With tourism continuing to rise and new property developments in the works, Turks & Caicos real estate sales demonstrated positive growth in the final quarter of last year.
Turks & Caicos Real Estate Market Achieving Growth
The growth in the property market is evident from data released by the Turks & Caicos Real Estate Association (TCREA).
Home / Villa Sales Up
According to recently published statistics from the TCREA, 87 homes / villas were sold in the Turks & Caicos Islands during the fourth quarter of 2016.
These 87 villa / home sales had a combined value of $119,114,609 USD with an average selling price of $1,369,133 USD.
This compares to 65 villa / home sales during the fourth quarter of 2015 with a combined value of $92,857,126 USD.
While there were slightly fewer condo sales in the fourth quarter of last year compared to the same period the previous year (92 versus 101), the average selling price increased from $722,768 USD in 2015 to $939,198 USD in 2016.
The increase in the average selling price brought the total value of condo sales from $72,999,525 USD to $86,406,190 USD.
Real Estate Market to Grow in 2017
Having achieved positive growth last year, we would expect the Turks & Caicos property market to continue to grow this year.
There are currently new residential resorts and property developments in construction across the Turks & Caicos Islands, including on Providenciales, as well as on the less developed but equally beautiful islands of Middle Caicos and South Caicos.