Grenada Real Estate: A Detailed Overview for International Buyers

Buying Grenada real estate is an excellent investment and a chance to secure a second home or high-yielding rental property. The Grenada Tourism Authority reported a 30 percent rise in tourism for quarter one of 2024.

Buying property in Grenada is an option for foreigners to obtain citizenship by investment. The investment must be made in government-approved real estate projects. Non-Grenadians buying other property on the island must apply for an Alien Landholding License (ALHL), which typically costs ten percent of the purchase price.

According to the Investment Migration Agency Grenada (IMA), approved real estate investments for Grenada’s citizenship program reached EC 672 million ($248.65 million) in 2023, making the property market in Grenada one of the Caribbean’s most lucrative.

Gain an understanding of the real estate market in Grenada in our expert guide, which provides insights into financial projects, the buying process, and approved properties to qualify for citizenship by investment.

• Overview of Grenada’s real estate market
• Why buy Grenada real estate?
• Grenada real estate buying process
• Where to buy real estate in Grenada

Since the introduction of the Grenada citizenship by investment program in 2013, the number of foreigners investing in Grenada and its property market has significantly increased.

Purchasing real estate in Grenada is the most popular investment route in the citizenship program, which increased from EC 151 million ($55.87 million) in 2020 to EC 672 million ($248.65 million) in 2023.

At the end of 2024, the Grenada Tourism Authority reported 26 consecutive months of growth of tourism in Grenada, expanding the possibilities for real estate investment.

Property market trends

According to Savills most recent findings, 42 percent of international buyers were British, 33 percent were American, and 25 percent were Canadian, driven by demand for vacation and retirement homes. At just 344 square kilometers, Grenada is one of the smallest sovereign countries in the Americas, and residential real estate remains limited. The surge in demand has pushed property prices up, presenting profitable opportunities for investors to develop housing or invest in IMA-approved real estate projects within the Grenada citizenship program.

Property types

Various property types are available, from luxury villas and modern apartments to historic plantation homes and luxury hotels in Grenada run by reliable property management services. Depending on the Grenada property type and your preference, buying Grenada land and building the home of your dreams is possible.

The main island is divided into six parishes, of which St Andrew is the largest. However, the capital city of St George’s is where most of the population lives and, therefore, has the highest property prices. Some of the best places to buy property in Grenada are St George, St Patrick, Carriacou, Grand Anse, St Patrick, and Lance aux Epines.

For more details on investment opportunities, you can explore the Grenada National Transformation Fund, which supports the country’s development projects. Learn how this initiative fosters economic growth by visiting their official page.

1. A lucrative real estate market, bolstered by demand for resident property from British, American, and Canadian nationals, as well as a growing tourism industry.
2. A safe Caribbean country with a friendly local population and a large expat community.
3. Invest in pre-approved Grenada real estate and get Caribbean citizenship and a Grenada passport.
4. Easy access to a retirement or vacation home, with good connections to international hubs, including direct flights to Toronto, New York, and Miami.
5. Earn annual rental yields between three and five percent.
6. Low Grenada property tax of just 0.5 to 0.8 percent annually.

Several Grenada real estate websites offer property to buy in Grenada. International real estate websites listing Grenada real estate to buy include:

• Terra Caribbean
• 7th Heaven Properties
• Century 21 Grenada
• Point2Homes

Grenada real estate developments

St George: The Coral Cove Hotel development by Charis Group Ltd offers sea-view suites with balconies from $270,000.

Grand Anse: The Emreal Suites development by Reece Investment Inc. offers Grenada real estate shares in eco-friendly luxury suites from $270,000.

St George: The Hideaway True Blue offers strategic residential apartments close to Maurice Bishop International Airport and St George’s University from, from $350,000 for a studio to $425,000 for a two-bedroom apartment.

L’Esterre: The Sanctuary at Fiji Beach on the Grenada island of Carriacou is a gated community and private resort offering options such as Alamanda Villas and Hibiscus Condominiums from $350,000.

Other Grenada real estate for sale

Buying property in Grenada follows separate processes for Grenada citizens and foreign investors, but is generally straightforward for both. Non-citizen property buyers typically need to apply for an Alien Landholding License, which costs 10 percent of the sale price or market value. The buying process involves personal research or employing a local estate agent to find a property, making an offer, and consulting a lawyer to complete the purchase.

If you wish to purchase Grenada island real estate, two options are as follows:

1. Access property for sale in Grenada through an authorized real estate agent or on your own, and search for vacation rentals or Grenada homes for sale.
2. Obtain an Alien Landholding License, which grants permission to purchase Grenada property as a foreigner. The license costs ten percent of the property value.
3. Hire a reputable lawyer to draft a Purchase and Sale contract. You’ll typically have to pay a ten percent deposit to secure the purchase.
4. Get a certified property surveyor to conduct the valuation and prepare documents to transfer the title deed.
5. After approval, documents will be submitted by the lawyer to the Grenada Land Registry to register you as the new property owner.

Alien Landholding License

Obtaining an Alien Landholding License (ALHL) is required for foreigners purchasing real estate or buying land in Grenada.

CBI real estate purchase

Buying Grenada property approved under Grenada’s CBI program for at least $270,000 waives the requirement to obtain an ALHL.

Thanks to the Grenada citizenship by investment program, foreign buyers can purchase Grenada government-approved real estate and gain citizenship without having to obtain an Alien Landholding License.

The purchase must be in a government-approved project and worth at least $270,000 in real estate shares or $350,000 in a private home and held for at least five years to maintain dual citizenship and a Grenada passport.

The buying process requires the following steps:

1. Contact an authorized agent, like Global Citizen Solutions, to assist in filling out the relevant CBI application forms.
2. The agent will submit completed forms and documents on your behalf to the Grenada CBI Committee.
3. Your application is submitted for a due diligence check by the Investment Migration Agency Grenada (IMA). If approved, the applicant can initiate a real estate purchase.
4. Proof of purchase is sent to the Investment Migration Agency Grenada.
5. Final approval and issuance of a Grenada citizenship certificate by IMA

Depending on the property type, prices of property for sale in Grenada cities like St George range from $160,000 to $7 million. According to data from listing information provided by Numbeo, the cost per square meter for an apartment ranges from $755 to $1,700.

Grenada property transaction costs

Grenada earned high marks on the Global Citizen Solutions Global Residency and Citizenship by Investment Index, coming in second for tax optimization. This makes it one of the most strategic destinations for buying Caribbean real estate. Still, there are transaction costs to consider when making an investment.

• Alien Landholding License: Ten percent
• Legal fees: One percent to two percent
• Stamp duty: One percent
• Property Transfer Tax: Ten percent

Mortgages for international buyers

International property buyers may be able to finance property purchases in Grenada through banks in Grenada or international institutions, though the process will differ from residents. Generally, Grenada banks require non-residents to pay larger down payments of 30 to 50 percent of the property’s value, along with higher interest rates than local buyers are subject to. Mortgage terms are also typically shorter. Given the higher risk factors involved in lending to non-residents, mortgage lenders tend to approve loans for those with considerable wealth or assets.

If you are looking to invest, retire, or simply buy a second home or rental property, acquiring real estate in Grenada is worth it. Overall, Grenada’s property market is limited, and it’s worthwhile to secure a property to live in or earn rental income through a trustworthy Grenada property management company. Grenada is safe for Caribbean real estate investments due to its stable economy.

Discover why it’s beneficial to invest in Grenada through its Citizenship by Investment program.

1. Grand Anse: One of Grenada’s most popular tourist destinations, close to attractions and beaches. Property types include beachfront villas and luxury condos, ideal for vacation rentals. Grand Anse sits close to the capital, St George’s, and Maurice Bishop International Airport.
2. Lance Aux Épines: Lance Aux Épines is an upscale residential area on Grenada’s south coast. Property buyers have the option of oceanfront homes in gated communities. Many expats and foreign retirees live in Lance Aux Épines.
3. St George’s: St George’s is Grenada’s capital city and historical center. With its colorful architecture and role as the nation’s economic hub, the city features apartments, townhouses, and commercial real estate, attracting both tourists and working locals.
4. Carriacou: If you’re looking for off-the-beaten-path property, Grenada’s sister island, Carriacou, offers peacefulness among authentic Caribbean nature. Eco-retreats and sustainable developments are still largely untapped and attract nature lovers to the island.