Turks & Caicos Islands Real Estate Summer/Fall 2023

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test result before traveling. With the new policy in place,
buyers can now travel to the Islands more easily and view
properties in person, allowing for a more streamlined and
efficient purchasing process.
The TCI’s luxury market is thriving as new beachfront
and inland properties seem to grow ever-larger, with
the count of bedrooms and bathrooms often in the double
digits. Many are designed for the exploding vacation
rental market which is focused on affluent visitors seeking
unique, personalized experiences.
According to AirDNA, a data acquisition and analytics
firm for AirBNB and VRBO, Providenciales is ranked
an A+ when compared to all ultra-premium short-term
rental markets globally. They currently track over 1,400
active rental listings in Providenciales.
Providenciales enjoys a high occupancy rate, 67%
across all tracked properties annually, with reservations
typically made more than three months in advance. (These
can be years in advance for the highest demand times,
late December/early January.) AirDNA also reports that
97% of active listed properties increased their year-overyear
revenue (ROI) on the villa itself. Combined with the
rapid increase in sale prices, investors enjoy increased revenue
and rapidly increasing equity. Providenciales enjoys
a relatively constant influx of visitors with pricing for
short-term rentals spiking significantly in the summer and
holiday periods. Rentals on the out islands are also popular,
especially on North Caicos and Grand Turk, each
offering a totally unique experience from that on Provo.
Several villas are now available for resale on the private
island of Pine Cay, a low-density residential development
with 800 acres of land, 600 of which is green space and
jointly owned by a community of 38 homeowners
The low inventory of available turnkey properties has
created a price gap in the “build vs. buy” scenario. While
construction costs per square foot are approximately $550/
square foot (after property acquisition), turnkey properties
are commonly asking for over $1,000/square foot. This
dramatic gap benefits investors who are comfortable with
a 12 to 16 month construction cycle.
In 2022, TCREA data shows that land sales of
$143 million had the biggest jump in proportion of total
sales, from 19 to 26%. Within the 243 sales there were
32 land sales over $1 million and the overall average
price for all land sales experienced a slight increase. This
included many large multi-parcel transactions that will
likely translate into future developments. There were 30
beachfront parcels sold in five islands, with land sales in
Providenciales centered around Long Bay and The Bight.
26 Turks & Caicos Islands Real Estate – The Official Magazine of the Turks & Caicos Real Estate Association