Analysis of the latest MLS real estate sales figures (as of August 20th 2006) in the
Turks & Caicos for the years 2005 and 2006 shows strong increases across the
board in 2006, particularly in higher-value transactions. In broad terms
the 2006 figures indicate a percentage increase of more than 70% in gross sales
figures and a 44% increase in the gross number of closed sales over the
preceding year. Presumably that margin will increase significantly by the
end of the year as we get back into the main tourist season.
The strength in the Turks & Caicos real estate market is particularly
noteworthy in a global environment of increasing interest rates and concerns
about slowing real estate sales. There are too many variables to say with
certainty why the Turks & Caicos is bucking the larger trend, but we expect the
reasons include:
-
the limited supply of (and steady demand for) quality beach, oceanfront
and oceanview property;
-
increased awareness driven by the international marketing initiatives of
the Government and the main players in the development and tourist industries;
-
expenditure on infrastructure - most notably the Leeward Highway, the
Lower Bight road and the Grace Bay road which have pedestrian friendly
sidewalks, street lighting and roundabouts which keep traffic moving.
2006 has also seen the opening of the US$10 mil. Gustavus Lighbourne Sports
Centre, the opening of the Carnival Cruise Port on Grand Turk and
international announcements from a number of high-profile developers relating
to pending projects in the Turks & Caicos.
-
The continuing benefit of the commitment of successive Governments in the
Turks & Caicos to control development so as to foster higher end development
catering to a wealthier clientele.
The following figures set out below have been extracted from the TCREA
database.
| |
2006 |
2005 |
| Total # of Closed Sales [Month] |
14 |
10 |
| Total # of Closed Sales YTD |
157 |
109 |
| Total Dollar Volume of Closing Sales YTD |
$83,690,052 |
$48,305,500 |
|
SALES BY PRICE |
2006
(so far) |
2005 |
| Under 30,000 |
5 |
9 |
| 30,000 - 39,999 |
2 |
2 |
| 40,000 - 49,999 |
2 |
7 |
| 50,000 - 59,999 |
7 |
10 |
| 60,000 - 69,999 |
2 |
2 |
| 70,000 - 79,999 |
10 |
4 |
| 80,000 - 89,999 |
4 |
3 |
| 90,000 - 99,999 |
7 |
2 |
| 100,000 - 119,999 |
13 |
4 |
| 120,000 - 139,999 |
10 |
3 |
| 140,000 - 159,999 |
7 |
2 |
| 160,000 - 179,999 |
2 |
2 |
| 180,000 - 199,999 |
1 |
1 |
| 200,000 - 219,999 |
1 |
3 |
| 220,000 - 239,999 |
1 |
3 |
| 240,000 - 259,999 |
4 |
4 |
| 260,000 - 349,999 |
19 |
24 |
| 350,000 - 399,999 |
6 |
5 |
| 400,000 - 499,999 |
7 |
10 |
| 500,000 - 749,999 |
13 |
8 |
| 750,000 - 999,999 |
7 |
9 |
| 1,000,000 + |
22 |
23 |
|
