Grenada real estate is not only an excellent investment opportunity but also a chance to have a second home and retire in one of the most unspoiled Caribbean islands. Grenada also provides a chance to acquire a second passport if you apply for its citizenship by investment. A true gem of the Caribbean, the ‘Spice Island’ is a place of wonders with first-class white sandy beaches, waterfalls, and a rich ecosystem. This article highlights useful tips about purchasing Grenada property.
Why buy real estate in Grenada?
Market History and Overview
Grenada – nicknamed ‘The Spice of the Caribbean’ for its locally grown spices – is an unspoiled Caribbean island renowned for its beauty and relaxed lifestyle. Grenada and her sister islands, Carriacou and Petite Martinique, are wonderful places gifted with 40 incredible beaches, fairytale-like waterfalls, lush rainforest, and exceptional diving sites.
Since the introduction of the Grenada Citizenship by Investment Program in 2013, Grenada has seen a tremendous boost in its property market. Indeed, it is a fantastic opportunity to set up a second home for individuals looking for second citizenship, wealthy investors, celebrities, families seeking a holiday house, or retirees looking for the perfect property in which to enjoy their golden years.
Grenada real estate listings show that the market is very diverse. You will find a wide range of property options, from luxury villas and modern apartments to historic plantation homes. Depending on the property type you’re looking for, it is also possible to buy Grenada land and build your own ideal property.
The main island is divided into six parishes, of which St Andrew is the largest. However, St George’s – home of the eponymous capital city – is where most of the population lives. Some of the best places to buy property are St George’s, Carriacou, Grand Anse, and Lance aux Epines.
How to buy Grenada property?
If you wish to purchase Grenada island real estate, two options are available:
Option 1 – Apply for the Alien Landholding License: All foreigners have to get the Alien Landholding License if they want to buy property on the island. The Alien Landholding License amounts to ten percent of the property price. The same condition applies to commercial properties or second residences.
Option 2 – Apply for the Grenada Citizenship by Investment Program: Thanks to the Grenada Citizenship by Investment Program, you can purchase Grenada pre-approved real estate and get a Grenada passport. In this case, there is no need to pay for the Alien Landholding License. Under the Grenada Citizenship by Investment Program, you have two routes to choose from:
- Option 1: Make an independent investment in pre-approved real estate at a minimum value of $350,000.
- Option 2: Make a joint investment in pre-approved tourism accommodation at a minimum value of $220,000 per investor.
Condition of investment: The property must be held for at least five years if the buyer wishes to become an economic citizen of Grenada.
What are the prices of property in Grenada?
Depending on the type of property you wish to purchase, the prices of property for sale in Grenada vary from $160,000 to $7,000,000. According to data provided by Numbeo, the cost per square meter of purchasing an apartment ranges between $3,835.47 and $179,407.71, depending on whether the apartment lies in the city center or not.
You will find plenty of options when looking at Grenada real estate listings, such as luxury villas, shares in resorts, bungalows, beautiful family homes, colonial houses, and brand-new apartments. You can find real estate services, including property management, in all the six parishes in which the island is divided: St George, St John, St Mark, St Patrick, St Andrew, and St David.
A Guide to Buying Property in Grenada
Process and requirements for non-nationals
- Look for property and make an offer once you find the right one
- After your offer has been accepted, the seller’s lawyer will write a sales agreement
- Pay a deposit of ten percent which will be held in escrow
- Your lawyer will finalize the paperwork for the property transfer
- Make the property’s final payment
- Pay all required taxes and fees
Buying property in Grenada transaction costs
Below you will find the transaction costs according to the property value:
- Alien Landholding License = ten percent
- Legal fees = 1.00 percent to 2.00 percent
- Stamp duty = 1.00 percent
- Property Transfer Tax = ten percent
Is it worth getting real estate in Grenada?
If you are looking to invest, retire, or simply buy a second home or rental property, acquiring real estate in Grenada is absolutely worth it. The island is astonishingly beautiful, and it also has a booming real estate market with various property options for a wide range of prices. All in all, Grenada investment opportunities are plentiful, and finding the perfect property and turning in a profit is a real possibility. Just check the real estate listings and the real estate services offered by property management agencies.
Buying pre-approved properties also gives you the lifetime opportunity to get a Grenada passport for you and your entire family. As a Grenada citizen, you will benefit from great tax exemptions – there are no capital gains, inheritance tax, income tax, or wealth tax on worldwide income or assets in Grenada – and enjoy visa-free travel to more than 140 countries in the world. The Grenada passport is ranked 74th in the Passport Index.
Currently, there are more than 20 approved real estate projects available in Grenada, including resorts, villas, and condominiums. Several of them are located in the sought-after areas of Grand Anse Beach and Lance Aux Epines.
Global Citizen Solutions: Who We Are and How We Can Help You
Global Citizen Solutions is a boutique investment migration consultancy firm focused on finding the right residency or citizenship by investment program for individuals wishing to secure their future and become global citizens.
At Global Citizen Solutions, we have local lawyers and real estate experts working directly with the developers, so we can provide you with valuable guidance on which of these properties are the most advantageous and reliable options. Get in contact with one of our experts and book a 30-minute free consultation.
Frequently Asked Questions about Grenada Real Estate
As a foreigner, can I buy real estate in Grenada?
Yes, as a foreigner, you can buy Grenada land or buildings if you apply for the Alien Landholding License. The cost of the license amounts to ten percent of the property value.
How can I get a Grenada passport?
You can get a Grenada passport by making an investment through the Grenada Citizenship by Investment Program. If you make an investment in the country’s National Transformation Fund or in pre-approved real estate, you become eligible to obtain Grenada citizenship.
What are the best places to buy property in Grenada?
Some of the best places to buy property in Grenada are St George’s, Carriacou, Grand Anse, and Lance aux Epines. As an investment, it is a good idea to purchase one of the beautiful Grenada homes available for sale and turn it into a rental property. The country has plenty of real estate experts who offer property management services and various real estate services. They will be responsible for the maintenance of the house, including the swimming pool, air conditioning, and everything else.
What kind of sale houses I can find in Grenada?
There are many types of property for sale in Grenada. You can find historic plantation homes, modern apartments, villas, bungalows, and family homes with swimming pools, as well as shares in tourism accommodations. You can also buy Grenada land and build your own house.
How much does a house in Grenada cost?
The cost of a house in Grenada can vary between $160,000 and $7,000,000, depending on the location of the property, its size, and the facilities included. Foreign buyers will also be required to apply for the Alien Landholding License, which amounts to ten percent of the property value.
