By Caribbean News Now contributor
PROVIDENCIALES, Turks and Caicos Islands -- Property sales in the Turks and Caicos Islands (TCI) have seen a breakout year in 2014, according to a report by leading real estate group Sothebys. The market report sets out trends in real estate across all sectors and provides a snapshot of market activity since 2010.
Of note is a 4.5 times increase in a total dollar volume in land sales from 2010 to 2014 showing a steady annual growth rate from $15.6 million to $69.9 million over the period.
Home and villa sales recorded an even better performance, showing a six times increase for the period 2010 to 2014 or $11.8 million to $66.6 million.
On the condominium front, volume also saw a steady rise from $27.9 million in 2010 to $70.6 million in 2014, with 2012 and 2014 being breakout years.
But, while the dollar volume increased, so too has the average price per property sold, with land sales leading the way, almost tripling in the years 2010 to 2014 from $240,000 to $629,000 respectively. Condominium and villa sales saw modest price growth during the same period but villa sales doubled in average price from $625,000 to $1.1 milion.
Total volume year over year was up 20 percent, with total real estate sales surpassing the $200 million mark.
The TCI real estate market has effectively recovered from recession lows and new buyers have entered the market, snapping up projects across the islands, including the new Shore Club development, which is nearly complete.
But the positive story isn’t limited to Providenciales, with developments across the islands, including South Caicos’ Sail Rock and a newly announced villa development in Middle Caicos.
The market report also addresses a scarcity in the market of new product available for sale in the luxury condominium category, with many developments already sold out.
The best news coming from the report, though, is the tourism industry itself, which is tied to real estate development, since the condo hotel market is what most guests experience while visiting the island. Along with the newly renovated international airport, the new year 2015 has started off in the TCI with a bang in real estate.