The two top-selling homes in 2023, both in Grace Bay, included a 20,000-square-foot, 12-bedroom villa that sold for $33.5 million and a 12,737-square-foot six-bedroom villa that went for $19.5 million.
TURKS AND CAICOS ISLANDS, Caribbean
Overall, the islands saw a 113% leap in the volume (in dollars) of single-family home sales compared with 2022. The median sales price in 2023 rose to $3 million—far outpacing the median sale price of just over $1 million in 2022. The number of transactions was down 2.42%.
Grace Bay Realty
Condominiums and townhouses saw a deeper drop in the number of sales, largely due to a lack of inventory. The volume of condo sales (in dollars) was down 37% over the prior year, and the number of sales was down 39%. The median selling price dropped to $655,000 in 2023 from $724,500 in 2022.
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By Mary Forgione
For a small archipelago, the Turks and Caicos Islands deliver in a big way as a popular Caribbean beach destination among the wealthy for second or third homes. White powdery sand, electric blue waters and some 350 days of sunshine a year are the draw. The absence of income, property and capital gains taxes seal the deal. The British Overseas Territory is attractive to buyers in the United States and Canada, the top two countries that feed the luxury home market. Other Caribbean residents account for the third spot, followed by European buyers. Of the territory’s 40 islands, eight are inhabited and becoming more developed. Providenciales is the most populated and most popular with tourists, particularly the Grace Bay area with a 13-mile stretch of beach and some of the priciest spreads in the territory. The brightest spots in the 2023 residential housing market were in the luxury and singlefamily segments, where prices rose significantly and sales dipped only slightly.
2023 Insights and 2024 Forecasts
The top-selling condo sales, also in Grace Bay Beach, were a four-bedroom residence at the Regent Grand priced at $6.38 million and a four-bedroom residence at Point Grace Resort for $6.25 million. In shorter supply, townhouse transactions dropped to eight from 16 in 2023 with the median selling price jumping from $405,000 to $790,000. Lyle Schmidek, co-owner and broker at Grace Bay Realty describes the islands as “low-key, English-speaking, safe, with little unemployment or fast food.” Miami is a 70-minute flight away. Schmidek and co-owner, Beth Atkins-Charles, say a home in the islands is “Plan B” for those who want to escape political uncertainty in their homeland or want to leave urban areas in favor of a quieter outdoor lifestyle. (As for quiet, celebrities who own lavish homes in the islands enjoy the discrete anonymity and peace of mind that the island brings.)