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Going For Not Gold In Grenada
March 4, 2010Article by Ray Withers
Grenada property is benefiting indirectly from the Greek debt explosion according to those closely involved in the market. International property investment consultancy have stated that fear over currency devaluation and inflation is prompting a new wave of buyers, who are favouring markets like Grenada because they are viewed as comparatively safe compared to their European and even Asian counterparts.
In a recent news release director of the firm David Cox said:
“As financial time-bombs tick away in Britain, the EU and Asia, another reason is cropping up to make property a wise-buy, and Caribbean property is also perfect for that reason: people are buying the tangible asset of property as a hedge against inflation and currency devaluation.
Caribbean property is perfect for these buyers, because the region has kept itself to itself and lived insulated off its tourism and property markets, so there are no hidden secrets buried in the Caribbean economies. This stability makes people feel it is one of the safest places to buy, particularly in the higher end markets like St Lucia, St Kitts, Barbados, Trinidad & Tobago and Grenada.”
Speaking to us by telephone regarding this Cox said:
“For the first time, certainly in my lifetime there is real fear over currency devaluation and inflation hitting us in a double whammy to make our cash savings practically worthless. While it is easy to sit-back and say, modern governments won’t let that happen, but how many people are willing to trust modern governments?
“How many of those would trust them enough to bet their life savings on them? Not many, and that is why so many people are putting their savings into tangible assets like gold, and of course, high end properties. As I said recently, Grenada property and that in other high-end Caribbean islands are among the favourites, because the Caribbean has mostly remained insulated from the international financial merry-go round in the past few years.”
Property Frontiers are currently marketing the Bacolet Bay development in Grenada, which offers studio cottages from £333k, 2 bedroom apartments from £399k, 1 bedroom villas from £442k and 2 bedroom villas from £645k, all the pinnacle of 5-star modern luxury and all fully furnished. Bacolet Bay is a fully equipped resort complex set in 41 acres of tropical beach-front gardens. Buyers receive 3 years of rental income at 10% up-front upon completion, as well as 30 days free usage per year.