Market Update: Turks & Caicos Q2 2022
The Turks & Caicos real estate market is starting to slow with decreasing sales in the first half of 2022, but a new buyer-cycle is expected to fuel the market again according to the recent 2nd Quarter Market Report for 2022 by Turks & Caicos Sotheby’s International Realty.
Out-of-country homes, sales have investor confidence up with increased activity from North American buyers and owners, with 85% of real estate owners re-engaging with the TCI real estate market, as mentioned by the Sotheby’s report.
While single-family villas lead the majority of sales throughout 2021, buyer interest has shifted to condominiums, according to the report. Condominium sales have increased 42.54% year-over-year, with the help of sales from luxury developments like the Rock House, and Ritz Carlton. Overall, sales were down 10.5 %, year-over-year with $327,501,259 in total sales.
“TCI continues to see steady demand for quality real estate, though certainly a bit less frenetic than in 2021. Q3 and Q4 will see the launch of significant blue chip new developments, which bodes well for future inventory and our evolving luxury tourism product.” As reported Turks & Caicos, Sotheby’s International Real Estate.