Turks and Caicos Real Estate Market 2014 Year to Date Comparative Report

 
 
Q2 2014 MARKET REPORT
Q2 2014 MARKET REPORT
 
NEW YORK - Aug. 5, 2014 - PRLog -- For those who are looking to invest in our beautiful islands, or who live and work in the Turks and Caicos, this report clearly defines the TCI property market in real time.  Keeping our clients and customers informed as to how the real estate market is progressing, with solid comparative data from the previous year, is critical to making informed decisions and we offer this service each quarter.

Regency-Christie’s International Real Estate analyzes data derived from the Turks and Caicos Real Estate Association’s (TCREA) MLS proprietary members only database, distilling all property sales data into a format that is easily accessible and quickly understandable.  We hope that it will prove to be of great interest and we always welcome questions about the real estate market in TCI - the Caribbean’s premier destination.

Major Notes for Q2 2014:

TCI has enjoyed a 116% increase in its Single Family Home & Villa Market ‘Dollar Volume Sales’ 2014 year to date  over the same period in 2013.

Single Family Home & Villa Market continue to lead the way through the first half of 2014.

Properties falling into the $1M + range show a substantial increase in sales, which can be attributed to several significant sales such as the prominent Saadet House listed at $16.9M (sold by Regency Christies International Real Estate in just 3 months), as well as others including an amazing Amanyara Villa and the newly constructed Saving Grace mansion in Leeward.

The high value sales trend shows great confidence in our real estate market and the security and stability of the Turks and Caicos Islands in general. The TCI’s extremely convenient location, which allows many North American investors to leave their doorstep and be on the beach in just over 3 hours, is a huge factor driving the high end market forward. A further trend is a steady increase of  sales in the ‘Private Island’ sector, including significant sales of two Pine Cay properties – an exclusive members only island established in the 1970’s!

Historically, one of the most robust sectors in the Turks and Caicos Islands inventory has been the Condo/Resort’s located long the beautiful Grace Bay. Whilst the 2nd Quarter shows only a modest increase over 2013, we must remember that significant increases continue since 2011.The annual 4% to 7% increase in sales is a solid market sector improvement year on year.

The stretch of Grace Bay beach that constitutes the majority of the islands’ high-end Condo Resorts has now been substantially developed with low density, luxury properties. This provides a new attractiveness for our Grace Bay  properties with not just the best location , but now  limited supply! The addition of new inventory in several proposed projects will certainly boost the condo resort market through the introduction of fresh inventory not only located on Grace Bay Beach, but other areas of the island.

2013 enjoyed some of the islands most significant Commercial Hotel/Tourism Zoned sales seen in many years. Regency Christie’s International Real Estate is proud to have introduced new overseas developers to the Turks and Caicos Islands, with exciting plans for new projects through 2014/2015.

Major projects for the Turks and Caicos Islands going forward in 2014 are definitely gaining momentum, with the recent announcement of a $100M development order for the new Turtle Cove Resort & Marina Project, the redevelopment of West Caicos, Hotel projects branded under the Ritz Carlton,  all now well into the planning stages for 2014. The possible redevelopment and completion of several projects effected by the past economic downturn adds huge potential for the country and the Shore Club on Long Bay is well underway, with construction of the luxury condo buildings expected by end of 2014.

As of this writing, there are over $60 Million + (list price)  in pending sales in the TCREA MLS system with scheduled closings. This is a significant volume of real estate transactions that substantiates our confident outlook, and that will certainly boost the real estate market throughout the remainder of 2014.

The Turks and Caicos Islands are now entering its’ second and most stable development phase.  Confidence in the islands is at its highest level since 2008 and  Regency Christie’s International Real Estate is leading the way in our market.

Quick Facts about Regency Christies International Real Estate :

2013 Top Residential Sale in the country  : Emerald Cay. Listed for $45M

2012 Top Commercial Land sale in the country: 11 Acres on Grace Bay Listed for 16M

2014 Top Residential Sale of the spectacular Saadet Estate. Listed for $16.9M

Top Hotel/Tourism Related land Sales : Grace Bay beachfront development sites. Listed at $ 44M

Top Producing Brokerage at the Regent Palms Condo/Resort 2013/2014

Top Producing Brokerage for Private Island sector 2013/2014 : Pine Cay, Parrot Cay

2014 Top Listing Brokerage : $ 93 million properties value listed ay July 2014

President of the Turks and Caicos Real Estate Association : Robert Greenwood – Director /Broker RCIRE

2013 Top Producing Agent by number of sales, 60 Transactions: Walter Gardiner Director/Broker

We are proud to assist our valued clients and customers with their real estate needs. Regency Christie’s International Real Estate strives to clearly define the world of luxury real estate through global outreach and professionalism, bringing you the finest properties available in the Turks & Caicos Islands.

View Full Report HERE: http://issuu.com/tci_real_estate_services/docs/q2-2014-ma...

Contact
Robert Greenwood
+1 (649) 432 7653
info@tcibrokers.com
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