Buying Property in Grenada
With an abundance of coconut palm trees, tropical mountains, and tranquil beaches, Grenada is famously known as Spice Island. It is the perfect place to invest in, retire in, or build a second home due to the primary language being English and low crime rate. Grenada's real estate market is constantly prospering with multiple types of property to choose from at incredibly reasonable prices.
Types of Property for Sale in Grenada
When buying property in Grenada, you have the luxury to choose from a wide variety of options, suitable for all kinds of requirements. Types of properties for sale in Grenada include freshly built modern apartments, luxury villas, and historical plantation homes. It all comes down to what kind of property you wish to buy, cliff-side villas in resorts with views of boats sailing in the ocean, a simple home away from the water at a lesser price, or a large, single-family home with a mix of ocean and mountain views.
Where to Buy Property in Grenada?
Grenada is generally a Caribbean island but it offers more variety in terms of location than you'd think. Buying a house in Grenada can turn out differently for you depending on the area you choose.
Carriacou
Carriacou offers luxury beach houses and waterfront properties for sale, guaranteeing peace and quiet to anyone who wants to buy a house in Grenada.
Grand Anse
Grand Anse is the most beautiful beach in Grenada offering numerous condos and beachfront houses for sale. If you want to buy a house in Grenada close to the beach, the airport, and the capital St. George, Grand Anse is the place for you.
Lance aux Epines
Lance aux Epines offers luxury homes for sale, close to beautiful beaches, perfect for family vacations. Buying a house here could offer significant returns on investment in Grenada.
Fort Jeudy and Westerhall Point
You can build your own home in Fort Jeudy by buying a piece of land here. Located north of Fort Jeudy, Westerhall Point, along with the former, offers vacation homes and waterfront houses for sale, hence attracting foreign buyers.
How to Buy Property in Grenada?
Buying property in Grenada is a simple process if you gather relevant information and have someone to guide you in order to avoid any risks along the way.
Step 1: Hire an Estate Agent
After deciding on where and what type of property you want to buy along with your budget, find a good agent who can give you all the information and advice you might need while keeping your requirements in mind.
Step 2: Get Pre-Approved for Loan
If for buying property in Grenada, you need a loan or mortgage, it is highly advisable to discuss your needs with a lender and establish pre-approval status on the loan. Consult your real estate agent about referring you to a local financial specialist.
Step 3: Find the Perfect Property
Start conducting a property search according to your requirements. You can view your options online and visit the ones that appeal to you.
Step 4: Settlement
After finalising the property, you're going to make an offer. Once accepted, your registered Grenadian attorney establishes the title of the property. The vendor's attorney crafts a Sales Agreement after the price has been agreed upon, and sends it to your attorney. You’ll then need to pay a 10% non-refundable deposit which is held in escrow by the vendor’s attorney until completion of sale. Other fees include the lawyer's fee which is 2% of the property's market value and a 1% Stamp Duty. The legal ownership is transferred to the buyer and the purchase is completed after 3 months of the offer acceptance.
Buying Property in Grenada for Foreigners
Before buying property in Grenada, foreigners must apply for an Aliens Land Holding License, for which a fee of 10% of the purchase price is payable on approval to the Government of Grenada. The buyer needs to submit a police record, a character reference, and bank statements in order to get the licence which is usually ready in about 3 months.
Grenada Real Estate
Unaffected by the recent growth in Grenada's real estate market, property prices are still considerably lower than other Caribbean islands. They won't stay like this for long though, so interested investors are advised to get their hands on a suitable Grenada property soon. A huge part of this development would be the Grenada Citizenship by Investment Program.
Buying Property in Grenada: Citizenship by Investment Opportunity
To obtain a second passport from the Grenada Citizenship by Investment Program, you can either donate at least $200,000 to the National Transformation Fund or purchase a government-approved real estate worth at least $350,000. Citizens can enjoy visa free travel to more than 140 countries and Grenada is the only Caribbean country that allows its citizens to apply for the E2 visa in the USA and visa-free travel to China. Contact us for more details.