Situated in the heart of the Caribbean and famously known as the “Spice Isle,” Grenada combines stunning natural beauty with a friendly, inviting community, making it an attractive destination for real estate investment. Whether you’re an investor, or a high-net-worth individual seeking a retirement haven, a second or vacation home, or looking to start fresh with your family while diversifying your portfolio, Grenada presents an ideal opportunity.

The island offers a variety of iconic sites and options that suit every need from approved projects to luxury resorts, villas, condos, and apartments. In this article, we will delve into the thriving Grenada real estate market, where a mix of serenity and profitability draws both those yearning for a piece of Caribbean paradise and savvy investors alike. From its picturesque beachfront villa to the secluded hillside retreat, Grenada provides an array of real estate options, each contributing its own chapter to the island’s captivating story.

Grenada Real Estate

Why to own a property in Grenada?

There are several reasons to purchase a real estate property in Grenada. Firstly, it is a beautiful Caribbean island boasting pristine beaches, delicious cuisine, friendly people, and a vibrant culture. It also has a thriving real estate market where investors can find a variety of properties at a range of prices. The nation is well-connected to the world, enabling international travel by air and sea. Additoinally individuals investing in a government-approved project can obtain Grenada’s citizenship.

Grenada’s main island is divided into six parishes: St. Mark, St. Patrick, St. John, St. Andrew, St. George, and St. David, along with the islands of Carriacou and Petite Martinique. Among these, St. George, St. David, and St. Andrew stand out as prime locations for real estate investments. St. George, the capital city, is especially popular with both locals and tourists, boasting a picturesque landscape, rich cultural heritage, and diverse dining and entertainment options. From hiking and swimming to snorkeling and scuba diving, the city offers a range of activities and even serves as a port-of-call for international cruise lines.

Active real estate market

Grenada’s real estate market remained active and stable, with a total sales volume reaching US$75.2 million in 2022[1]. There has been an increase in vacant land sales over land & buildings, and a cooling in purchases of prime properties and development sites. Both shifts were driven by the COVID-19 pandemic and associated travel restrictions. Residential property sales recorded[2] the most transactions at 91% of the total number of sales transactions, followed by agricultural properties at 5% and commercial properties at 4%. Mainly 79% of the number of commercial sales registered occurred within the parish of St. George.

Grenada’s real estate market is experiencing notable growth, driven by several key trends, including the increased demand for luxury properties. Grenada attracts high-net-worth individuals, particularly interested in luxury villas and high-end condominiums with stunning ocean views. This is spurred by Grenada’s reputation as a premier destination for luxury tourism.

Property prices

Choosing the ideal area depends on factors such as budget and the property’s intended use. St. George’s, the capital, is a favorite among expats and home to Morne Rouge, Grand Anse Beach, BBC Beach, and St. George’s University, which attracts many international students. Property prices in St. George’s, as well as in Gouyave, Grenville, and St. David, tend to be on the higher side. For those seeking a more peaceful atmosphere, Carriacou provides a tranquil setting with luxury beachfront and waterfront properties. Other popular areas for buyers include Grand Anse, Morne Rouge, and Lance aux Épines, all known for their charm and appeal.

According to data provided by Numbeo[3], the cost per square meter for an apartment in city center starts from $450 exceedind $2,500 in some areas. The most expensive real estate is located in St. George’s, the capital of Grenada, and resort towns such as Gouyave, Grenville, and St. David. The price to rent ratio in the city center is at 4%, and the gross rental yield is at 24%.

To buy a house with a plot the investor is required to pay 3 to 13% above its price. This includes the Alien Landholding License which is 10% and paid only by foreigners, as well as 2% of the property value fee for registering the contract, and 1 to 2% of the property value for legal support.

Emerging Trends in Grenada’s Real Estate Market

There is a strong emphasis on eco-friendly and sustainable property development, reflecting global concerns about climate change. Developers are incorporating energy-efficient materials, renewable energy sources like solar power, and other sustainable features into new properties.

The rapid growth of Grenada’s tourism sector is increasing the demand for both short-term and long-term rental properties. This demand is especially high among tourists, expats, and retirees, prompting developers to construct more rental units, including co-living spaces.

Grenada has been extremely slow to shift towards condominium developments, townhomes, and mixed-use developments. However, this is changing. There are several condominium projects in advanced planning, under construction, and some recently completed. Muli-unit and mixed-use developments will be critical to achieving affordability and maximizing the limited land available for development.

[1] https://c21grenada.com/vendors/downloads/grenada-real-estate-market-report-2023-v3.pdf

[2] https://issuu.com/theterragroup/docs/market_analysis_q1_-_q2_2023?fr=xKAE9_zU1NQ

[3] https://www.numbeo.com/property-investment/country_result.jsp?country=Grenada