Despite the challenges faced following Hurricane Irma, the Turks and Caicos real estate market remained strong.
A recently published yearly report by The Agency Turks and Caicos shows the Turks and Caicos Real Estate Association recorded 300 sales in 2017, amounting to over $216 million. The luxury segment closed 2017 with over 100 sales in excess of $500,000. Some 93 properties were listed as either conditional or pending by the end of last year, cuing to a strong start of 2018.
Most of the traction in the market stemmed from single-family homes and vacant land – unzoned and residential – as opposed to condominiums, whose inventory contracted in the last 12 months.
Single-family homes made up close to 70 sales, with increased median price from $520,000 in 2016 to $787,500 in 2017. Independent rental opportunities with higher potential returns enticed both home seekers and investors in the residential sector, where properties with 4+ bedrooms did exceedingly well.
Vacant land enjoyed the highest sale number in 2017 – 136, as well as the largest spike in median prices – from $74,000 to $117,500. Water frontage, elevation and access to the ocean were some of the prime determinants of the value of land on Turks and Caicos last year.
“Investment in a piece of land that offers one of these features has a direct correlation to lifestyle, rent-ability and the all-important return on investment,” the report says, predicting increased developer confidence in North Caicos in 2018.
Emerging from a sound 2017, despite Irma, and boasting multimillion active listings – from the Triton Villa to serene lots – The Agency Turks and Caicos concludes that 2018 is “truly a time to be excited for the Turks and Caicos Islands.”
Images courtesy of Ian Hurdle
Ian Hurdle is the exclusive agent representing the Turks and Caicos real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.