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The Agency Turks & Caicos Market Report | Q1 2024



BBQ MARKET

Gauging the temperature of a secondary and tertiary home market can sometimes be a challenge.

It is a bit like cooking on a BBQ, different people have different ways of assessing it and sometimes it comes down to your instinct. In a recent conversation with an experienced agent at another Brokerage their assessment of the market was that “the first 8 weeks were lost, dead, no action”. I had to take stock and think about my experience of the first quarter of 2024. It didn’t reflect that feeling at all. If I am honest, the first quarter of 2024 has been exhausting. It is not that throngs of buyers are marching in the door, or that sales have outpaced the same period in 2023, it is that sales are happening, with more decisive buyers, and things are building, and that building takes time, and precision.


“When did Noah build the arc?... Before the flood”

I always like to remind our team of a quote from Robert Redford in the movie Spy Game, “When did Noah build the arc?... Before the flood”. That is where we feel the market is right now. Looking across the real estate landscape there is a plethora of new developments that are underway, with representation of Brokerages across the country. It is a very healthy approach to the market and ensuring that customers are well represented.



Key Q1 Takeaways:

1. Sales Volume: As we will see in more detail in the condo market report pending sales, where a condo purchase goes under contract, have increased significantly, and with the market as a whole they are up 82% on the same period in 2023. It is also really worth noting that the average list price for those properties under contract is over $2,100,000, 75% higher than the same period in 2023.


2. Single Family Homes: Q1 recorded a mere 14 single family home sales in the Turks and Caicos, a 51% drop on last year, but 54 homes under offer or contract.


3. Vacant Land: On the whole the Vacant Land Sector saw a significant increase in sales, buoyed by the Northwest Point sale as well as a $8,000,000 sale of 1 acre at Emerald Point in Leeward. The latter of which has further reestablished the value of Grace Bay Beachfront land.


4. Condos: With 54% of the conditional and pending condo inventory properties that remain to be built, or finished, it is clear that these are having an appeal.




“There is a plethora of new developments that are underway, with representation of Brokerages across the country.”


A major highlight of Q1 was, without doubt, our incredible collaboration with The Agency Bahamas, The Agency Cayman Islands and The Agency New York to host our first “Exploring The Caribbean” event in Manhattan in January. To bring together over 100 top real estate agents, brokers and developers for an evening of Caribbean culture and promotion of our various Islander was amazing. It speaks to the unique collaborative culture that we have at The Agency that our various Caribbean offices can work together to promote our countries, rather than see each other as competitors, as each country is unique and appeals to a different potential purchaser. The fact that we managed to bring the heat of Junkanoo to a cold New York night in January topped the evening off perfectly.


As I look back on Q1 2024 I am very pleased with the manner in which we as a team have continued in our goal to support other local businesses, either through partnerships at open houses or with our second community art walk. It is very important to us that we support those businesses and entrepreneurs around us, and, of course, we have a lot of fun while doing it!



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