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Grenada Property To Be Big In 2010
January 29, 2010Article by Ray Withers
Grenada property is to be one of the leading sellers in 2010 because there is likely to be a high prevalence of higher end buyers, who will favour the Caribbean and its more exclusive islands, according to an international property consultancy.
David Cox, director of UK based Property Frontiers said:
“Grenada property strikes what is a difficult balance to find in the Caribbean, the balance between exclusivity and affordability. It is a new market and prices are lower to reflect that, but the island is so well suited to the rich lifestyle that developers must target the ultimate luxury segment and build properties with the wow factor to sell at a lower price. This means that Grenada property offers fantastic value for money, and if there is one thing today’s buyer is looking for it is value for money.
“Take our Bacolet Bay development. I have quite honestly never seen a property with value for money like it. Ultimate luxury apartments and villas, in 41 acres of tropical gardens, all frontline to a Caribbean beach at prices starting from £333k for a studio cottage, is unbelievable but true.”
Yes, Bacolet Bay is a great holiday home, but it is also a good investment. On completion, buyers receive 3 years guaranteed rental of 10% per annum paid in advance, and then from year 4 buyers receive a 50% share of the net rental income from the property, plus their 30 days usage free. What’s more only a 15% deposit is required to reserve and 70% finance is available on completion.
Grenada property first emerged on the international market in 2006, when a host of new islands and locations began to be opened up to foreigners as overseas property boomer around the world. Since then it has become known as a destination with something for everyone in the family — young and old.
What has also become clear about the government of Grenada is that it does not plan to let the beautiful island become over-developed. This will mean that Grenada property is far more likely to see substantial price inflation over the coming years and decades as it is to see values fall. This is because demand is continually rising, and a point will come where supply peaks and then levels off, at which point price growth will accelerate and stay strong.