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Grenada Real Estate Information |
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INTRODUCTION:
Grenada is an English speaking, tri-island state with a cosmopolitan population of about 96,000 people. The island is divided into six parishes and there are five main towns with many villages along the coastline and in the hills, linked by a well planned road system. Private cars, taxis and mini buses provide a reliable transportation system.
HISTORY:
Grenada was inhabited for thousands of years by the Arawaks and Caribs. Christopher Columbus sighted Grenada on his third voyage in 1498. In the ensuing colonization, these Amerindian races were wiped out. In the colonial wars of the 18th century Britain and France traded the island back and forth until 1783 when it came solely under British rule. On the 7th February 1974, Grenada achieved Independence. On 13th March 1979, there was a bloodless revolution which lasted for four and a half years before its demise due to an internal impasse and an invasion led by the USA. Since then parliamentary democracy along the British Westminster model has been re-established.
MARKET ENVIRONMENT:
The real estate market in Grenada remains appealing because it offers some of the region’s most affordable properties in a landscape of unquestioable natural beauty and charm. All this is a relatively stable economic and political climate that is conducive to safe investment. Ownership of real estate is either by absolute ownership of the freehold interest or by way of temporary ownership i.e. relatively short term rentals. The history of leasehold ownership is rudimentary. Presently, the real estate industry remains relatively unsophisticated with no real estate boards ensuring that individuals are licensed or have expertise in any aspect of real estate.
ALIEN LANDHOLDING LICENCE:
For non nationals wishing to purchase property in Grenada, the property must first be identified and then an application made for an Aliens’ Land Holding Licence. This application is usually made by a lawyer and involves a police clearance from the purchaser’s country, a banker’s reference and a character reference. Upon granting the Licence, the purchaser pays an Alien Land Holding Tax which is currently 10% of the purchase price.
CURRENCY:
The Eastern Caribbean Dollar is the currency used locally. It is linked to the US dollar. At the bank you will get EC $2.67 for US$1.00 cash and EC$2.68 for US$1.00 travellers cheques.
HEALTH CARE:
There are three hospitals with about 304 available beds. Doctors including specialists are available and some are on call at most hotels. Pharmacies offer 24 hour service and there is a 24 hr casualty service. Air ambulance and emergency dental facilities are present. There are few private clinics.
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