While sales of Turks & Caicos real estate showed a slight decrease in the second quarter of this year compared to the same period of the previous year, demand for property in the idyllic archipelago remains extremely high.
Real Estate Sales Q2 2016
According to data recently released by the Turks & Caicos Real Estate Association, sales of real estate in Turks & Caicos declined from $155,375,525 in Q2 2015 to $134,435,526 in Q2 2016. Despite the slight dip, the overall sales were at the second highest level since 2010.
Pending sales of $129 million for the remainder of the year were also, reportedly, at their highest levels since the Turks & Caicos real estate boom of the mid-2000’s. Pending sales, which are defined as sales under contract and conditional transactions, included $101 million of home/villa sales, $22 million of land sales and $6.5 million of condo sales.
Homes / Villa Sales
The total value and volume of sales of homes/villas decreased slightly in the second quarter of 2016 compared to Q2 2015.
There were 38 homes / villa sales during the period compared to 39 sales during the same period the previous year.
The average sales price also declined slightly from $1,664,218 to $1,489,674.
While the volume of condo sales declined significantly from 62 to 50 during the three month period, the average price increased to its highest level in recent years from $771,041 to $1,009,620.
This was largely attributed to restricted inventory as owners enjoy high levels of rental returns.
As a result the total value of condo sales increased from $47,804,525 to $50,481,000.
During the second quarter of 2016 there were 73 land sales compared to 75 during the same period of 2015.
While overall volume of land sales dipped slightly, the total value of land sales declined from $40,656,500 to $25,508,000 as the average land sale price decreased from $542,087 to $349,425.
2016 – A Positive Year for Turks & Caicos Real Estate
While there were dips in certain areas, overall the market remains resilient and demand remains high.
This is demonstrated by the very high levels of pending sales.
With that in mind, 2016 is shaping up to be another positive year for the Turks & Caicos real estate market.