Real estate in Grenada

Buyer's guide

• Who can buy a property in Grenada

  

  Grenada allows citizens, residents and foreigners to buy any property in the country. However, foreigners must obtain a special licence to own land. The cost of the licence is 10% of the land plot price.

  Foreigners participating in the Grenada Citizenship program are exempt from purchasing a Land Holding Licence.

• Property prices by region in Grenada

  

  Grenada’s real estate market is stimulated by the Citizenship by Investment program. The government does not publish real estate price statistics. But a cost analysis of the island real estate allows us to conclude that prices per 1 m² of housing start at $1,000.

  The cost per 1 m² of modern comfortable real estate starts from $2,500 and grows by 4% per year on average. The most expensive properties are located in the capital of St Georges, as well as in the resorts of Guyave, Grenville, and St Davis. Prices for seafront and oceanfront villas reach millions of dollars.

• Property purchase procedure in Grenada

  

  Property in Grenada can be chosen remotely. After that, the buyer enters a preliminary purchase and sale agreement with the seller and deposits 10% of the property value. The deposit is usually kept in an escrow account.

  Foreigners who are not a part of the Grenada Citizenship program receive a special Land Holding Licence. The parties then sign the main purchase and sale contract and pay the associated taxes and fees. The certificate of ownership is issued by the state registry of the country.

• Property purchase taxes in Grenada

  

  The buyer of the property pays a 15% transfer tax. Foreigners acquire a Land Holding Licence — 10% of the land plot price. Participants in the citizenship program are exempt from paying taxes and purchasing a licence.

  Buyers also pay legal fees ranging from 1% to 2% of the transaction price.

  Read the article

• Grenada citizenship by purchasing real estate

  

  Foreigners can obtain Grenada citizenship by investing in real estate. But there is a condition: buy only government-approved properties. These are mostly hotel complexes.

  The minimum real estate investment is $270,000. Investors can buy a share or an entire property, depending on the project. The property must be held for at least 5 years.