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Real Estate in Grenada

Current State of the Market

Grenada is in the news and the outlook for its residential real estate market is upbeat. There is a “fresh new look” about the place after the devastation caused by Hurricane Ivan in September 2004. Peripheral headlinecatching news have also contributed to the island’s public awareness. Such matters as the Chelsea Flower Show in which the island holds a pre-eminent place (five Golds in the last six years) and the award of the first Victoria Cross in decades to a Grenadian soldier serving in the British Army in Iraq (Private Johnson Beharry, VC) have kept the island in the public eye.

Additionally, the over-saturation of development land in nearby high-priced islands works to Grenada’s advantage. Unlike some of its coral-based neighbours, Grenada is a volcanic island. It therefore has more than sun, sea and sand - this is not a Caribbean Costa. It has mountains, rainforests, waterfalls and among the most fertile of soils to be found in the tropics, with a vital agricultural sector based on nutmeg and mace, cinnamon, ginger, clove, cocoa, high-grade tropical fruit for the organic market and cut flowers. Hence its name : The Spice Isle.

Buying a Property in Grenada

Newcomers to Grenada generally live in established residential developments in stunning waterfront locations. The principal residential areas are in Westerhall Point, L’Anse aux Epines, True Blue, Fort Jeudy and Egmont Harbour. New residential developments are also under construction in the parish of St David’s (Bacolet Beach and Marquis). The common feature of all such developments is the easterly breeze. In the tropics the real estate mantra of ‘Location Location Location’ should be prefaced by ‘Breeze Breeze Breeze’. You cannot get enough of it. You do not decide on a property after visiting it at nine o’clock in the morning - you try it out at two or three in the afternoon and you work out how you can channel the breeze to its fullest advantage.

For those with sea water in their veins who remember the island’s position as the prime yachting centre for the southern Caribbean in the ‘70s, Grenada’s back. The island’s location makes it an ideal launching base for cruises to the Mecca of sailing in this part of the world: the glittering island chain of the Grenadines. Spectacular high-end developments targeted at the super-yachts in Prickly Bay, Mount Hartman Bay and The Lagoon facing Fort George (Port Louis) in the capital St George’s are all on track to restore Grenada to its former pole position.

Foreigners are allowed to own property in Grenada upon payment of an Aliens’ Landholding Tax (currently 10% of the selling price). Formalities are minimal but can take up to three months to process and lead to the securing of an Aliens’ Landholding Permit.

The island has a sizeable and growing population of foreign permanent or part-time residents. They mostly originate from the UK, the US and Canada though there is an increasing number of continental Europeans (Germans, Italians, Dutch, Scandinavians) who have chosen to live here.

The design of residences in the tropics need not be elaborate - a large verandah is where residents do most of their living and entertaining - and simplicity of construction and ease of maintenance are advisable building criteria.

Price guidelines for upscale residences:

Quality residences in good locations can be found from around US$ 600,000 and exceptional properties are selling for upwards of US$ 2m. The advent of the above mentioned developments and other pivotal projects such as the proposed Four Seasons complex on Mount Hartman Bay linked by a causeway to Hog Island are expected to place the residential market on a higher plane.

Prices of up to US$ 20 per sq ft are currently quoted for residential plots in key areas. Building costs of between US$ 125 and 150 psf should be budgeted for good quality residences. For shameless self-indulgent luxury you could easily spend upwards of US$ 200 per sq ft. In other words if you are budgeting for a good quality residence of say 3,000 sq ft built at say US$ 140 per sq ft on an average half acre plot bought for say US$ 20 psf, you’re facing a bill of US$435,600 for the land and US$ 420,000 for the construction ie around US$ 850,000. A 6,000 sq ft palatial pad built to maharajah standard in a stunning and exclusive location will set you back much more than that but, at that level, who’s counting? And, let’s face it, what’s a decimal point between maharajah?

Also please visit our other directories:

Anguilla, Antigua & Barbuda, Aruba, Barbados, Bonaire, British Virgin Islands, Caribbean YP, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, and Turks & Caicos