For several years the Turks & Caicos real estate market has been one of the strongest performing markets in the Caribbean.
Sales of Real Estate in Turks & Caicos Up Surpassed $234.6 Million
With its pristine beaches, proximity to the USA and strong pipeline of new luxury property developments, sales rose by 9% last year to reach over US $255.7 million.
According to recently released data this represents a record level, surpassing last year’s total of US $234.6 million.
Single Family Home Sales Up 10%
Sales of single family homes for sale in Turks & Caicos, which represent almost half the sales volume in the Turks & Caicos Islands, rose by over 10% in 2018 from $111.6 million to $123 million.
Buyers flocked to areas such as Grace Bay, Long Bay and Leeward.
This total includes over 20 home sales above $3 million.
Average sales price also increased by 6.24% during the time period.
Condo Sales Up 9.5%
The appeal of Grace Bay is undeniable, as evidenced by a 9.5% increase in the market for Turks & Caicos condos for sale in 2018.
Total condo sales increased from $64.4 million to $70.5 million, with the average selling price also increasing from $858,783 to $916,742.
Land Sales Up 17%
The market for land for sale in Turks & Caicos also expanded during the year.
Sales of undeveloped land increased by 17% in 2018 compared to the previous year.
During the course of the year there were a total of 173 land sales, 12 of which were over the $1 million level.
Locations which were particularly popular include Turtle Tail, Leeward and Long Bay.