- February 13, 2018
- Posted by: CIP Journal
- Category: Real estate
In 2016 the Grenada real estate market set a new high, with a nearly 23% increase over 2015, according to Grenada real estate market report.
According to the report..
- In 2015 sales volumes surged by 71%. In 2016 the Grenada real estate market set a new high, with a nearly 23% increase over 2015.
- St. George had over 70% of the value of all real estate transactions in Grenada, while the northern parishes of St. John, St. Mark, and St. Patrick contributed only a combined total of 6%.
- The average transaction value of residential purchases by foreign buyers was US$224,235, nearly 3-times the overall market average. Those purchases were primarily in St. George (48% of the number of transactions), and Carriacou (24% of the number of transactions).
- British buyers accounted for more than 80% of the value of properties purchased by non-Grenadians in 2015. In 2016 they made up only 21%. Canadian buyers fell from 14% in 2015 to 3% in 2016.
This program continues to gain traction in the global market and attract considerable foreign direct investment. It is driving an increase in the interest and purchase of development properties and bringing a range of luxury real estate and hospitality products to Grenada. It is also creating much needed jobs and improving the competitiveness of our real estate product. says Paula LaTouche-Keller of C21
Citizenship by investment
In 2013 Grenada launched its Citizenship by Investment Program. By early 2015 the program had approved several projects and began to receive a steady ow of applicants. In 2016 the program continued to gain traction in the global market. It is driving an increase in the interest and purchase of development properties and bringing a range of luxury real estate and hospitality products to the market.
The year has also seen the commencement of signi cant construction on several CBI-approved projects; these include the Silver Sands Project on Grand Anse Beach, The Point at Petite Calivi- gny, Mount Cinnamon on Grand Anse Beach, and The Levera Beach Resort. When completed, these projects will substantively reinvent the luxury, hospitality product in Grenada.
Several additional projects are approved and look to begin signi cant construction in 2017; these include the Port Louis Maritime Village and the redevelopment of the Flamboyant Hotel site (under new ownership).