Comparison of the first quarter 2022
Essentially, Covid sparked a wave of single-family homes in 2021, followed by a series of condominiums in the last quarter of the year. However, with existing inventory restricted in both the condominium and single-family home segments, new development inventory will come to the fore.
PRWEB Turks and Caicos Islands (PRWEB)
April 28, 2022
Turks & Caicos Real Estate continues to rally as 2022 is shaping up to be another strong year with buyer demand remaining strong in a fast-paced market with plenty of moving targets. The competition for desirable properties is high as many listing agents run multiple offers and sell off-market properties without ever coming to market. Buyers know what they want, and sales agents dig deep to find a suitable investment or vacation home for their clients and clients.
Construction throughout Providenciales, even without extensive vertical development, is at this time at an all-time high with new homes emerging from the land in all areas of the community and extending to the outer islands. The biggest problem for builders and developers is trying to contain rising construction costs that have been hit hard by the supply chain and inflationary issues.
At the forefront of new construction, renewable energy is being implemented which appears to be a bestselling feature of the island’s new developments. Notable developers join Renu Energy TCI, a renewable energy company that has also seen explosive growth over the past three years with the installation of solar panels, Tesla power walls, electric vehicles and accessories.
Fortis TCI is also transforming TCI’s energy landscape by introducing solar programs to tap into this vast resource, CORE (customer-owned renewable energy) and UORE (utility-owned renewable energy), with the latter program contracting with several companies. The electric vehicle and charging station pilot project introduced in 2018 has started catching up with the many electric vehicles used around the island and charging stations popping up all over the island.
Leading the way in energy efficiency and various forms of renewable energy in Turks and Caicos was the Green Revolution that was established in 2011. Since its inception, the company has completed numerous residential and commercial projects on a large scale, across the region. These projects save Caribbean residents hundreds of thousands of dollars each year.
With sustainability on people’s minds and in the news, we are proud that our country has embraced the importance of these initiatives and made a plan for our inherently beautiful islands. The TCI Climate Change Charter was recently signed on Earth Day last Friday, April 22nd During the first annual Climate Change Summit titled “Only One Earth – Invest in Our Planet”, the public and private sectors came together to take action using this roadmap as a guide to help protect Our environmental assets are protected.
As for the real estate market statistics in the first quarter, while sales of single-family homes were in 2021, this first quarter of 2022 was led by the sale of existing housing units, as the sales volume increased by 61.53% with an average of only 162 days in the market. The total market ended a shadow during the first quarter of last year with total sales of $140,909,800. Essentially, Covid sparked a wave of single-family homes in 2021, followed by a series of condominiums in the last quarter of the year. However, with existing inventory restricted in both the condominium and single-family home segments, new development inventory will come to the fore. This is evidenced by the massive $307,642,451 in pending sales (under contract) and another $262,442,750 in conditional sales, which were largely driven by sales like South Bank and Rock House, which It is scheduled to open on May 1.
Soon-to-be-launched projects include The Point at South Bank, the ultra-luxurious 17-unit historic building to tie the arch on the hugely popular Southbank by Windward Development and set a TCI sales record in 2021. Point Grace of Grace Bay Resorts will It will also soon launch its next stage between Point Grace and Le Vele. Add it to the anticipated summer construction start of The Club Residences in Beach Enclave Long Bay, and other exciting pipeline projects in the early design stages, and it paints a picture of TCI’s continuing as the Caribbean’s leader in a dynamic and diverse new real estate stock – from luxury condominiums in Grace Bay to Luxury buildings and residences facing the beach. We will be in touch with the start-up of these new projects.
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