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Grenada’s Caribbean allure wins best island accolade and adds spice to foreign investment portfolios
November 15, 2013Article by Ray Withers
It delighted me to hear Lonely Planet has voted Grenada in the Caribbean as a best beach and small island for travel in 2014. It delighted me, but it didn’t surprise me. The idyllic, lush, Spice Island of Grenada is one of my all-time favourite global destinations.
The Lonely Planet’s ‘top tips’ article writes of Grenada: “You could come to the Caribbean’s lush-n-lovely Spice Island, plonk down on Grand Anse (its 3km-long beach) and be more than satisfied: the sand’s fine, the beach bars lively, the restaurants well stocked with seafood and nutmeg ice cream. But that would be a waste, for the mountainous innards of this Windward Isle have created coves and inlets ideal for secluded swims and snorkels. Even more intimate and a ferry-hop west is Carriacou, with wild sands only reached by hiking or sailing, and a thriving African culture that ensures a soundtrack of big drums and captivating calypso.”
Welcome to paradise
I have travelled to the Caribbean many times and Grenada is my favourite island, for both personal and professional reasons. This small (12 miles wide by 21 miles long) island is quite simply a paradise. With golden, award-winning beaches and average temperatures ranging from 24°C to 30°C, it has an unspoilt reputation and friendly, English speaking population. Grenada shares the same Caribbean culture as the other islands, but it also has an air of exclusivity and a boutique feel. It is also outside of the hurricane belt and has regular and direct flights from both the UK and USA.
The island is definitely getting ready to meet its ‘best island’ reputation, with Grenada already receiving its first cruise ship of the season.
Grenada tourism fastest growing in Caribbean
Tourism Minister Alexandra Otway-Noel said: “Grenada is in a position where we can say that we are one of the safest destinations in the Caribbean. We get about 3,500 cruise visitors per year who are able to enjoy our shores in a safe environment. Our tourism sector is a very strong contributor to our economy and we must make every effort to maintain that.”
In fact, the World Travel and Tourism Council predict Grenada to be the fastest growing market in the Caribbean between 2011 and 2021. Overall, the Caribbean welcomed around 23.8 million tourists in 2011, with circa 116,398 overnight stays on Grenada alone as well as 309,574 day trip visitors from cruise ships. However, hotel room supply remains limited and demand is now outstripping supply.
$5.83 million investment for business, energy and hotel trade
The CARICOM Development Fund has recently signed a $5.83 million pact to Grenada Prime Minister Dr Keith Mitchell, to develop lines of credit for SMEs, energy efficiency and the tourism sector. This includes direct grant assistance for the implementation of energy plans for Grenada’s hotel sector.
Grenada is less well developed than other islands (for example Barbados), so has huge potential as an emerging market. The island was identified as one of the top 10 up and coming prime markets by the 2008 Citibank / Knight Frank Annual Wealth Report, but property prices are still lower than in similar Caribbean islands.
Claim your own, high-profit, piece of paradise
We’ve been involved with Grenada hotel investments since 2005 and have sold more property here than any other agent. Why? Because hotel room investment is the perfect win-win opportunity in an emerging market with a boom in tourism.
Property Frontiers clients currently have exclusive access to 5* sea view hotel suites on the Caribbean beach resort of Bacolet Bay. These luxury apartments are available at 30% below independent valuation, offer great potential for capital growth, a solid yield and a defined, realistic and optional exit strategy. You also get 4 weeks personal usage per year, making this investment even more attractive.