The Turks & Caicos real estate market is currently enjoying significant growth according to the latest market data.
US $63,056,396 of Real Estate Sales in Q1 2018
Sales of real estate in the Turks & Caicos Islands during the first three months of 2018 climbed to US $63,056,396.
This represents a 16% increase in value terms in comparison to the US $54,330,769 of property sales reported during the same period in 2017.
During the first quarter of this year the total number of units sold actually declined by 22% from 90 to 70.
The overall rise in gross dollar value of the Turks & Caicos real estate market can therefore be attributed to the average price soaring 49% from US $603,675 to US $900,763.
Turks & Caicos real estate sales up 16% in Q1 2018
Single Family Home Sales
Much of the rise is due to a 53% increase in sales (dollar volume) of single family homes in the most popular parts of Providenciales, including Grace Bay.
Sales of single family homes rose from US $25,308,369 to $38,742,996 during the period, with the average selling price increasing 39.77% from $1,205,160 to $1,684,478.
Condo Sales
In contrast sales of condos in the Turks & Caicos Islands decreased 39% from 28 to 14 sales, resulting in the total dollar volume falling from US $18,776,002 in Q1 2017 to US $11,429,400 in Q1 2018.
However, it should be noted that these figures only include re-sales of existing condos rather than sales of new construction condos set to be delivered over the next few years.