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Grenada Ticking All Buyers’ Boxes
February 25, 2010Article by Ray Withers
Property in Grenada is attracting increasing scrutiny from today’s ever cautious buyer who is keen to pay a bit more for peace of mind when buying overseas property.
In fact, experts have recently stated that property in Grenada will be among the top sellers of 2010 because it has the exact balance that buyers are looking for. According to international property investment consultancy Property Frontiers the mid-range property prices, transparent property laws and economic strength are making Grenada a favourite with today’s buyer. Director David Cox said:
“Today’s buyer is doing more research than ever before putting their hand in their pocket. They are predominantly better-off than the core-buyers during the last boom, and they are willing to pay a bit more for a worry free purchase.
Grenada is ticking all the right boxes, because the buying process and title laws are close to transparent, and because, while property in Grenada is not the cheapest in the Caribbean, it is not the most expensive either. Then you have the fact that Grenada has gotten a deserved reputation as having the biggest potential for economic growth in the Caribbean, which all adds to the feeling of security.”
Property Frontiers are currently marketing the Bacolet Bay offering villas and apartments in a 5-star resort set amidst 41 acre tropical gardens, and all beachfront to one of Grenada’s world renowned beaches. Incredibly Bacolet Bay prices start from just £333k for a studio cottage. Buyers must pay just a 15% deposit in order to reserve, and 70% finance is available. 2 bedroom apartments are also available as well as 1 and 2 bedroom villas.
As has become customary in the Caribbean, the developer of Bacolet Bay is making several concessions in order to sweeten the deal. In the case of Bacolet Bay this includes paying the mortgage and maintenance fees for the first 3 years and free furniture packs.
Bacolet Bay has also perfectly struck the balance between a lifestyle choice and an investment property. The fact that it is a perfect lifestyle choice goes almost without saying, as an investment it benefits from 3 years guaranteed rental income at a yield of 10% paid in a lump-sum on completion, and a 50% share of the net rental income the property earns in subsequent years, which is forecast to be more than 10% — owners also receive 30 days free usage of their property per year.