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Grenada Tourists Set Off Luxury Property Boom

January 2, 2009Article by Ray Withers

Developers are spicing up Grenada real estate with billions of dollars of investment for tourists looking for a new luxury Caribbean destination Famous for as The Spice Island, as the world’s biggest grower of nutmeg and cinnamon, Grenada is one of most unspoilt Caribbean islands, with surprisingly few high quality properties and tourist amenities. More tourists are set to visit Grenada, with a year-on-year increase of 2.8% predicted for 2008 until 2017. Visitors reached record levels in 2007 and the figure is expected to hit 600,000 by 2016.

UK visitors can already jet direct to Grenada with regular flights from several airports. Plans to attract visitors from the USA are about to take off with more flights from more US destinations. Growing visitor numbers combined with the lack of high quality property should mean that resort properties continue to deliver high yields Grenada is attractive to investors, as Grenada prices are much less than those on neighbouring islands. Development is in early stages, with only six main projects underway due to strict planning guidelines aimed at making Grenada a top-class tourist hideaway. Once these developments are complete, building on the island will be restricted to ensure the balance between supply and demand is maintained. New Grenada investment property includes the beautiful and peaceful Bacolet Bay.

Offering a 53% return on investment, property at the 41-acre five-star exclusive resort is within 20-minute drive of the airport and all the main island shops, restaurants and attractions. Managed by one of the world’s most innovative luxury resort operators, Bacelot Bay’s attractions include a spa and quality restaurant. Property Frontiers is offering a range of investment properties on this development, ranging from a single bedroom apartment for $580,000, cottages and villas to a luxury bespoke villa for $1.55 million. Owners are given four weeks of personal use of their Caribbean property. One of Grenada’s great advantages over some of the better-known Caribbean islands are the unspoilt and deserted sandy beaches set against a backdrop of rain forests, volcanic lakes and plantations.

Getting around is easy by taxi or rental car. Visit one of the plantations that gave Grenada the Spice Island nickname as one of the world’s leading producers of nutmeg and cinnamon. Other plentiful crops include bananas, pineapples and avocados. A unique destination is the world’s first underwater sculpture park. Go snorkelling in the warm waters among the swirling schools of colourful tropical fish to view the artwork part buried in the sandy seafloor. Average temperatures are 80 Fahrenheit all year. June, July and August are the hottest months. Coolest are November to February. Trade winds provide relief from sultry summer temperatures, so summer visitors are not overwhelmed by tropical heat. Grenada’s dry season is between January and May, with few showers. The rainy season is June to Christmas. This unspoilt gem of an island paradise is set to explode in popularity with investors looking for Caribbean real estate.

Author

Ray Withers

Ray has over 17 years’ experience in the international property market and bought his own first international property investment back in 2002. Aside from running Property Frontiers, Ray has been involved in residential, hotel, student and commercial property investment and development in both the UK and overseas and co-wrote "Where to Buy Property Abroad - An Investor's Guide". As Founder and Trustee of the Frontiers Foundation, Ray is directly involved with many of its projects to ensure they have a direct and tangible impact in individual communities across the globe. He is passionate about property, travelling, scouting out new opportunities and finding time to spend with his young family.
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