Hidden Property Hotspots: Grenada
Posted by Jude Buttle on Sunday, September 21, 2008
Independence in 1974, a revolution in 1979, invaded in 1983 and hit hard by Hurricane Ivan in 2004. Grenada has had some tempestuous years, but now that things have calmed down, is this ‘spice isle' beginning to stimulate property investor's taste-buds?
Where is it?
The small country of Grenada is a tri- island nation composed of Grenada, Carriacou, and Petite Martinique.
The three islands are located in the Eastern Caribbean, at the southern edge of the Windward Islands, only 100 miles north of Venezuela.
To the north lie the Grenadines and St. Vincent; to the south Trinidad and Tobago. The islands are of volcanic origin and rich in soil.
What's the Appeal?
Grenada is a rolling, mountainous island, with white beaches, lush green rainforest, turquoise waters and a year-round average temperature of 23C.
Covered with fragrant spice trees and rare tropical flowers, Grenada is popularly known as 'The Spice Isle,' and has long been a major source of nutmeg (it produces 20 per cent of the world's supply), cloves, ginger, cinnamon, and cocoa.
Tourism is the island's main provider of foreign exchange, especially since the construction of an international airport in 1985.
Strong performances in construction (90 per cent of homes were damaged or destroyed by Hurricane Ivan in 2004), agriculture and manufacturing, together with the development of an offshore financial industry, have all contributed to growth in national output.
Although property in Grenada is becoming increasingly popular with investors, prices on the island are still reasonable. They are around half those on Barbados and 25 per cent less than on Antigua or St Lucia.
In Grenada's coastal areas, the average price for properties is around US$3,500 per square metre, and beachfront houses can be bought for about half a million US dollars. Yields are around 4.3 per cent for homes by the coast, which make up most of the rental market.
The buying process in Grenada is relatively straightforward, as most land is freehold and open to anyone for purchase. Foreigners must pay the Alien Land Holding Tax, at a cost of 10% of the property's value.
British entrepreneur Peter de Savary, who once owned both Land's End and John O'Groats, has invested nearly £300 million into two schemes in Grenada, Mount Cinnamon and a yacht marina at Port Louis.
De Savary has struck an incentive deal with the local government, where non-residents that purchase from either development will be exempt from paying the 10 per cent purchase tax.
Some 110 one to three-bedroom apartments and villas, priced from £235,000 to more than £2 million, will be built over the next three years at Mount Cinnamon, which overlooks the 3km long and stunning Grand Anse Beach (regarded as one of the finest beaches in the world) and is just 20 minutes from the capital, St. George's.
St. George's is widely held as the loveliest city in the Caribbean. Its horseshoe shaped harbour is surrounded by a pastel rainbow of dockside warehouses and the red-tiled roofs of traditional shops and homes. St George's is a popular area for hillside and sea-view properties, as well as plots of land.
What does it look like?
Who's Moving In?
Already popular with European and American tourists, Grenada is now beginning to deflect investors away from the more obvious and more expensive choices of Antigua and Barbados.
And with revered investors like De Savary pumping large amounts of money into projects, it shouldn't be long before the island is swamped with other developers and buyers looking to get a piece of the action.
Also, expect more celebrities to join other household names- such as Steven Spielberg, Oprah Winfrey, Morgan Freeman and Jerry Hall - as property owners on the island.
Formula One driver Lewis Hamilton apparently visits the island as often as he can, whenever he gets time away from his busy schedule. The racing boy wonder's family come from a village on the western side Grenada.
What's on Offer?
Port Louis, described as the Caribbean's answer to St Tropez, is a popular marina development with views across the water to St George's, and boasts 300 one to three-bedroom apartments and villas. Priced from £254,000 to £1.5 million, there's also a lovely waterfront that has space for more that 350 boats.
You can get a one-bedroom villa at De Savary's Mount Cinnamon development - a cluster of 21 properties on a hillside overlooking the sea - from £305,000 through Knight Frank.
A two-storey five-star hotel with outdoor pool, gym, tennis courts, beach club and restaurant, will also be part of the Mount Cinnamon development. De Savary has renovated and refurnished them in bright Caribbean hues. So, expect lime green Smeg fridges and purple sofas... Nice!
Alternatively, a two-bedroom waterfront apartment in the Grand Harbour development near Hog Island will cost you £250,000 through Savills.
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Photos by Ruth L
No Derivative Works. You may not alter, transform, or build upon the photo images.
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