Property buyers are continuing to flock to the Turks & Caicos Islands in droves.
According to recently released data from the Turks & Caicos Real Estate Association, overall sales of Turks & Caicos real estate rose by 7.37% during the first half of this year, having increased by 16% during the first quarter of 2018.
During the first 6 months of this year sales rose to US $135 million from $126 million during the same period in 2017.
The average selling price also increased by 6.79% from US $681,097 to $727,350.
Sales of single family homes increased by over 7% (in value terms) during this 6 month period, rising from $60.3 million to $64.8 million.
The average price rose substantially by 19.32%, increasing from $1,207,934 to $1,441,349 due to a surge in new villa sales, particularly in areas including Grace Bay, Long Bay and Leeward on Providenciales, as well as South Caicos.
Condo sales are also up by 1.17% during the first half of this year.
Overall condo sales rose from $33.7 million to $34.1 million, with the average selling price increasing by 8.75% from $784,842 to $853,535.
Finally sales of vacant land for development also demonstrated a significant increase.
Land sales rose by 30% during the period, increasing from $25.4 million to $33 million.
The average selling price increased by a substantial 16.25% from $298,859 to $347,421.
With the tourism sector also performing well and a strong pipeline of pending transactions totaling approximately $184 million, the outlook for real estate in the Turks & Caicos Islands for the full year is looking very promising indeed.