Find out what’s happening in the property investment arena both in the UK and internationally
Grenada A Golden Goose
March 22, 2010Article by Ray Withers
Property in Grenada has seen growing sales in the last few months, and it could well see this trend greatly intensify as overseas property starts to lose its exclusivity again.
In an article exposing the massive increase in sales experienced by high end developers in the Caribbean, David Cox, director of international property investment consultancy Property Frontiers was quoted as saying:
“We have seen a significant increase in enquiries for our Caribbean property, of which we have always focussed on the higher end of the scale. In fact the luxury villas we were marketing in Trinidad and Tobago at prices over £1million sold out recently. Our Grenada properties — which are also high end properties in the £400k-£700k price-range — have also seen increasing leads in the last 6 months.”
The article mentioned the recent stories of an 80% increase in enquires for Barbados property, and Cardea consultants selling 7 million US dollars worth of properties in a month. Both of the reports highlighted that it was primarily the top end properties (£500k-£1m) that were seeing the biggest growths in sales.
Property in Grenada is in the mid-range bracket for the most part; with resort properties on the international market for around the £450k mark for a 1 bedroom villa, and £650k for a 2 bedroom villa. However, you can pick up smaller units in Grenada for below £350k in the same luxury resort locations.
On top of that Grenada is a classed as an emerging market. Though it feels like ages, just 2 and a half years ago emerging market classification was something to be coveted. In today’s risk averse world buyers are favouring only the established, if it doesn’t have a long track record of growth then it represents the unknown. This is set to change as memories fade.
When it does, buyers will quickly realise that the only reason the Grenada property market is less established than the more established markets is because of its previous focus on agriculture. It took a hurricane (Hurricane Ivan in 2005, the first major storm in over half a century) for the island to move from spice production to tourism. Since then it has seen several top quality luxury resort developments.
None of higher quality than the Bacolet Bay development () set in 41 acres of tropical beachfront gardens and offering studio cottages from £333,333. 2 bedroom apartments are also available, as well as 1 and 2 bedroom villas. Views are of the ocean and a gorgeous rainforest valley to the rear.