Ten years in, The Agency Turks & Caicos has a lot to celebrate. To mark the anniversary, we spoke with the office’s Managing Partner Sean O’Neill about how the market has evolved, where it’s headed, and the 10 standout sales that shaped the team’s success along the way.
How have property prices in Turks and Caicos changed over the last 10 years? Which areas have seen the biggest growth?
The Turks and Caicos real estate market has fundamentally changed over the last 10 years. Leading up to 2016, we were still in slow growth and recovery after the global financial crisis. It was very clear at that point that boutique luxury villa developments were driving a lot of the activity in the market, and that investment in the condo sector was non-existent. In the last 10 years, we’ve seen Category 5 hurricanes, global pandemics, economic booms, and a myriad of other challenges and opportunities.
The global real estate and travel boom that took place after the 2020 pandemic has taken the Turks & Caicos to a completely different level of development.
While luxury villas still represent an incredibly important element of our real estate portfolio, the second wave of our condo boom took hold, the first being in the 2000s. This boom has also brought significant investment from branded condo-residences, something we didn’t have significant representation of before.
As a result, we’ve seen years where the recorded volume of sales was almost triple that of what it was in 2016 and where total sales of $500 million are seen as a “slower year.”
What’s driving the demand today? And has the type of buyer changed?
The number of people who are investing in second home properties has grown significantly. Part of that is because the days of the “holiday home”—where it is closed up for six, seven, eight months of the year—are gone. People see the investment in their property here as something that can provide both a year-round lifestyle investment and also an economic return.
The Airbnb market has definitely changed the manner in which people can look at an investment. As a result, it is making property ownership in the Turks and Caicos a more attainable investment for people from overseas.
That change in demand has put pressure on the local housing market, which, at the same time, provides an opportunity for people to invest in residential homes and apartment developments.
What’s different about buying property here now compared to 10 years ago?
The process of buying property now is pretty similar to what it was 10 years ago. Unfortunately, financing remains a stressful consideration for people. The commercial banks are very slow when it comes to lending.
That being said, it had the unintended consequence of meaning that when our border was closed during Covid, there wasn’t financial pressure to have to sell properties very quickly because they had been heavily leveraged. That benefit didn’t come by design, but I’m grateful that it was there nonetheless.
I think the thing that has changed the most over the last 10 years is the level of information that buyers can obtain before and during their search. It’s sometimes not entirely accurate, but still available, and the manner in which properties are marketed.
When The Agency Turks & Caicos first launched in 2016, we were very heavily involved in digital and social media marketing, the latter of which was not prevalent within our market at the time. Now we can see that social media marketing is an important tool for all the brokerages that operate here and provides an opportunity to market the Turks & Caicos region to people —and potential clients—around the world.
Are there any up-and-coming areas buyers should know about?
The four areas that I think have most room for growth currently are Cooper Jack, Turtle Cove, North West Point and North Caicos.
Cooper Jack has long been home to a dredged and ready-to-go marina, but it hadn’t been developed because of the global financial crisis. That is now on the verge of full development with Windward, the developers of South Bank. It’s going to significantly change the amenities that are available for owners in the Cooper Jack area.
Turtle Cove was the center of activity and development in the islands in the very early days, and as development expanded elsewhere, some of the original properties fell behind. The Loren represents a great revitalization of that area. I think that the combination of beach access, a marina, a multitude of restaurants and a variety of investment opportunities means that Turtle Cove really has a lot of room for continued growth.
North West Point is an area of Providenciales that has stunning beauty and is incredibly underdeveloped. Amanyara sits in this section of the island and is one of the most exclusive properties here in the Turks and Caicos, although it is not really open to the public.
We are very proud to have been involved over the last five years with Navah. This 20-acre development is going to be the anchor upon which further development in the North West Point area will sit. It is also important because the developers chose to significantly underdevelop the density of the site, with only 11 beachfront villas, 49 condominium residences, and 16 Garden Villas. I think this speaks to the direction in which Turks and Caicos development should be going in order to maintain our luxury status.
North Caicos is an island that has long held tremendous potential. It has beautiful beaches, an existing marina, and elevated land with views over the coral reefs. Like North West Point, it needed a first mover to open up the area, and the launch of Antanara is doing just that. As an anchor property, Antanara will help build the workforce and commercial infrastructure other developments need, and I expect to see more projects follow in North Caicos over the next 5 to 10 years.
Where do you see the market heading in the next 5–10 years?
I think the next 5 to 10 years are going to be defined by continued growth, but we need to manage that growth.
The government has long discussed improving and expanding our international airport in Providenciales, and that work is now underway. It is an important step in the continued growth of the Islands.
A large part of our international success comes from our ease of access. This year’s announcement of direct flights from Denver is a step in the right direction, and I think direct flights from farther west, like Los Angeles and San Francisco, would expand our reach even more.
I also think Turks & Caicos has the opportunity to capture the attention of a totally new segment of the market: Californians who are moving to places like Florida and Texas. Historically, they would have bought vacation homes in Mexico or Hawaii. Now they are living in areas with direct flights to Turks and Caicos, and I think this segment can help the Islands continue to grow.
What do you think makes Turks & Caicos stand out today from other island destinations buyers are considering?
Our airlift relative to our size definitely helps Turks & Caicos stand out. People want to reach their vacation home easily, and direct flights make that happen.
We are relatively underdeveloped compared to the Cayman Islands or Nassau in the Bahamas, but not as hard to get to as Abaco or Exuma. That makes us an attractive proposition for second and third homeowners.
I think the fact that we are generally a relaxed destination also appeals to a lot of people, particularly at the higher end or celebrity level. When you see the likes of Drake or Kylie Jenner coming here for vacation, that definitely helps attract more people and builds brand awareness for Turks and Caicos.
When you combine all of that with an archipelago of over 40 islands and cays, where you can hop on a boat and be on a deserted beach within 10 minutes, it’s clear why people want to be here.
What does The Agency brand mean to folks in the region?
When we started The Agency in Turks and Caicos, the brand was completely unknown. Even as we grew our business here, we had to spend our time educating people on what it meant and what the company’s values were. I think, as a result of that, and because we leaned into digital and social media marketing at a time when others were reluctant to, people got to see us for who we were.
I like to think we are perceived as a hard-working, authentic, fun group of people. We pride ourselves on being disruptors, willing to try things whether they work or not, and willing to put in the extra time to find our place at the table. On a small island destination, that is not easy. We knew from the beginning that there were excellent legacy brokerages in Turks and Caicos. If we wanted to be considered one of the top brokerages here, we would have to work exceptionally hard and truly embrace the spirit of The Agency, which was unique in the islands.
I think the fact that we had to educate people so much on what The Agency represented has stood us in good stead over the years, because those principles define how we conduct ourselves. I also think The Agency stands out in the Caribbean as a brokerage with a unified voice. We have always been very intentional about making sure offices in the region communicate with and support each other.
I can think of no better example than our “Exploring the Caribbean” campaigns, which we have run in collaboration with Agency offices in the Bahamas, the Cayman Islands, Jamaica, Miami, and New York, with support from Canada, Mexico, Panama, and across the USA. These have been incredible representations of what we do as a company and how we collaborate.
I think these events, which show our connectivity and a knowledge base that extends beyond Turks and Caicos, have also made us stand out to people within our own markets.
Being able to see the Caribbean as a set of complementary real estate destinations rather than competitors is a really important part of what we do, and I’m very grateful that we have partners in all these other markets who feel the same way and support each other.
What has you most excited about The Agency’s future here in Turks and Caicos?
Looking ahead, I’m most excited about how much fun we have in our job and the fact that we all love to come into work. That is a rare thing, and one I’m exceptionally grateful for.
When I look back over what we’ve built in the last 10 years, I think of Ian Hurdle’s first multi-million-dollar sale for the company, Mother’s House, and how it set the tone in year one. Unfortunately, we had to deal with Hurricane Irma nine months after opening, and the whole market had to restart. But I am extremely proud of how we reacted to the aftermath, how we worked together to support the community, and how we went back to work for our customers.
We always recognized the importance of new development in growing the business, and we are grateful that we had the opportunity to start with Wymara Villas and for the trust Bruce Maclaren and his team placed in us to deliver. I think it’s also a great example of how this company works together: Mauricio came down for the ribbon-cutting of the villas, and our collaboration with Wymara has been a consistent driver of our success over the years.
The listing and sale of Triton Villa on Long Bay Beach was another incredible milestone. It was our first sale over $10 million, and it showed our ability to market and sell high-value properties in the islands.
We’ve never been one to shy away from a challenge. I think the sale of Stargazer in Blue Mountain, a property that had been on and off the market for about a decade with multiple brokerages, spoke to our willingness to take on a challenge and see it through to a sale.
New development is incredibly important to our work. Being trusted with Wymara gave us a great foothold, and we have expanded from there: taking Navah in North West Point from concept to construction, working with the Windward team on South Bank, and getting involved with URBN Villas, The Residence at Hawksbill, The Sanctuary, and other boutique luxury villa developments. That work speaks to our ability to understand and deliver in what is an incredibly important part of the overall Turks & Caicos real estate market.
As we look ahead, I think it’s also important to recognize the incredible sales Ian Hurdle has achieved in North Caicos and his dedication to shining a light on ownership opportunities in Ambergris Cay and Grand Turk. Each of those islands represents a very different market within Turks & Caicos, but each deserves attention and has the right buyers.
When we look at all the islands, we’ve done our best to represent and sell properties in each of them, never shying away from a challenge. I think our first 10 years have been an incredible success, and I’m really looking forward to the next 10.
The Agency Turks & Caicos’ Top 10 Sales
From the first luxury sale to record-setting new developments, Managing Partner Sean O’Neill
reflects on the 10 sales that defined a decade for The Agency Turks & Caicos.
1. Mother’s House
The Agency Turks & Caicos’ First Luxury Sale
“When I look back over what we’ve built over the last 10 years, I can see how the sale of Mother’s House by Founder and Director Ian Hurdle set the tone in year one. It was the first multi-million dollar sale for The Agency Turks & Caicos.
Unfortunately, we had to deal with Hurricane Irma just nine months after opening, and the whole market had to restart. But I am exceptionally proud of how we reacted to Irma’s aftermath, and how we worked together—both in terms of supporting the community but also going back into work for our customers.”
2. Triton Villa
The Agency Turks & Caicos’ First $10M+ Sale
“The listing and sale of Triton Villa on Long Bay Beach was an incredible milestone. It was so important and meaningful to close our first sale over $10 million and show this region our ability to market and sell high-value properties on the islands.”
3. Wymara Villas
First New Development Opportunity
“We always recognized the importance of new development in growing the business, and we are exceptionally grateful that we had the opportunity to start that with Wymara Villas. Bruce Maclaren and his team trusted us to deliver for them, and we did. This is also a great example of how The Agency works together—The Agency’s Founder & CEO, Mauricio Umansky, came down for the ribbon-cutting of the villas, and our collaborative efforts with Wymara have been a consistent part of our success over the years.”
4. The Retreat
A Historic Sale
Our belief, hard work, and commitment have also helped us achieve some historic successes, such as The Retreat in Grace Bay. This 24-unit boutique resort development opens on October 1, and we completed all sales before construction was finished. The Retreat is historic because it represents the first hotel development in Grace Bay that is wholly designed, constructed, sold, and marketed by a team of Turks and Caicos Islanders. I’m incredibly proud of the work my fellow Managing Partner Trevor Musgrove has done on that project, and I think it is a testament to what Turks and Caicos Islanders can achieve.”
5. The Point at Pumpkin Bluff
Success on North Caicos
“I think as we look forward, it’s also important to take into consideration the incredible sales that Ian Hurdle, founder and director of The Agency Turks & Caicos, has achieved in North Caicos. He is dedicated to shining a light on ownership opportunities in Ambergris Cay and Grand Turk. Each of those two islands represents a very different market within the Turks & Caicos, but ones that deserve attention. I think that when we look at all the islands in the Turks and Caicos, we’ve done our best to represent and sell properties in each of them, never shying away from a challenge.”
6. Navah
Guidance from the Ground Up
“Navah is a development we’ve been part of since the beginning. Over the past five years, we’ve worked alongside the developer from land acquisition through concept, design, and construction, contributing our expertise and learning a great deal along the way.”
7. Stargazer
A Challenge That Became A Success
“We’ve never been one to shy away from a challenge, and I think the sale of Stargazer in Blue Mountain, a property that had been on and off the market for about a decade with multiple brokerages, spoke to our willingness to take on a challenge and also see it through to a sale.”
8. 13 Santa Maria Lane
The Agency Turks & Caicos’ First $1M Sale After Hurricane Irma
“At a time when there was great uncertainty, this sale was important. It solidified our commitment to our work and to this community. It helped springboard our team back to life after the challenges that existed post-Hurricane Irma.”
9. Lagoon Villa 1 at South Bank
Building Trust in Turks & Caicos
“New development is central to our work in Turks & Caicos. Being trusted with Wymara gave us a strong foothold, and we’ve built on it ever since. We’ve taken Navah in North West Point from concept through construction, joining the Windward team at South Bank, and contributing to URBN Villas, The Residence at Hawksbill, The Sanctuary, and other boutique luxury villa developments. Each project reflects developers’ confidence in our work and our ability to deliver in a vital part of the Turks & Caicos real estate market.”
10. 308 The Pinnacle On Grace Bay
A New Chapter of Growth
“As we continue to grow, we’re honored to represent some of the finest offerings in Turks & Caicos. 308 at The Pinnacle on Grace Bay is a prime example.”
Congrats to the entire Turks & Caicos team on this exciting anniversary!
To learn more about the region and to see available listings, visit TheAgencyRE.com/Region/Turks-and-Caicos.
