The Insider's Guide to Buying Property in Grenada
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.
Capitalizing on the allure of the turquoise sea and its proximity to the Grenadines, including the Tobago Cays and Bequia, the southern Caribbean island is emerging as an international yachting hub, with its own superyacht marina.
Unspoiled, tranquil and friendly, Grenada is a popular destination for overseas property buyers looking to enjoy idyllic island life away from the crowds.
In recent years the Grenada real estate market has experienced significant growth. Traditionally foreign buyers gravitated towards single family homes in prestigious areas in the south of the island including beachfront and waterfront houses. More recently demand for condos and apartments in professionally managed resorts has increased as buyers have prioritized a Return on Investment. Despite the growth in the market, property prices in Grenada are, for the time being, typically lower than other Caribbean islands with a more established market such as St Lucia.
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 continue to develop rapidly and prices are expected to gradually rise. The program offers qualifying applicants full citizenship of the island nation in exchange for an investment in designated Grenada citizenship by investment real estate or, alternatively, a contribution to the nation’s economy.
“Unspoiled, tranquil and friendly, Grenada is a popular destination for overseas property buyers looking to enjoy idyllic island life away from the crowds”
Emerging property market with prices for real estate currently lower than other more developed Caribbean destinations.
Wide variety of property investment opportunities catering to a spectrum of tastes and requirements from newly built apartments to sprawling historical plantation homes.
Real estate market benefiting from Grenada’s Citizenship by Investment Program, a flourishing tourism sector which grew by 10% in 2018 to reach a record level of 160,970 stayover visitors and a pipeline of new luxury hotels.
Direct international flights to Grenada’s Maurice Bishop International Airport from the USA, Canada and the UK.
A quiet and tranquil island, famed for the beauty of its majestic green mountains and idyllic white sand beaches as well as the exceptional friendliness of its people.
Highly regarded diving and snorkeling destination as the Wreck Dive Capital of the Eastern Caribbean.
An emerging international yachting hub offering superb sailing facilities, a super yacht marina and proximity to the Grenadines.
Buying Process, Fees & Taxes
- Can foreigners buy property in Grenada?
Yes, foreigners can buy property in Grenada and the Government of Grenada welcomes investment from overseas buyers.
There are no restrictions on foreign buyers acquiring real estate in Grenada and foreign buyers enjoy the same rights as Grenadian citizens.
In order to purchase real estate in Grenada, foreign buyers need to apply for an Alien Land Holding Licence (ALHL) which has a fee of 10% of the purchase price and takes 1 to 6 months for approval. Alternatively, purchasing property in an approved real estate project may qualify the buyer for full citizenship of Grenada through the Grenada Citizenship by Investment Programme.
- Buying process
Buying property in Grenada is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- 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.
- Pay all required taxes and fees.
- Fees & taxes
Buyers are required to pay 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.
Buyers are typically required to pay legal fees of 2% of the purchase price of the property.
There is also an annual property tax of 0.3% of the property value or 0.2% of the land value.
Latest Real Estate Listings in Grenada
Residency & Citizenship
- How long can a foreign citizen stay in Grenada?
Citizens of the USA, Canada, UK, and member countries of the Commonwealth and CARICOM are permitted to remain in Grenada on holiday without a visa for up to 3 months.
- How do you become a resident of Grenada?
Individuals looking to stay longer than 3 months or move to Grenada can apply for an extension.
Individuals who have lived in Grenada for 2 years lawfully can apply for permanent residency.
- How do you become a citizen of Grenada?
Individuals who have resided in Grenada for 7 years (including 2 years as a permanent resident) can apply for citizenship by naturalization.
In addition, Grenada operates a Citizenship by Investment Programme 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 investment in an approved real estate project.
Read more: Grenada Citizenship by Investment.
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.
How to Get There
Getting to Grenada
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.
Getting to Carriacou
To get to Carriacou take a short connecting flight from Grenada which takes 20 minutes.
- Miami to Grenada 3h 40m
- New York to Grenada 4h 30m
- Toronto to Grenada 5h 25m
- London Gatwick to Grenada 10h 20m
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