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12 December, 2022

How much does real estate in Grenada cost and is it profitable to buy?

The real estate market in Grenada ranges from exotic colonial villas to modern apartments in well-maintained residential complexes.

Demand for Grenada real estate has grown significantly since the government launched the citizenship by investment program in 2013.

Property prices are growing at an average rate of 3% per annum, and rental income is comparable to the European level, ranging from 3 to 6% per annum.

Grenada citizenship by real estate investment
Photo: Adobe Stock

How much does real estate in Grenada cost and is it profitable to buy?

Features of Grenada real estate market

Demand for real estate in Grenada. Grenada’s real estate market is stimulated by the citizenship by investment program. One of the program’s options is buying real estate on the island.

In 2022, about 70% of investors bought real estate to get a Grenada passport. These statistics are provided by the Ministry of Finance Grenada.

Investors buy real estate only from the list of government-approved projects:

  • a share — starting from $220,000;
  • a property in full ownership — starting from $350,000.

Investors have the right to rent out their properties. When buying a share in real estate, rental income is guaranteed — usually from 3 to 6% per annum. At the same time, a management company is commonly engaged in the maintenance and renting of their properties. Investors do not have to find tenants themselves and monitor the condition of their property.

Statistics of Grenada real estate prices. The government does not publish official statistics on real estate prices. But an analysis of island real estate costs allows us to conclude that the price per 1 m2 of housing starts from $1,000 and strongly depends on the property type.

The cost per square meter of modern well-maintained properties starts from $2,500 and on average grows by 4% per annum. The most expensive properties are located in the capital of Grenada, St George’s, as well as in the resorts of Guyave, Grenville, and St David.

Prices for seafront or oceanfront villas reach millions of dollars. Investors prefer to buy villas near the beaches and national parks of Grenada. The cost of such properties reaches 5 and even 10 million dollars.

Natalia Oganesyan - Immigrant Invest
Natalia Oganesyan
Real Estate Chief Operations Officer, RICS certified professional

Local company Terra Caribbean Grenada published data on real estate sales in 2021. The total volume of purchase and sale transactions was approximately 164 million Eastern Caribbean dollars (≈ 60,7 million US dollars).

A total of 715 purchase and sale agreements were made. Most often, real estate was bought in the parishes of St George’s, St Andrew, and St David. The average transaction amount was $200,000: sales like that accounted for about 86% of the total volume.

Why Grenada real estate is in demand among investors

Return on investment. Investors who have purchased real estate under the citizenship program need to keep the property for at least 5 years. After that, it is allowed to sell the property. Over 5 years, with positive dynamics of real estate prices, the property will grow in price by 15—20%: the investor will be able not only to return the investment but also to earn on the price difference.

Immigrant Invest helps investors sell their property if they decide to withdraw. We offer the property to the next investor at the optimal cost for the client. Investors also have the opportunity to sell the property to the developer or find a buyer independently on the open market.

Natalia Oganesyan - Immigrant Invest
Natalia Oganesyan
Real Estate Chief Operations Officer, RICS certified professional

Examples of real estate properties in Grenada for investors

Citizenship of Grenada for the purchase of real estate

Studio or apartment ranging from 37 m² to 86 m² in a new residential complex near St George’s University. Price — from $370,000. Annual yield — 3%

Citizenship of Grenada for the purchase of real estate

Share in a new resort complex near the ocean managed by the Intercontinental Grou. Price —  $220,000. Annual yield — from 2 to 5%

Citizenship of Grenada for the purchase of real estate

Share in a five-star oceanfront resort complex next Levera National Park. Price — $220,000

Additional income. Real estate in Grenada is in demand among tourists all year round: they most often rent studios and apartments, hotel rooms, and villas on the island's coast.

Rental prices depend on the region and property type. One-bedroom apartment rent starts at $200, while three-bedroom apartment rent starts at $660, according to the Numbeo.com portal.

Annual income from renting out real estate varies from 3 to 6%. The average cost of a Grenada apartment is $350,000. Renting them out can bring from $10,000 to $20,000 per year.

Great location. Grenada is less prone to hurricanes than other Caribbean countries, so real estate on the island is better protected from possible destruction.

Tourists come to Grenada for exotics, spices, rainforest walks, and leisure by the sea, as well as the natural and historical sights of the country. Therefore, real estate on the island is in year-round demand.

Second citizenship for the whole family. Most foreigners buy property in Grenada to participate in the citizenship by investment program. The following applicant’s relatives can also get a second passport:

  • spouse;
  • children under 30;
  • parents of the investor and their spouse;
  • siblings of the investor and their spouse.

Grenada passport gives investors additional opportunities to travel around the world: with it, you can visit 146 countries without a visa, including the Schengen states, the UK, China, Singapore, and Hong Kong.

Grenada citizenship allows investors to obtain long-term US:

  • E-2 business visa that allows working and living in the country;
  • B-1/B-2 tourist visa for up to 10 years.

Investors have the right to optimize taxes: Grenada citizens do not pay taxes on world income, dividends, interest, and royalties received in other countries. The country also has no taxes on inheritance, capital gains, and salaries, and the property tax is only 0,5%.

Immigrant Invest is a licensed agent for government programs in the Caribbean. If you want to become a Grenada citizen, please consult investment program experts.

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How much does real estate in Grenada cost and is it profitable to buy?