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Property In Grenada FAQ
March 6, 2009Article by Ray Withers
Grenada is one of the must-go destinations in the Caribbean as the government ploughs millions in to developing tourist infrastructure – including a cruise ship terminal that docks more than 200 liners letting loose 250,000 passengers to spend their holiday cash on the island. Here’s the low-down on the island for those who are thinking about Caribbean property investment.
Where is Grenada?
Grenada is an island state comprising the main island of Grenada, Carriacou, and Petite Martinique. The islands are at the southern end of the Caribbean Sea just 100 miles north of Venezuela.
Why is Grenada suddenly so popular?
Cruise ships and good flight links to the US, UK and Europe are the key to Grenada’s success as a tourist destination. Once known as the Spice Isle, Grenada grows 20% of the world’s nutmeg as well as cloves, cinnamon, cocoa and ginger.
Is Grenada property expensive?
Property in Grenada is becoming popular with investors but property prices are reasonable compared to other Caribbean islands. Prices are around 50% less than in Barbados and a quarter of Antigua or St Lucia.
Can foreigners buy real estate in Grenada?
Yes. Most land is freehold and anyone can opt to buy. Foreigners must pay a 10% Alien Land Holding Tax based on the property purchase price.
What sort of property can I buy?
Grenada has a policy of building quality resorts to ease the current lack of decent hotel accommodation. Hotel occupancy is currently running at about 89%.
Property Frontiers has a mix of Grenada investment property at Bacelot Bay . The development includes villas, apartments and cottages ranging from £310,000 studio cottages to £1 million luxury villas.
Bacelot Bay is just 20 minutes from the airport and the capital St. George’s. St. George’s is widely held as the loveliest city in the Caribbean, with a horseshoe shaped harbour surrounded by colourful warehouses, shops and homes.
What should I expect to pay for a five-star resort property?
At Bacelot Bay, 70% loan-to-value mortgages are offered enabling cash investments from as low as £71,550.
Am I allowed to stay at the resort?
This depends on the resort policy. Bacelot Bay offers four free weeks a year to investors
I’ve been to ‘luxury’ resorts before and considered the facilities poor
Spread over 41 acres of tropical gardens, the Bacolet Bay resort has breathtaking views across the Caribbean Sea and rainforest covered mountains.
This is a premium resort with a white sand beach and secluded bay. Bacolet Bay features a spa created by the designers of the Armani spas in Tokyo, Dubai and Milan.
What sort on return is expected on the investment?
Net yields of between 11.3% and 14.3% are expected, which should equate to an income of about £45,00 a year on 65% occupancy.