Year to Historic 2021
Turks and Caicos Islands has long attracted luxury real estate developers and investors for its turquoise waters, pristine white beaches, attractive quality of life and strong infrastructure. As one of the most sought-after destinations in the Caribbean, TCI has gained much attention from the industry as its steps onto the global stage.
Turks & Caicos Sotheby’s International Realty is pleased to release the following findings from its highly anticipated 2022 Year End Market Report, sharing key insights, trends and future outlook predictions.
After a history-making year in 2021, which reached $765M in closed transactions, Turks and Caicos continued its strong performance in 2022, totaling $553M in sales. This second-best year surpassed the prior record holder of 2019, which recorded $337M in dollar volume, by 63.5 percent. Looking ahead into 2023, the sales pipeline remains strong with an impressive $327M in pending transactions led by pre-construction villa sales.
The Single Family Home sector, with $214M in sales volume, accounted for 39 percent of all sales in 2022, as opposed to 49 percent in 2021. This shift can be attributed to absorbed inventory as well as ongoing construction for many residential homes.
Total Condominium sales of $171M accounted for 31 percent of all sales volume in 2022, with a similar share compared to 2021. Meanwhile, Land sales of $143M saw the biggest proportional increase year over year, from 19 percent in 2021 to 26 percent in 2022, as investors seek to build and seize long-term investment opportunities.
Managing Partner at The Agency Turks and Caicos and the Turks and Caicos Hotel and Tourism Association (TCHTA) President, Trevor Musgrove told The SUN that the market is now dealing with a lack of inventory.
“The real estate market now is booming because Turks and Caicos Islands has become the newest and best place to visit, invest and live, so the real estate market is doing quite good. We’re seeing a lot of sales and the price point above $10million and that market is moving quite good. Below that we have seen somewhat of a cool off in the $1million to $2million range, but what we are dealing with now is a lack of inventory. We project that the market sale is going to continue,” Musgrove added.