Essentially, “The Covid” sparked a rush into single-family homes in 2021, followed by a rush into condominiums in the last quarter. Now however, with limited existing inventory in the condominium and single family home segments, new development inventory will come to the fore.
PROVIDENCIALES, Turks and Caicos Islands (PRWEB)
April 28, 2022
Turks & Caicos Real Estate continues to soar as 2022 promises to be another strong year as buyer demand remains strong in a rapidly changing market with many moving targets. Competition for desired properties is high, with many listing agents managing multiple listings and selling off-market properties without 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 across Providenciales, even without large-scale vertical development, at present is at an all-time high with new homes springing up in all community areas and spreading to the outer islands. The biggest problem for builders and developers is trying to contain ever-increasing construction costs, which are being hit hard by supply chain and inflation issues.
At the forefront of new construction is the implementation of renewable energy which seems to be a selling feature for new developments on the island. Notable developers are on board with Renu Energy TCI, a renewable energy company that has also seen phenomenal growth over the past three years with the installation of solar panels, tesla power walls and electric vehicles and accessories .
Fortis TCI has also worked to transform the TCI energy landscape with the introduction of solar energy programs to take advantage of this abundant resource, CORE (Customer Owned Renewable Energy) and UORE (Utility Owned Renewable Energy), the latter program making appeal to several companies. . The electric vehicle and charging station pilot project that was introduced in 2018 has started to catch on with several electric cars being used everywhere and charging stations popping up across the island.
Green Revolution was created in 2011. Since its inception, the company has completed numerous residential and commercial projects throughout the region. These projects save Caribbean residents hundreds of thousands of dollars every year.
With sustainability on people’s minds and in the news, we are proud that our country has understood the importance of these initiatives and developed a plan for our beautiful natural islands. The recent signing of the TCI Climate Change Charter which took place on Earth Day this past Friday, April 22 at the 1st Annual Climate Change Summit titled “Only One Earth – Invest In Our Planet”, the private and public have come together to take action with this roadmap as a guide to help protect and safeguard our environmental assets.
As for Q1 real estate market statistics, while 2021 was dominated by sales of single-family homes, this first quarter of 2022 was led by the sale of existing condominiums, where sales volume increased by 61, 53% with an average of only 162 days on the market. . The overall market ended slightly higher than the first quarter of last year with total sales of $140,909,800. Essentially, “The Covid” sparked a rush into single-family homes in 2021, followed by a rush into condominiums in the last quarter. Now however, with limited existing inventory in the condominium and single family home segments, new development inventory will come to the fore. This is exemplified by the whopping $307,642,451 in pending sales (under contract) and an additional $262,442,750 in conditional sales, which are largely driven by sales such as South Bank and Rock House, which are set to open May 1.
Projects to launch soon include The Point at South Bank, an ultra-luxury 17-unit landmark building to tie a knot on the hugely popular Southbank by Windward Development which set a TCI sales record in 2021. Point Grace by Grace Bay Resorts will also soon launch its next phase between Point Grace and Le Vele. Add them to the planned start of summer construction of the Club Residences at Beach Enclave Long Bay and other exciting pipeline projects in the early design stages, and it paints a picture of TCI continuing to be the frontrunner in the Caribbean. for a vibrant and diverse new real estate inventory – from luxury Grace Bay condominiums to luxury waterfront buildings and residences. We will contact you as these new projects come into effect.
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