Overview of the Turks and Caicos Real Estate Market in Q1 2024
The first quarter of 2024 has been a dynamic period for the Turks and Caicos real estate market. With an influx of international buyers, strong demand for luxury properties, and a competitive market landscape, this quarter has set a promising tone for the year ahead. In this report, we delve into the key metrics, trends, and opportunities that have defined the market from January to April 2024.
This quarter, single family home transactions have matched land purchases in the country, in dollar value. We are seeing the inventory for this product drop. With a few notable sales this quarter, this product category is redefining the price per square foot for us here in Turks & Caicos.
This quarter, the condo/townhouse market showed us that not only is there demand for the various new developments in the pipeline, but also for some of the more established and proven developments. These units are showing a great return on initial investment as their value has risen over the years, pushing the median sale closer to the $1m mark, while the average number is consistently above $1m.
This quarter, we have seen a large volume of transactions in the market for smaller lots, both in size and land price. This is mainly driven by closings on the sister islands, showing the market’s interest in the country as a whole, and not just Providenciales. Nevertheless, we have seen some notable sales this quarter, pushing the average price per acre in the various neighborhoods. The market doesn’t fail to show us that land value is still on the rise in the country, and there is demand from all price groups.
