Turks & Caicos Sotheby's International Realty Releases First Quarter Market Report

PROVIDENCIALES, Turks & Caicos, May 4, 2023 /PRNewswire/ -- The premier luxury real estate brokerage firm in Turks and Caicos, Turks & Caicos Sotheby's International Realty, has released the findings of its first quarter real estate market report with a year-to-date comparison for the islands.

"The inextricably linked tourism and real estate sectors in the Turks and Caicos Islands are enjoying tremendous economic success due to strong fundamentals with regards to the vital drivers of supply and demand," noted President Joe Zahm. "On the supply side, an impressive array of existing hospitality inventory and property – from hotels and condominiums to managed and stand-alone villas – has proved to be among the best-in-show throughout the Caribbean for high-end tourism, drawing in discerning, affluent visitors. Further, the inventory pipeline is strong, as developers conceive and build luxury properties, which will continue to satisfy tourism and real estate demand for both renting and non-renting owners alike."

Because this market is more dependent on new development than more mature markets, and further dependent on individually owned condominiums and villas, new development buyers, who often buy off-plan and before a shovel is even in the ground, are essential participants in the market's growth. For example, in the new development sector, at projects such as Beach Enclave, South Bank and The Strand, construction of an individual villa commences once purchasers have signed land purchase and construction agreements. In the condominium sector, developers commit to building once a prerequisite number of units are pre–sold. In this regard, TCI is highly dependent on pre-construction purchasers to "co-invest" with developers in order to fuel new projects. Presently, as realtors navigate the low existing re-sale inventory market, they look towards the future with several projects in the pipeline, led by The Point by Grace Bay Resorts, ARC at South Bank, The Strand, St. Regis and others. These new projects create welcome for-sale inventory into the market, to supplement constricted, existing re-sale inventory.

First quarter numbers reflect the importance of this new development inventory, as many recently or soon-to-be-completed villas are closed out at South Bank, Beach Enclave and the Strand, with many more to follow this year. One of the most significant spikes was in the single-family home sector as a result of several new development properties that were posted as sold on MLS. These included The Strand, Emerald Estate, South Bank and Beach Enclave North Shore, which also drove up the average price. This sector will remain strong throughout 2023 as more new development properties are posted throughout the year.

For more information on listings with Sotheby's International Realty, visit https://www.turksandcaicossir.com.

About Turks & Caicos Sotheby's International Realty
Turks & Caicos Sotheby's International Realty is the premier luxury real estate brokerage firm in Turks and Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, the firm is the go-to resource for developers, investors, homebuyers and sellers in this highly sought-after destination. With strong leadership backed by the world's greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, Turks and Caicos Sotheby's International Realty is influential in both the local community as well as the greater real estate industry worldwide. The firm's signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information, please visit www.turksandcaicossir.com.        

Media Contact:
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SOURCE Turks & Caicos Sotheby's International Realty