Overview – The Grenada Real Estate Market
Known as the “Isle of Spice” because of the nutmeg, cinnamon and cocoa produced on the island, Grenada is lush and green, with verdant rainforests, spectacular waterfalls and more than 45 beautiful beaches. The waters surrounding Grenada and sister islands Carriacou and Petite Martinique are equally spectacular, offering some of the best diving sites in the world and the world’s first underwater sculpture park. Capitalising on the allure of the turquoise sea and its proximity to the Grenadines, including the Tobago Cays and Bequia, Grenada is emerging as an international yachting hub, with its own super yacht marina. The southern Caribbean island also retains an unspoiled tranquillity and natural friendliness that has been lost elsewhere, all of which adds to the appeal of the Grenada real estate market.
Real estate for sale in Grenada includes properties with docks which are ideal for yachting enthusiasts. Beachfront homes and historic plantations houses are also available for sale. Property prices are typically lower than other Caribbean islands with a more established market, but, having followed the lead of nearby St Kitts & Nevis and Antigua & Barbuda in launching a Citizenship by Investment Program, the Grenada real estate market is expected to develop rapidly and Grenada real estate prices are expected to gradually rise.
As specialists in luxury Caribbean property, we can introduce you to the finest residential property, land for sale and commercial real estate in Grenada, including Grenada real estate for sale by owner in Chemin Bay, Morne Rouge, St Georges, Prickly Point, Lance aux Epines and Westerhall Point as well as sister island Carriacou. Working in close partnership with our trusted, expert partners on the ground in Grenada, we can offer you unrivalled local insight into the Grenada property market and the most desirable opportunities for investing in Grenada realty.
St George’s & Morne Rouge
The south-western coast of Grenada is home to Grenada’s picturesque waterfront capital St George’s, some of the island’s most exquisite beaches, such as Grand Anse and Morne Rouge, and some beautiful homes – ideal for buyers looking to invest in Grenada real estate. There are both new and historical houses for sale in Grenada’s capital St George’s, many of which enjoy views of both the mountains and the tranquil harbour. Property in this part of Grenada is ideal for exploring the nearby beaches and the diving sites that lie just off shore. There are also beautiful luxury villas in Morne Rouge located within Grenada’s most exclusive boutique resort. The beach at Morne Rouge Bay which is very close to Grande Anse Beach is quiet and beautiful and beachfront real estate here offers the ideal place for a relaxed getaway.
Egmont, Fort Jeudy & Westerhall Point
Located approximately 20-30 minutes drive to the east of Grenada’s capital St George’s and Maurice Bishop International Airport, the tranquil residential areas of Egmont, Fort Jeduy and Westerhall Point all offer beautiful homes for sale. Many of the properties are located in residential communities, often in beachfront or waterfront locations which enoy magnificent views of the sea.
L’Anse aux Epines & Prickly Bay
L’Anse aux Epines and Prickly Bay are located on the south-western coast of Grenada just east of Maurice Bishop International Airport and south of Morne Rouge and St George’s. L’Anse aux Epines is home to one of Grenada’s most beautiful white sand beaches and to some of the most prestigious luxury property on the island. L’Anse aux Epines overlooks Prickly Bay which is known for Prickly Bay Marina, a full-service marina which offers dockage services, a restaurant, bar and shops.
Carriacou & the Grenada Grenadines
Located just north-east of the island of Grenada in the Grenada Grenadines, the island of Carriacou is an idyllic get-away-from-it-all destination famed for its spectacular coral reefs and beaches such as Anse La Roche and Paradise Beach. There are some beautiful luxury beach houses and waterfront property in Carriacou. An almost untouched, quiet Caribbean island, Carriacou is located in the Grenadines – an island chain that stretched from Grenada in the south up to Bequia and St Vincent in the north.
How to Buy Property in Grenada
Foreign buyers can acquire real estate in Grenada but require an Alien Landholding License, which typically takes 6 months to be granted and costs 10% of the purchase price of the property. Some developers can arrange a 1 month process.
Once you have made an offer in writing which has been accepted, the seller’s lawyer will prepare a sale agreement. You will need to pay a 10% deposit which will be held in escrow by the seller’s lawyer. Your lawyer will then conduct a title search and due diligence and make the final payment to complete.
Buyers are typically required to may legal fees of 2% plus Stamp Duty of 1% of the purchase price of the property. Some developers have negotiated concessions from the government of Grenada which have significantly cut the total paid in property taxes and fees.
Non-citizen property sellers are required to pay a Land Transfer Tax of 15% of the purchase price of the property to the Government of Grenada.
There is also an annual property tax of 0.3% of the property value or 0.2% of the land value.
Foreign investors can apply for permanent residency and then citizenship following 7 years of residency.
Mortgages in Grenada
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Grenada real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in Grenada.
For more information, see our page on: Caribbean mortgages.
Grenada Citizenship by Investment Program
Grenada operates a Citizenship by Investment Program which offers qualified investors the opportunity to obtain full citizenship of Grenada in exchange for a significant contribution to the nation’s finances, either through a financial contribution to a government fund or via an investment in an approved real estate project.
Read more: Grenada Citizenship by Investment.
Grenada – Land for Sale
Purchasing a lot of land provides you with a blank canvas and the opportunity to build your dream home in Grenada.
Whether you are looking for beachfront land or a centrally located plot, we offer various lots of land for sale in Grenada.
For larger parcels of land for commercial development, please see our commercial real estate listings.
Saving on Your Purchase
You could save money when investing in Grenada real estate by using a foreign exchange expert to get the best rate for your property purchase. We have partnered with Halo Financial, a specialist in foreign exchange, to help you get the best exchange rates when making one-off or regular international payments for a property purchase in Grenada. To see how you could save money, read more: Foreign Exchange.
There are direct flights to Grenada from various cities in the USA, Canada and Europe.
International flights arrive at Maurice Bishop Airport on the south-western coast of Grenada near Lance Aux Epines, Grand Anse and St Georges.
From Europe, fly with British Airways or Virgin Atlantic from London or with Condor from Frankfurt.
From North America to Grenada, fly with American Airlines from Miami, with Delta from New York or with Caribbean Airlines from Miami, New York, Orlando or Toronto.
London Gatwick to Grenada: 10 hours 20 mins
New York JFK to Grenada: 4 hours 30 mins
Miami to Grenada: 3 hours 37 mins
Toronto to Grenada: 5 hours 25 mins
To get to Carriacou take a short connecting flight from Grenada which takes 20 minutes.