The Red Book® 2019 - Grenada

Grenada 2019

Welcome It is with a sense of gratitude and pride that we welcome you to Terra Caribbean’s Red Book 2019. We have endeavoured to provide a biennial, high-quality magazine that provides an insight into the various aspects of the real estate market in Grenada.

This achievement continues to be a team effort between the professionals at Terra Caribbean and industry experts.

What provides the greatest sense of pride is being able to participate in the real estate industry at this most exciting time in Grenada with record growth in its economy and with the best team on the island. We are experiencing exceptional, recordbreaking results in Residential and Commercial Sales, Property Management and Valuations/Advisory Services.

We have articles from industry experts such as Richard Duncan, Managing Director of the Grenada Co-operative Bank Ltd., Sheila Harris, Attorney-at-law at Grant, Joseph & Co. and Ronald Theodore, Acting Chief Executive Officer of Grenada Investment Development Corporation.

Additionally, we have provided statistics and details specific to Grenada’s economy and the real estate industry and have also included a sample of properties for sale and rent in each segment of the market. With over 500 active listings, a great deal can be found on our website terracaribbean.com We hope you enjoy reading and using the information provided amongst these pages as much as it was our pleasure preparing them for you!

Sincerely,

Leila Maria La Touche, Managing Director

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1

C O N T E N T S

CONTENTS

THE RED BOOK Second Biennial Edition

Grenada’s Economy 2018/2019 View

33

We Know Grenada

Citizenship By Investment The Other Option - Significant Investment

3

4-5

06

35

PRIME LOCATIONS

Prime Locations - Notable Contribution to Real Estate

7-8

Prime Locations For Sale

9 - 19

20

GRENADIAN CLASSICS

23

Grenadian Classics For Sale

24 - 29

Co-Op Bank: A Major Indigenous Bank...

Enhancing Lives

68

RESIDENTIAL 69 RENTALS Corporate Rentals

70 - 75

Classic Rentals

Residential Land For Sale

Student Rentals

42 - 46

82 - 88

Commercial Land For Sale

Analysis of The 2018 Real Estate Market in Grenada

40 - 41

76 - 81

89 - 92

52 COMMERCIAL SALES 53

Commercial Properties For Sale

54 - 56

Apartment Buildings For Sale

57 - 59

61 COMMERCIAL RENTALS Commercial Properties For Rent

62 - 66

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2

Holiday Home Rentals. Starting And Operating A Holiday Rental in Grenada

Land Is Still King

Warehouse Woes

Buying Property Guide

30

39 LAND 47 - 51

Grenada; The Place Where Investment Opportunities Await!

22

DEVELOPMENTS

Terra Caribbean is not the estate agent for all the developments and properties depicted and in some cases has compiled the information contained in this section, and other sections, from public sources.

Consequently, details provided herein may not be accurate or may have changed without notice to Terra Caribbean since, and in some cases, prior to the publication of this book.

None of the details contained herein are to be relied upon as a representation of fact and any intending purchaser or tenant must satisfy himself by enquiry, inspection or otherwise as to the correctness of the details given for each development or property.

Terra Caribbean does not make or give any representation or warranty whatsoever in relation to any development or property shown and in particular does not warrant the correctness, completeness or quality of the information provided.

In no event will Terra Caribbean accept liability for any injury, loss or damage whatsoever, including, without limitation, indirect or consequential loss or damage, arising from the use of or reliance on information provided in this publication. Š 2019 Terra Caribbean.

All rights reserved.

Grenada’s Economy

2018/2019 View

Grenada’s economy has been positively performing on a consistent basis for the past six years and the prospect for 2019 is no different. The performance in 2018 was as a result of expansions in the major sectors, especially construction, tourism, transport, private education and manufacturing.

Grenada remains one of the fastest growing economies in the Caribbean, with a Gross Domestic Product (GDP) growth of 5.2% in 2018.

While unemployment is still high, there has been a constant decrease in its rate. A report from the International Monetary Fund (IMF) stated, “Grenada’s unemployment rate has declined from 32½ percent in 2013 to 23½ percent in 2017, while in the 2019 Budget Statement this figure moved to 20.9% by June 2018. This rate is expected to show a further decrease with the aid of government’s plans and the expansion in construction and tourism sectors.”

The Doing Business report for 2019 by the World Bank Group indicated that Grenada is one of few countries in the Caribbean with reform, making it easier to do business there and specifically getting credit. It stated specifically that, “Grenada has improved access to credit information through the introduction of regulations that govern the licensing and functioning of credit bureaus in the member states of the Eastern Caribbean Currency Union (ECCU)”.

The Grenada Tourism Authority review for 2018 showed that Grenada achieved a milestone in 2018 with over 500k visitors; a 12.90% increase compared to 2017. Notable increases include: stay over arrivals at 9.97% - visitors from Canada recorded the highest growth rate at 19.05%, followed by the USA at 12.38%, and the Caribbean at 6.87%. Significant growth was also recorded in non-traditional markets that included Latin America at 13.28%. The yachting sector recorded growth of 10.82% and cruise arrivals grew by 14.49%. The lobbying airlines for more flights, the engagement of top cruise brand executives, and the dedication to marketing activities have been credited for the increase.

“

Grenada achieved a milestone in 2018 with over 500k visitors, a 12.9% increase over 2017.

”

Items contributing to the growth in the construction sector, as noted in the 2019 budget, were the considerable number of private sector projects, some of which were started in 2018 and will continue in 2019. Most of these projects are directed towards the tourism sector and include the upgrade and expansion of True Blue Bay Resort, construction of a 128-bedroom student accommodation facility in True Blue, construction of a bed ‘n’ breakfast facility to accommodate seven luxury guest rooms located at Levera, and the construction of a 60-room luxury hotel and spa located at Dr. Grooms Beach in Point Salines. Other projects are included in the agro-processing and manufacturing, and public sectors.

The Citizenship by Investment Programme came into being in August 2013 and enables persons to acquire permanent residence and citizenship of Grenada by registration following investment in Grenada. This programme continues to contribute positively to the Grenadian economy. As it relates to the Citizenship by Investment report for 2018, there was a total of 313 applications of which 97 were investments in real estate. The CBI Programme is one of the main reasons for the significant increase in real estate development since its inception. In March 2019, the government announced that it is taking steps to make its CBI Programme more attractive to investors by offering a greater range of benefits which include expanding the definition of dependents as it relates to CBI applications, among other things.

Leila Maria La Touche Managing Director

Livonne Charles Chief Operating Officer

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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We KNOW Grenada

Sauteurs

PETITE MARTINIQUE LAND

LAND

CARRIACOU

Victoria

LAND

ST. PATRICK

ST. MARK LAND

LAND

Hotels

Gouyave

ST. JOHN

LAND

Commercial

ST. ANDREW

Houses LAND

Apartments & Townhouses

Grenville

ST. GEORGE

Land

Villas LAND

St. George’s

ST. DAVID

LAND

Point Salines Intl. Airport

Egmont

Lance aux Epines

GENERAL Government Head of Government Governor General Area Location Time zone Population Towns Average Temperature Elevation

True Blue

Westerhall Point

Fort Jeudy

Constitutional Monarchy Dr The Right Hon. Keith Mitchell (20th February, 2013 - Present) Dame Cecile La Grenade 344 sq km (133 sq. miles) Eastern Caribbean (North of Trinidad & Tobago and south-west of Barbados) EST +1 (GMT -4:00) 110,910 (2016 est.)

Capital: St. George’s Others: Grenville, Sauteurs, Gouyave, Victoria, Hillsborough 24° C. Climate: Sunny Rugged slope

ECONOMY GDP Annual Growth Rate Currency Public Sector Debt to GDP Ratio Consumer Price Index

5.2 % (2018) Eastern Caribbean Dollars (XCD) 1 USD = 2.70 XCD 62.7 % (2018) 2.8 % (2018)

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W E

K N O W

G R E N A D A

TOURISM Total number of visitors Percentage change from 2017 Stay-over visits 2018 Top performing markets of visitor arrivals Top purpose of visit

528,077 12.9% 160,970 1. United States of America 2. United Kingdom 3. The Caribbean 1. Vacation (Leisure, Recreation and Holiday) 2. Visiting Friends and Relatives 3. Business

ATTRACTIONS Beaches Waterfalls Historical Sites Eco Sites

Grand Anse Beach, Morne Rouge (BBC) Beach, La Sagesse Beach, Anse La Roche Beach, Paradise Beach Annandale Waterfalls, Concord Waterfall, Royal Mt. Carmel Waterfalls, Seven Sisters Belmont Estate, Fort George, Fort Frederick, Fort Matthew, River Antoine Rum Distillery Grand Etang Lake, Levera National Park, Lake Antoine, Grenada Underwater Sculpture Park

TRANSPORTATION Airport Major seaport(s) Marinas

Transportation Roadways

Maurice Bishop International Airport (MBIA) Port of St. George’s Grenada Yacht Club, Camper & Nicholsons Marina, Clarks Court Bay Marina, Grenada Marine, Secret Harbour Marina, Le Phare Bleu, Carriacou Marine Ltd, Prickly Bay Marina Established transportation system includes passenger buses, taxis and rental cars Predominantly paved roads

CULTURE Language Ethnicity

Food

English (official), Grenadian Creole (widely spoken by Grenadians in informal settings) Ethnicity of Grenada’s population is built up predominantly by African descendants at 82.4% and mixed at 13.3%. 2.2% of the population is East Indian and 0.7% White/Caucasian. The remaining 1.4% of the population is made up by of Syrian, Hispanic and indigenous people. (Source: Population & Housing Census 2011).

National Dish: Oil Down; A hearty one-pot concoction of salted meat, chicken or fish, local-style dumplings, breadfruit, green fig, sweet potato, dasheen, and callaloo amongst other vegetables.

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Prime Locations

P R I M E

L O C A T I O N S

Prime Locations -

Notable Contribution to Real Estate Sauteurs

St. George’s

ST. GEORGE

Morne Rouge

ST. DAVID

Victoria

ST. MARK

Calivigny Gardens

Fort Jeudy Westerhall Point Egmont & True Blue Petite Calivigny NewGouyave Westerhall Point Lance aux Epines Point Salines Intl. Airport

St. George’s Morne Rouge

Point Salines Intl. Airport

True Blue

ST. PATRICK

ST. JOHN

ST. GEORGE

ST. ANDREW

Grenville

ST. DAVID

Calivigny Gardens

Fort Jeudy

Egmont & Petite Calivigny

Lance aux Epines

Westerhall Point

New Westerhall Point

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P R I M E

L O C A T I O N S

We have broken down our sales analysis to specifically examine the prime residential locations in Grenada. These neighbourhoods include Lance Aux Epines, True Blue, Fort Jeudy, New Westerhall Point, Egmont & Petite Calivigny, Calivigny Gardens, Morne Rouge and Westerhall Point.

Lance Aux Epines has recorded the highest value of sales in the prime locations with EC $12,917,403 (33%). Followed

by True Blue (25%), Morne Rouge (10%), Egmont & Petite Calivigny (8%), Fort Jeudy (9%) and Westerhall Point (7%).

Most of the transaction values in Lance Aux Epines were derived from the sale of improved properties. This is because Lance Aux Epines is one of the first established, planned neighbourhoods in Grenada with significant residential improvements with limited vacant land. We expect this sale trend of improved properties to continue in comparison with other locations. We have noted that some of the property transactions in the areas of True Blue and Morne Rouge will be used for student and tourist accommodation as this is the highest trending and best use for the areas. Egmont & Petite Calivigny have a high number of land sales as they are the newest residential locations in comparison to the other neighbourhoods (higher supply of vacant land). There has been significant construction activity in Egmont & Petite Calivigny and this trend is expected to continue for the next five years.

These areas are highly sought-after residential, tourism and residential based commercial developments and are mostly located on peninsulas along the south-eastern coast of the island. The total number of transactions in these areas is 52 with a value of $39,565,000 (rd). This indicates that the prime locations contribute a value of 22% to the overall transaction value in 2018.

The data below shows the percentage value of the sales in each of the prime locations and their contributions to the EC$39,565,000.

Livonne Charles Chief Operating Officer

Value of Sales by Prime Locations 35 30

33%

25

25%

Percentage

20 15 10 5 0

6%

8%

Calivigny Egmont & Petite Gardens Calivigny

Fort Jeudy

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10%

9% Lance Aux Epines

Morne Rouge

2%

New Westerhall Point

7% True Blue

Westerhall Point

P R I M E

L O C A T I O N S

MAJESTIC LIVING Morne Rouge, St. George

Stunning waterfront property consisting of three, well-designed buildings, perched on a hill overlooking the famous BBC beach.

• • •

• The property consists of two three-storey houses, a cottage and a boat docking shed ‘Majestic Living' can be the perfect home for a large family, • or as a rental income generator Building 1 is a three-storey house consisting of a living/dining room, kitchen, two en-suite bedrooms, laundry room and storeroom

Building 2 is a three-storey house featuring 7 bedrooms/ 4 bathrooms, 2 kitchens, 2 living and dining rooms, laundry room, and a large patio overlooking the pristine beach Building 3 is a single storey grounds-keeper quarters/ cottage and comprises an open living room, bedroom and kitchen/dining area

floor area: 3,752 sq. ft. • land area: 1.26 Acres • price: US$3,128,566

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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P R I M E

L O C A T I O N S

ORCHARD BAY VILLA Westerhall Point, St. David

Located within the exclusive Westerhall Point community, Orchard Bay Villa is set on the waterfront with an acre of tropically landscaped gardens, featuring a wide variety of fruit trees.

• • •

The main house, which was renovated in 2009, features 3 bedrooms / 2 bathrooms on the upper level The master bedroom is en-suite and features a large jacuzzi with a view of the bay The great room is on the lower level and features a fully equipped kitchen, dining room and living rooms, which all

• •

lead out onto the patio and pool deck with a powder room Great opportunity to own a special property in one of the most sought-after neighbourhoods in Grenada En-suite guest cottage separated from the main house

floor area: 6,000 sq. ft. • land area: 1 Acre • price: US$2,500,000

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P R I M E

L O C A T I O N S

SILK COTTON HEIGHTS

Port Louis Marina, St. George Exquisite and luxurious property located within the well-known Port Louis Marina compound, featuring a magnificent island and sea view.

• •

•

This uniquely designed home features three spacious, en-suite • bedrooms that offer custom-built furniture The master bedroom is located on the lower floor and enjoys • an entertainment area, office space and conveniently opens onto the pool deck The open concept living, kitchen and dining room leads onto a semi-circular balcony that captures an enamouring view of the Marina, Carenage and surrounding areas

The beautifully designed pool deck is perfect for relaxation or entertaining family and friends Additionally, with the purchase of the property, the new homeowner/s will have access to some of the amenities/ facilities offered by Port Louis and Mount Cinnamon

floor area: 3,245 sq. ft. • land area: 13,581 sq. ft. • price: US$2,500,000

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P R I M E

L O C A T I O N S

ANTIBE VILLAS

The Point at Petite Calivigny, St. George

The Antibe Villas are part of The Point Private Residence Club; a new development on the south eastern coast of Grenada that features private villas all comprising of a private infinity pool and dramatic, panoramic ocean views.

• •

The Point Private Residence Club features four exquisite, private villas all with a private infinity pool Each villa is split level and is designed with 3 bedrooms / 3 bathrooms, and an open plan kitchen/living/dining space that opens onto a spectacular pool deck with an additional kitchen outdoors

• •

Buyers have an option of Fractional Ownership or Freehold Whole Ownership The Fractional Ownership option entitles you to the use of all amenities and recreational facilities

floor area: 3,000 sq. ft. • land area: 5,222 sq. ft. - 5,828 sq. ft. • price: 5 week per year fractional: US$395,000, Freehold Whole Ownership: US$2,500,000 T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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P R I M E

L O C A T I O N S

MODERN ESCAPE Westerhall Point, St. David

Architecturally designed and beautifully decorated home nestled in the prestigious residential neighbourhood of Westerhall Point.

• •

This modern home features 4 bedrooms/5 bathrooms and a well-equipped kitchen with state-of-the-art appliances Features formal living and dining areas, powder room, and a den with a private balcony

•

Includes a swimming pool with an outdoor kitchen, bath and spacious patio

floor area: 6,000 sq. ft. • land area: 21,781 sq. ft. • price: US$2,295,000

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P R I M E

L O C A T I O N S

BEAU JARDIN CONDOMINIUMS

The Point at Petite Calivigny, St. George

Beau Jardin Condominiums are part of The Point Private Residence Club; a new development on the south eastern coast of Grenada, that features a common infinity edge pool and outdoor kitchen.

• • •

The Point Private Residence Club features 12 high-end luxury • condos called Beau Jardin Condominiums Part of the residence club is a gym, yoga pavilion, small • private beach and private marina Each condo is a single level featuring 2 bedrooms, 2 bathrooms, and an open plan kitchen/living/dining space

Buyers have an option of Fractional Ownership or Freehold Whole Ownership The Fractional Ownership option entitles you to the use of all amenities and recreational facilities

floor area: 1,450 sq. ft. • land area: 18,567 sq. ft. • price: 5 Week Per Year Fractional: US$350,000, Freehold Whole Ownership: US$1,800,000 T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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P R I M E

L O C A T I O N S

SAFE HARBOUR VILLA Egmont, St. George

Beautiful two-storey, 5-bedroom property located on the water’s edge of the prime residential area of Egmont.

• •

First floor has three large, tastefully designed bedrooms with open concept kitchen, living & dining room Ground floor is a self-contained 2 bedroom / 1 bathroom apartment with a large kitchen and living space

• •

The property enjoys a covered veranda with a charming pool overlooking a fabulous ocean view Well-manicured lawn leads onto a jetty, where one can enjoy a relaxing evening by the waterside

floor area: 5,000 sq. ft. • land area: 22,000 sq. ft. • price: US$1,500,000

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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P R I M E

L O C A T I O N S

VILLA QATNA

Lance Aux Epines, St. George

Well-designed, two-storey family home with two attached, private 1 bedroom apartments, located in a prestigious neighbourhood.

•

•

•

The main, open plan living room is on the ground floor and leads onto a large patio, perfect for cocktail parties or family reunions An outdoor grill on the rear porch enhances dining al fresco • and allows for outdoor enjoyment. This level also houses a spacious kitchen and dining area, laundry room, powder room and guest bedroom • The first floor has five generously sized bedrooms and two full

bathrooms. One of the south-facing bedrooms has access to a large patio which commands a view of the ocean and the Lance Aux Epines yacht basin The one bedroom apartments are well-appointed with modern fixtures and fittings and also adequate outdoor space for relaxing The garden is well manicured and features young fruit trees to the back of the property

floor area: 3,319 sq. ft. • land area: 7,990 sq. ft. • price: US$1,100,000

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P R I M E

L O C A T I O N S

PANORAMIC VIEW Fort Jeudy, St. George

Beautifully decorated home perched on a hilltop in the prime residential neighbourhood of Fort Jeudy, overlooking the Atlantic Ocean.

• •

Property features three en-suite bedrooms with air conditioning units in all rooms The view differs from every angle of the property; from the outward ocean waves, to the views of the prestigious Westerhall Point

•

The wrap-around patio allows for a soothing ocean breeze to flow throughout the house on those days that air conditioning is not required

floor area: 2,600 sq. ft. • land area: 19,100 sq. ft. • price: US$550,000

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P R I M E

L O C A T I O N S

LANCE AUX EPINES ESTATE Lance Aux Epines, St. George

• This unique estate boasts a 7 bedroom / 9 bathroom colonial estate house and two small guest houses • A large swimming pool and a plunge pool are all situated on just under two acres of completely private tropical gardens • Deep-water dock which can be doubled as a helicopter pad subject to additional work

floor area: 11,000 sq. ft. land area: 2 Acres price: US$7,500.000

CEDAR CLIFF

Westerhall Point, St. David • This home features three en-suite bedrooms, living/dining room, study area, guests’ bathroom, a superbly equipped kitchen and a tennis court • Beach frontage of 300 feet benefits from the easterly breeze and panoramic views of the south-east Atlantic coast of the island • Patio and gazebo ideal for entertaining, which leads onto a swimming pool

floor area: 3,500 sq. ft. land area: 2 Acres price: US$1,950,000

KING PROTEA

Fort Jeudy, St. George • Spacious waterfront home situated near the end of the Fort Jeudy peninsular

• Features 5 bedrooms / 3 bathrooms as well as a cozy self-contained studio apartment

• Open plan kitchen/dining/living room. A covered patio leads up to the rooftop deck • Enjoys beautiful lawn space and a swimming pool

floor area: 5,300 sq. ft. land area: 22,000 sq. ft. price: US$900,000

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P R I M E

L O C A T I O N S

OSPREY COTTAGE

Lance Aux Epines, St. George • This 3 bedroom / 3.5 bathroom property features an intricate interior design • Fantastic swimming pool is neatly positioned at the centre of the property • Main house features two en-suite bedrooms, powder room, kitchen and a living/dining room space that opens onto a spacious veranda • The cozy and private cottage captures a gorgeous ocean view

floor area: 2,308 sq. ft. land area: 15,724 sq. ft. price: US$750,000

VILLA MARGOT

Westerhall Point, St. David • Comfortable and tastefully furnished waterfront villa located in the prime neighbourhood of Westerhall Point • Features an open plan design with 4 bedrooms / 3.5 bathrooms • Spacious, modern kitchen, formal & casual dining rooms, master bedroom with walk-in closet, swimming pool and steps leading to the water’s edge of the villa

floor area: 3,100 sq .ft. land area: 34,000 sq. ft. price: US$700,000

MT. CINNAMON HACIENDA 2B Grand Anse, St. George

• Launched in 2008, Mount Cinnamon is a boutique beach resort, consists of 21 beautifully appointed, privately owned apartments and villas • Overlooks Grand Anse Beach, one of the Caribbean’s most famous white sand beaches • Access to an extensive range of managed facilities and services provided by the hotel including the Mount Cinnamon Clubhouse

floor area: 1,114 sq. ft. price: US$550,000

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GRENADA - the place where investment opportunities await!

Grenada offers a unique climate where businesses can flourish.

Branded as “Pure Grenada” Grenada prides itself in being known for its un-spoilt natural environment. From whitesand beaches, natural bays, exotic reefs, waterfalls, volcanic lakes and ponds, rainforest, crater lakes, tropical flora and fauna, an abundance of fruits, vegetables, herbs and spices, Grenada is a treasure trove of untapped investment opportunities.

In addition to these attributes, this beautiful Caribbean nation is well positioned for doing business and offers a unique climate that ensures prosperity for both local and foreign businesses. There is minimum entry requirement, no restrictions on foreign ownership, nor on foreign currency transactions, easy movement of capital, profit and dividends and attractive fiscal incentives. Additionally, foreign investors are given equal treatment to domestic investors.

Investors can benefit from a stable democratic style of government, an equally stable economy, developed infrastructure inclusive of telecommunications and electricity, reliable investment support services, an attractive citizenship by investment programme, low crime rate and good quality of life.

Investment opportunities can be found across a wide range of sectors. Priority areas for investment in Grenada include tourism (boutique hotels, villas, condominiums, attractions and other tourism auxiliary support services), agribusiness and agro-processing, information communications technology (incoming call centres, business process outsourcing, customised software, applications for mobile devices), health services (assisted living facilities, hospitals, health clinics and medical facilities), educational services and energy development.

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The Grenada Investment Development Corporation (GIDC) provides a “One Stop Investment Facilitation” service for all investors. The services offered by the Corporation include business and investment advice on conducting business in the country; processing of applications for fiscal incentives; assisting investors to secure all required approvals, certificates, work permits, land for projects’ realisation, and such other support and assistance as investors may require to establish and to operate their projects; business support services including technical assistance for business diagnostics and the preparation of business plans and access to affordable factory space.

“

There is minimum entry requirement, no restrictions on foreign ownership, nor on foreign currency transactions, easy movement of capital, profit and dividends and attractive fiscal incentives.

”

Through the GIDC, investment incentives are available to investors. Such incentives include investment allowances, tax credits, customs duty exemption and property transfer tax waivers.

Detailed information on doing business and investing in Grenada can be obtained from www.grenadaidc.biz or www.grenadaidc.com Ronald Theodore Acting Chief Executive Officer of the Grenada Investment Development Corporation

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Buying Property Guide GUIDE TO PURCHASING PROPERTY IN GRENADA The process that is followed on the purchase or acquisition of property in Grenada entails: • A written offer and acceptance (often through a real estate agent) • A sales agreement prepared by the vendor’s attorney-at-law and sent to the purchasers attorney-at-law • A deposit (customarily 10%) is paid by the purchaser on signing of said Sales Agreement.

A title search is then carried out by the purchaser’s attorney-at-law. The deed of transfer or conveyance is then prepared by the purchaser’s attorney-at-law and executed upon satisfactory completion of any matters pertaining to good title. This process can take one to four months, depending on whether or not an alien landholding licence is required, or other stipulated time between the parties.

Property ownership requirements All non-Grenadian corporations and non-nationals are required by the Alien Landholding Regulation Act to apply for and obtain an Alien Landholding Licence prior to purchasing a property. This licence is reviewed by Cabinet and upon approval, the licence is issued. Ownership of property may be in the name of an individual, a corporation, a foreign company, a trust or other entity.

The Alien Landholding Licence Fee is 10% of the agreed purchase price for non-residents (only).

Application forms are available from the Prime Minister’s Ministry or from the purchaser’s attorney-at-law. There is no additional government charge for this application.

Purchaser’s Position

Vendors Position

• Alien Landholding Licence Fee: 10% of purchase price for non-residents (only) • Legal Fees: Approx. 2% of the purchase price + 15% VAT • Stamp Duty: Approx. 1% of the purchase price • Land surveyor’s fee: Approx. 0.5% of the value of the land • Out-of-pocket expenses: Approx. EC$500

• Property Transfer tax: 5% of the selling price for Grenadians and members of the OECS • 15% of the selling price for non-nationals (The government of Grenada allows an exemption of the first EC$20,000 on the property’s selling price before the Transfer Tax is calculated) • Legal Fees: Approx. 2% of the purchase price + 15% VAT • Real estate commission: Approx. 5% of the purchase price + 15% VAT • Out-of-pocket expenses: Approx. EC$500

The expenses incurred by a purchaser will be as follows:

The expenses incurred by a vendor will be as follows:

The Sale Process • Vendor signs listing agreement with the agent to market property • When the agent finds a purchaser and an offer is accepted by vendor, the agent prepares an Acceptance of Offer letter which all parties sign • This letter is copied to the vendor’s attorney-at-law and the purchaser’s attorney-at-law • The vendor’s attorney-at-law uses this letter to prepare a sale agreement • The sale agreement is sent to the purchaser’s attorney-at-law for perusal and once approved; it is forwarded to the purchaser for signature and payment of the non-refundable 10% deposit • The deposit is retained by the vendor’s attorney-at-law • Title search is carried out and Conveyance prepared by the purchaser’s attorney-at-law • The purchaser then makes final payment, which is sent to the vendor’s attorney-at-law • In conclusion of the sale, the vendor’s attorney-at-law pays certain selling costs on the vendors’ behalf, including paying the 5% government tax and agency commission • The new deed is registered in the registry and the vendor receives all final paperwork thereafter

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23

G R E N A D I A N

C L A S S I C S

LA PAGERIE Prospect, Carriacou

“La Pagerie" is a French colonial style beachfront villa, nestled in the enchanting and peaceful island of Carriacou. Unspoiled and secluded, the estate is surrounded by a large park sheltering wild parrots.

• La Pagerie offers five bedrooms with their own private bathrooms: Vanilla and Cinnamon on the ground floor, Nutmeg, Pepper and Ginger on the upper floor • An independent studio equipped with two single beds (featuring a toilet and a shower) is available at the basement level • The villa also integrates a spacious sundeck, incorporating a sea-view infinity pool, allowing for unforgettable sunsets • The estate has been labelled “The Pearl of the Caribbean” by international TV Channel LUXE.TV

floor area: 8,450 sq. ft. land area: 23,330 sq. ft. price: US$1,785,123

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24

G R E N A D I A N

C L A S S I C S

FRANGIPANI VILLA Craigston Estate, Carriacou

Tucked into a hillside above Tom’s Bay, Frangipani is located in the prestigious Craigston residential development. This unique 5 bedroom / 4.5 bathroom villa has been elegantly remodelled and comprehensively renovated to provide an elegant and private retreat.

• Villa rental revenue covers management and maintenance costs which make this stunning villa an excellent investment • Main villa has three air-conditioned bedrooms and 2 bathrooms • Spacious open floor plan with elegant living and formal dining area, entertainment room and gourmet kitchen • It also offers a covered porch for casual dining and lounging, plunge pool, sun deck and garage • On the lower level there is a self-contained Garden Villa with 2 air-conditioned en-suite bedrooms with an open floor plan including a fully equipped kitchen and casual dining & entertainment area

floor area: 4,240 sq. ft. land area: 18,900 sq. ft. price: US$850,000

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25

G R E N A D I A N

C L A S S I C S

ATLANTIC GRANDE Grand Bacolet, St. Andrew

Located in the peaceful neighbourhood of Grand Bacolet sits this delightfully designed home.

• This property is a spacious 4 bedroom / 3.5 bathroom, fully furnished, modern house • Built on 3/4 acre of land with a fantastic view of the Atlantic Ocean • There is a roof top deck that can accommodate parties and family functions • It features locally manufactured mahogany cupboards and a drop ceiling with modern lighting • The ground floor has a 1 bedroom / 1 bathroom apartment with separate laundry facilities; great opportunity for rental income

floor area: 6,000 sq. ft. land area: 32,670 sq. ft. price: US$662,520

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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G R E N A D I A N

C L A S S I C S

ROYAL CASTLE La Mode, St. George

Beautiful 5 bedroom home with a magnificent, panoramic sea view, located in the peaceful, hillside neighborhood of La Mode.

• This lovely home features a fantastic 180-degree sea view captured from the rooftop patio • Perfect property for anyone wanting peace and tranquility • Fully secured as the property is completely fenced • The ground floor comprises a 2 bedroom / 1 bathroom, self-contained apartment, great for potential rental income

floor area: 2,485 sq. ft. land area: 17,360 sq. ft. price: US$423,277

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

27

G R E N A D I A N

C L A S S I C S

CARIBBEAN BREEZE

Golf Course Heights, St. George • 6 bedroom / 5 bathroom home set within Golf Course Heights overlooking the Golf Course greens • All rooms are extremely spacious • A pool side area makes good for relaxing evenings and pool parties • All bedrooms are en-suite, with the master bedroom having a jacuzzi

floor area: 6,732 sq. ft. land area: 16,695 sq. ft. price: US$725,000

NATURE DREAM La Mode, St. George

• This property is located in the quiet neighborhood of La Mode and accommodates 3 bedrooms / 2 bathrooms and a study room • It features a spacious, open plan living, dining and kitchen area • The bedrooms are designed to allow entry of natural light

floor area: 2,300 sq. ft. land area: 10,603 sq. ft. price: US$395,000

BENTLEY BUNGALOW Confer, St. George

• Spacious 2 bedroom / 2 bathroom home, nestled in the quiet, emerging development of Confer • The house is designed and decorated with comfort in mind • Infrastructure already in place to build an upper level

floor area: 1,338 sq. ft. land area: 10,546 sq. ft. price: US$280,000

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

28

G R E N A D I A N

C L A S S I C S

MARVEL HOUSE

Old Westerhall, St. David • Beautiful, well-kept home with modern architectural exterior and interior design

• The house features 2 bedrooms / 2 bathrooms, with the master bedroom having a walk-in-closet • It sits on a gently sloping lot in a small, quiet neighbourhood, tucked away from the main thoroughfare

floor area: 1,320 sq. ft. land area: 12,722 sq. ft. price: US$253,966

BROOK FIELDS The Bocas, St. George

• 2 storey apartment building comprising 3 self-contained apartments

• The ground floor houses one 2 bedroom / 2 bathroom apartment with open plan living/dining/ kitchen, and garage • The first floor houses one 3 bedroom / 1 bathroom open plan apartment and one 2 bedroom / 1 bathroom apartment with a similar open plan concept

floor area: 2,500 sq. ft. land area: 6,879 sq. ft. price: US$496,890

ORANGE ORCHID

Mt. Parnassus, St. George • 4 bedroom / 3 bathroom family home, nestled within the quiet neighbourhood of Mt. Parnassus • The first floor has 3 bedrooms / 1.5 bathrooms, a living room, kitchen/dining room, and a large verandah • The ground floor is a self contained 1 bedroom/ 1 bathroom apartment

floor area: 1,607 sq. ft. land area: 10,000 sq. ft. price: US$173,727

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

29

Co-op Bank: A Major Indigenous Bank… Enhancing Lives An Indigenous Bank - What’s So Special?

For our purposes, the term “indigenous” refers to origins and existence within a single country. In this context, an indigenous bank is one that is owned, operated and managed locally.

By virtue of being indigenous there is a greater tendency for such banks to demonstrate a predisposition towards a sense of national pride and patriotism. Indeed, their deep community roots and close proximity to clients, a priori, allow for a better understanding of market and customer needs. Moreover, their local ownership and management accommodates an admirable degree of flexibility and agility in response to environmental changes. Ultimately, these factors affect customer patronage, service delivery, asset growth and of course asset quality.

Established in 1932, Grenada Co-operative Bank Limited (often referred to as Co-op Bank) is the island’s oldest and most successful indigenous commercial enterprise. It boasts a rich indigenous heritage, which not only enabled the creation and tailoring of a wide variety of financial solutions to meet the needs of the Grenadians at home and abroad, but also instilled a sense of duty to national development.

Our Role in The Market Co-op Bank plays the vital role of financial intermediation accepting deposits from the public and on-lending funds to meet personal, commercial and developmental objectives.

As at March 31, 2018 the Bank has amassed EC$1.025b in assets making it the first bank in Grenada to reach the EC$1.0b threshold.

Co-op Bank supports the development of the real estate market in many ways. Through the years, it has provided loans for the purchase of land for agricultural, residential, commercial and industrial purposes, as well as financing of real estate construction and renovations projects. Our involvement in sectors such as marina, hotel, villa, St. George’s University student accommodation and residential developments gives us particular pride.

One would appreciate that loans to developers, contractors and individuals in the real estate business can, and do alter the equilibrium between supply and demand in the market resulting in price fluctuations. Hence, this is another critical T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

30

aspect of the relationship between Co-op Bank as an indigenous bank and the real estate market.

Generally, individuals hold various types of assets or investments. In Grenada, Co-op Bank is the only broker-dealer, licensed to trade on the Eastern Caribbean Securities Exchange and is well poised to assist investors in building and or diversifying their investment portfolios.

We are enhancing lives Co-op Bank plays a critical role in fulfilling financial needs and enhancing lives in our communities. At Grenada Co-operative Bank Limited, our community is our home. The bank’s Community Outreach Programme is built on four pillars Sports, Culture and the Performing Arts and Education and the Environment.

We pride ourselves on the bank’s signature property ownership event - Make it Yours! Property Expo, where we educate the public by providing guidelines on making sound decisions when purchasing property or constructing homes.

The bank collaborates with Alliance Partners to host an exhibition of products and services related to property ownership. Patrons are also exposed to properties for sale from real estate agents.

The event also includes a seminar where professionals present short lectures on various topics concerning land purchase, home purchase or construction. These professionals include engineers, attorneys-at-law, bankers, architects, insurance executives and environmentalists.

Besides these educational ventures and sponsorships, the Co-op Bank enables the enhancement of lives by ensuring a sound financial performance. In fact, it maintains a positive outlook for Grenada’s continued recovery and growth potential. Our financial performance is linked to the health of our Grenadian economy.

Having secured the confidence and trust of depositors and borrowers alike, Co-op Bank has become a market leader in asset size, market share, customer patronage and customer satisfaction.

Richard Duncan Managing Director of the Grenada Co-operative Bank Ltd.

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32

Developments

GRENADA’S NEWEST 5- STAR RESORT & CITIZENSHIP-BY-INVESTMENT OPPORT UNIT Y

FOR SALE: 1-bedroom suites and studios are now for sale as freehold condominiums.

Purchasers in this stunning 5-star beachfront resort are eligible to apply for Grenadian citizenship through the country’s Citizenship by Investment (CBI) programme. Grenada is the only country in the Caribbean with a CBI programme that has an E2-Visa treaty with the US. Grenada has a source-based taxation system. Citizens who are tax resident in Grenada are not subject to Grenadian tax on their foreign income, nor do they pay any wealth, gift, inheritance or capital gains tax.

Prices from $350,000.

WWW.KAWANABAY.COM Kimpton® Hotels & Restaurants is part of the InterContinental Hotels Group®

D E V E L O P M E N T S

Citizenship by Investment -

The Other Option - Significant Investment The Grenada Citizenship by Investment programme was introduced in Grenada in 2013, via the Grenada Citizenship

by Investment Act No 15 of 2013 (as amended) and accompanied by the Grenada Citizenship by Investment Regulations.

Under the said Act, investors qualify for citizenship by a donation to the Government of Grenada into the National Transformation Fund or by investment into a designated approved project. These options have been very popular as options for investment but many are not aware of the other option - “significant investment”.

The Grenada Citizenship by Investment (Amendment) (No.2) Act No. 24 of 2014 introduced section 11A which sets out the other option for citizenship. This allows for a person to become a citizen of Grenada by significant investment.

Significant Investment is defined as “a financial investment of an amount prescribed by the Minister which is of considerable benefit to the Grenadian economy, and will help create or continue employment opportunities for Grenadian citizens.”

What is this financial investment? The amount of this financial investment is not set out in the Act nor Regulations but the Grenada Citizenship by Investment Committee issued a statement on what the financial investment must be - “The qualifying amount shall be Four Million Eastern Caribbean Currency Dollars ($4,000,000.00 XCD) …This change shall take effect as of January 1st, 2015”.

In addition, the applicant will have to pay the Government contribution of Fifty Thousand Dollars United States Currency (US$50,000.00) for the principal applicant and up to three dependents. Each additional dependent shall pay Twenty-Five Thousand Dollars United States Currency (US$25,000.00) and all requisite fees in relation to the application being processing fee, application fee and due diligence fee together with local agent and escrow agent fees, bank charges and any other relevant charges.

An applicant has to make a significant investment by one of the following:

(a) The purchase of real estate; (b) The purchase of a registered business or registered company in Grenada; (c) The purchase of shares in a company or consortium of companies; or (d) Any other investment as may be determined by the Minister (responsible for citizenship) by order from time to time.

An application is made to the said Minister by submitting the following: 1. A detailed investment proposal; 2. Proof that the applicant has made a significant investment in Grenada; and 3. Any other information that the Minister deems necessary.

Upon determination by the Minister that an applicant has satisfied the requirements of the Act, the Minister may direct the applicant to present the relevant documents and application to a licensed local agent for submission to the Grenada Citizenship by Investment Committee.

An applicant may NOT dispose of the investment listed at (a), (b) and (c) above for a period of three (3) years after his or her grant of citizenship.

The other option, the significant investment, is unique in that it is available for persons who have already invested in Grenada and who are now investing a particular price point to obtain citizenship outside of the Citizenship Act, Cap 54.

More importantly though, the grant of citizenship through this option, mandates that the investment being made must bring economic benefits to the economy of Grenada, provide employment to the people of Grenada and creates a restriction on the period for the disposal of the investment.

The other option is a viable option worth exploring!

Sheila M. Harris Attorney-At-Law, Partner, Grant, Joseph & Co. and Licenced Local Agent

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

35

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Land

39

L A N D

Land is Still King It is not surprising that in a developing country like Grenada, most of the real estate sales have been land.

Figure 1

Figure 2

Total Number Of Sales 2018

Total Value Of Sales 2018

100

100

80

80

90

90

81%

70

60

Percentage

Percentage

60

70 50

50

40

40

30

30 20 10

0

47%

20

19% Property Sales

53%

10 0

Land

Improved Property

Volume of Land Sales by Parish

Figure 3

50 45 40

Vacant Land

42%

35

Percentage 20 15 10 5 0

24% 13% 4%

St. Andrew St. David St. George St. John

3%

5%

St. Mark St. Patrick Carriacou & PM

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

40

9%

In the distribution of the sale of land, St. George continues to be the leader in the total number of sales at 42% and value of sales at 61%; St. George also has the highest average price per sq. ft. at over EC$14. This is no surprise as explained in our analysis by location (See Analysis of the Real Estate Market). St. Andrew has 24% of the total number of sales, however it only has 11% of the total value of sales and an average price per sq. ft. at EC$2.50. While St. Andrew is the largest parish and has the second largest town, its value of sales and average price per sq. ft. remain low because it has more than 75% of the agricultural sales recorded (agricultural sales are typically lower than any other property classification). St. David has 13% of the total number of sales and 15% of the total value of sales with an average price per sq. ft. at over EC$8.

It should be noted that there is still a high expectation in the market for St. David as it is close to the capital and also features several locations for potential investments and developments. Carriacou has 5% of the total number of sales and total value of sales with an average price per sq. ft at over EC$7 per sq. ft. The statistics for Carriacou is creditable to the current and planned improvement on the island such as the port facilities and the availability of land within better planned

30 25

Land sales in 2018 account for 81% of total number of sales (Figure 1) and 53% of the total value of sales (Figure 2). Land usually has a more stable price, a shorter marketing period and is within a lower price range as compared to improved properties. Eighty-five percent of land sales in 2018 were under EC$200k which means that vacant land is more affordable, thus resulting in higher demand.

L A N D

Value of Land Sales by Parish 60

Figure 4

61%

50

The distribution of land sales by volume and value are depicted in Figures 3 (page 40) & Figure 4 (left).

45

40

Sale of vacant land in Grenada continues to lead the real estate market in both volume and value of sales. As a developing country, there is still a reasonably high supply of land in most areas, except for the capital, towns, and sub-city. Sale of vacant land is expected to lead the market as it is highly sought after by local and international buyers. Land is still KING because of its affordability to the majority of the market, its range of use and its financial benefits to the owner.

Percentage

35 30 25 20 15 10 5 0

11%

developments. (Land in Carriacou is historically known as family land, which meant lower supply on the market; while this is still generally the case, there is more land on the market).

15% 3%

St. Andrew St. David St. George St. John

1%

4%

5%

St. Mark St. Patrick Carriacou & PM

Average Price per sq. ft. by Parish

Livonne Charles Chief Operating Officer

Figure 5

$16 $14 $14.82

$12 $10 $8 $8.33

$6

$7.07

$4 $2

$3.14 $2.50

$0

St. Andrew

St. David

St. George

$1.37

$1.60

St. John

St. Mark

Noted: Outliers were removed to calculate the average price per sq. ft.

St. Patrick

Carriacou & PM

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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R E S I D E N T I A L

L A N D

CHALLENOR ESTATE Bogles, Carriacou

Large lot with over 400 ft. of waterfront for sale on our lovely sister isle of Carriacou in the village of Bogles

• Great investment opportunity, perfect for constructing a holiday home or a Guest House • A mere 10 minutes drive north from the town of Hillsborough • This property also enjoys access to a secluded, white sand beach • Basic utilities are already laid

land area: 5.34 Acres price: US$1,500,000

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R E S I D E N T I A L

L A N D

BAILLIES BACOLET BEACHFRONT LAND Baillies Bacolet, St. David

Situated along the south-east coast with a 2-mile long sandy beach, sits this beautiful lot of gently sloping land

• Unspoiled beachfront land with a white sand beach and a gentle surf which makes it ideal for swimming • The land is covered in rich, lush vegetation • This is a great opportunity to own a fabulous property, perfect for a grand residential home or for the creation of a tourism-based project

land area: 3.22 Acres price: US$1,093,158

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R E S I D E N T I A L

L A N D

LA DIGUE ESTATE La Digue, St. Andrew

Expansive, residential land development with lots of varying sizes, located in a quiet and breezy residential area.

• Lots are gently sloping, most of which capture a remarkable, easterly sea view • Roads, drains, water and electricity are all being laid throughout the development, making each lot ready for building • La Digue is conveniently a 5-minute drive from the city of Grenville, where various amenities can be found

land area from: 5,759 sq. ft. - 43,560 sq. ft. price from: US$19,077 - US$128,264

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R E S I D E N T I A L

L A N D

BRUNSWICK LOT 2 Brunswick, Carriacou

features: Gently sloping lot of land located in the prime residential area of Brunswick, just a 5 minute walk from the glistening waters of Paradise Beach

land area: 1.28 Acres price: US$251,200

EGMONT LOT 301 Egmont, St. George

features: Beautiful, relatively flat land located in the residential neighbourhood of Egmont, with breathtaking views of the bay

land area: 18,112 sq. ft. price: US$235,563

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R E S I D E N T I A L

L A N D

SERENITY LOT Mt. Moritz, St. George

features: This moderately sloping lot features a stunning 180-degree view of the sea.

Perfect for building a family home

land area: 19,000 sq. ft. price: US$111,892

JESS LOT 2A

Constantine, St. George

features: Large lot of land with a great 360-degree view which encompasses the surrounding hillsides and valleys, and a sea view of Point Salines and the south-western coastline

land area: 22,422 sq. ft. price: US$70,149

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C O M M E R C I A L

L A N D

CARIBBEAN DREAMS DEVELOPMENT Petit Trou, St. David

Great real estate opportunity along Grenada’s eastern coastline. This 50-acre parcel enjoys extensive water & beach frontage.

• Stunningly beautiful, rare real estate opportunity that boasts a protected harbour, two high ridges and a secluded beach nestled within • Extraordinary views and ocean breezes are captured throughout • Roads and drainage have been cut, allowing vehicular access to several points

land area: 50.3 Acres price: US$7,500,000

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C O M M E R C I A L

L A N D

THE GLADE

Point Salines, St. George Large lot of land which presents a great investment opportunity for development of a residential/tourism project.

• Gently sloping land for sale in the prime residential and commercial area of Point Salines • This lot fronts onto the white sand beach known as Dr. Grooms Beach and boasts a waterfrontage of 244 sq. ft. and a panoramic view of the Caribbean Sea • The property is conveniently located less than 5 minutes from the Maurice Bishop International Airport, the hotel belt of Grenada, and the sub-city of Grand Anse which comprises retail banks, shopping centres and several other amenities

land area: 8.75 Acres price: US$6,000,000

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C O M M E R C I A L

L A N D

SHORE PARADISE

Morne Rouge Beach, St. George Breathtaking beachfront land along the calming waters of Morne Rouge, which features a pristine white sand beach known as BBC Beach.

• The property is located in close proximity to the Kalinago Beach Resort and the Gem Holiday Beach Resort • This lot can be used for both residential and commercial purposes • Utilities and various other amenities can be easily accessed • The lot has a waterfrontage of 130.50 sq. ft.

land area: 3.025 Acres price: US$5,270,760

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C O M M E R C I A L

L A N D

POINT SALINES LOT B Point Salines, St. George

features: Highly desirable, flat, commercial lot located in close proximity to the Maurice Bishop Highway

land area: 23,958 sq. ft. price: US$308,635

HALIFAX HARBOUR Woodford Estate, St. John

features: Gently sloping lot of land with access to a small jetty where boats can dock or be moored. Ideal for either commercial or residential use

land area: 40,950 sq. ft. price: US$271,302

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C O M M E R C I A L

L A N D

SCOTT STREET LOT Scott Street, St. George

features: Vacant lot within the capital of St. Georgeâ&#x20AC;&#x2122;s. The properties along the street are mostly commercial retail and office buildings

land area: 5,421 sq. ft. price: US$197,534

LA POTERIE LOT 4 La Poterie, St. Andrew

features: Beachfront lot of land ideal for constructing a private development or a boutique hotel

land area: 27,700 sq. ft. price: US$166,200

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51

Commercial Sales

52

Warehouse Woes Provisional data on real sector developments in Grenada indicated that the economy expanded in the first half of 2018, driven primarily by strong activity in construction and tourism.

The economy will benefit from a supportive global economic environment along with further strengthening of construction and tourism activities on the domestic front (Eastern Caribbean Central Bank, 2018). This continued for the remainder of 2018, and 2019 has certainly started to follow a similar trend.

A large number of the construction projects in 2018, some of which will roll over into 2019, have primarily been focused on student housing for St. George’s University and tourism/CBI projects. However, with the increased economic activity, though resting on the back of the developments noted above, has trickled through the entire economy with many retail operations recording significant improvement in sales.

In general, the perception of the market participants is that Grenada’s economy is performing well and there are opportunities to be had in the development of various business sectors. One of the areas that has shown an immense source of opportunity in 2018 and into 2019 is the development of warehouse space. There are many contributing factors to the emerging demand for warehouse space including the increase in construction activity, the increase in the opportunities for new business and the expansion of existing businesses.

The rate of demand for warehouse space has increased at a faster rate compared to the supply of speculative warehouse space. Historically, warehouse space was predominantly ‘owner-occupied’ and this still remains the case today. The major contributor to speculative/rentable warehouse space has been the Government of Grenada via the industrial parks. A small sample area was selected in the south of the island where the majority of speculative and owner-occupied office space is located; the details of the available and tenanted warehouse space as well as the owner-occupied space was noted. In the speculative/rentable warehouse space less than 3% was vacant.

There has been significant, unmet demand within Terra Caribbean as it relates to requests for warehouse space in varying sizes and configurations. The demand for warehouse space can vary from purely storage to a combination of retail, office and storage. To be fully equipped to maximise on the opportunities that exist in this sector, the construction of a modular space designed to accommodate all of the facets of demand (retail, office and storage) within the warehouse environment will be extremely beneficial. Additionally, as with any commercial development space, parking would be crucial

Industrial Park VS Speculative/Rentable Space 300,000 250,000 200,000 150,000 100,000

228,384 sq. ft.

7 71.5%

50,000 0

Frequente Industrial Park

91,131 sq. ft.

28.5%

Speculative / Rentable Space

F Figure 1

Speculative/Rentable Space VS Owner Occupied 300,000 250,000 200,000 150,000 100,000 50,000 0

113,700 sq. ft.

91,131 sq. ft.

1

55.5%

44.5%

Owner Occupied Space

Speculative / Rentable Space

Figure 2 F

to ensure the success of a development. Adequate access for delivery of containers from the port would also be a very important factor.

Development cost for warehouse projects can vary from EC$200 to EC$300 per square foot and will depend significantly on the site, the type of infrastructural development and level of finishes. It should be noted that warehouse space for specialised use or small warehouses can have a higher development cost per square foot.

As Grenada’s economy continues to grow, new businesses enter the market and existing businesses expand, the shortage of speculative/rentable warehouse space will continue to present a great opportunity; the first developers out of the gate will reap the rewards of being early entrants in the sector.

Leila Maria La Touche Managing Director T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

53

C O M M E R C I A L

S A L E S

SPICE BASKET Beaulieu, St. George

Architecturally designed, spacious cultural and entertainment village situated at Beaulieu, St. George.

• The neighbourhood of Beaulieu is in close proximity to local attractions such as the Grand Etang Lake, Rain Forest, Annandale Waterfalls, The National Stadium and the capital city of St. George’s • Though the property is mainly used in the entertainment industry, it has great potential for other commercial purposes • There is room for expansion to suit the needs of the purchaser • Rare opportunity to own this type of development in Grenada

floor area: 39,000 sq. ft. land area: 3.47 Acres price on request

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

54

C O M M E R C I A L

S A L E S

BAICO BUILDING Young Street, St. George

Colonial, architecturally designed commercial building located in the heart of St. George's.

• First floor is subdivided into three areas, all with connecting access if required as a single space • Features an internal staircase, access from multiple locations, adequate restroom facilities and conference rooms • Location provides for a constant flow of pedestrian and vehicular traffic

floor area: 23,005 sq. ft. land area: 12,087 sq. ft. price: US$3,826,714

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

55

C O M M E R C I A L

S A L E S

OLD CIGARETTE FACTORY Carenage, St. George

features: 2 storey warehouse space situated in a prime location with access from both the Carenage road and H.A. Blaize street

land area: 10,933 sq. ft. price: US$2,208,399

DEPONTHIEU STREET OFFICE BUILDING Deponthieu Street, St. George

features: Commercial building suitable for an office space or retail business. It is located within walking distance to schools, banks, supermarkets and shopping areas

floor area: 604 sq. ft. land area: 359 sq. ft. price: US$250,000

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

56

SALES APARTMENT BUILDING

WHITE HOUSE APARTMENTS Lance Aux Epines, St. George

Fully booked and well-maintained 2 storey apartment building, located in the prime neighbourhood of Lance Aux Epines.

• The apartment complex houses 7 apartments: two -1 bedroom / 1 bathroom, four -2 bedroom/ 1 bathroom and one -3 bedroom / 2 bathroom • It offers nicely decorated and spacious apartments • Features swimming pool with deck and gazebo, fenced yard, ample parking and a mature garden • Great investment opportunity designed with the option of the owner being able to live on the premises whilst tenanted • Located close to the St. George’s University bus route, beaches, restaurants, banks and shopping areas

floor area: 8,906 sq. ft. land area: 15,539 sq. ft. price: US$1,395,000

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

57

SALES APARTMENT BUILDING

CHERRY MANOR

Lance Aux Epines, St. George Well-designed apartment building conveniently located in the highly sought-after neighborhood of Lance Aux Epines.

• This property consists of three 1 bedroom apartments on the ground floor and a 3 bedroom / 2 bathroom apartment on the first floor • All apartments have their own private laundry facilities, equipped kitchen, cozy living areas, and air-conditioned bedrooms • Ample parking is provided and it is located along St. George’s University’s bus route

floor area: 3,350 sq. ft. land area: 21,780 sq. ft. price: US$699,326

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

58

SALES APARTMENT BUILDING

ISLAND STYLE APARTMENT BUILDING Morne Rouge, St. George

features: 4 storey residential/commercial building conveniently located a short walk away from the World Famous Grand Anse Beach and from the popular Spiceland Mall

18 beds | 18 baths floor area: 15,700 sq. ft. land area: 11,569 sq. ft. price: US$2,250,000

CHILDS APARTMENT BUILDING Lance Aux Epines, St. George

features: Fully tenanted apartment building located in the prime residential neighborhood of Lance Aux Epines, in close proximity to the St. Georgeâ&#x20AC;&#x2122;s University bus route

9 beds | 7 baths floor area: 5,382 sq. ft. land area: 12,583 sq. ft. price: US$699,326

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

59

Are you protected?

Fire

It could happen to you at any time…

Water Damage

Collision

Theft

Personal Coverage Householders’ comprehensive Private motor All risks

Netherlands Building, Grand Anse, Telephone: +1 (473) 444 3012 Online: www.netherlands.co.gd

Business Coverage Commercial property Contractors’ all risks Liability

Commercial Rentals

C O M M E R C I A L

R E N T A L S

JRS BUILDING

Morne Rouge, St. George COMING SOON! The JRS Building presents a unique opportunity to be strategically located in one of the busiest commercial districts.

• Commercial building with good visibility, and high vehicular & pedestrian traffic • The property features a total of 16 outlets, 2-4 retail outlets and 12-14 office outlets, a service room, a lobby as well as ample parking space • Prices will vary according to unit size

floor area starting from: 885 sq. ft. prices starting from: US$3,257

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

62

C O M M E R C I A L

R E N T A L S

NETHERLANDS BUILDING UNITS Grand Anse, St. George

Conveniently located within the sub-city of Grand Anse sits these pristine office spaces within the Netherlands Building.

• Each unit features a fitted kitchenette, private offices, storage and conference room • Ideal for offices catering to executive clients, such as the First Caribbean International Bank and embassies/consulates • Ample parking is available at both the front and back of the building

floor area from: 1,326 sq. ft. - 3,087 sq. ft. price from: US$3,416 - US$9,033

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

63

C O M M E R C I A L

R E N T A L S

NIS - TOP FLOOR ANNEX Melville Street, St. George’s

features: Well-appointed, top floor commercial space located along Melville Street in the capital of St. George’s. Banks, restaurants, shops and the Cruise Ship Terminal are all within walking distance floor area: 3,407 sq. ft. price: US$3,762 per month

THE COLONIAL BUILDING

Cnr. Of Lucas Street & Church Street, St. George

features: Spacious, middle floor commercial space located on the corner of Church & Lucas Street in the town of St. George’s

floor area: 1,600 sq. ft. price: US$2,761 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

64

C O M M E R C I A L

R E N T A L S

JOY COMMERCIAL COMPLEX

Maurice Bishop Highway, St. George

features: Well-built, modern commercial spaces for rent located along the Maurice Bishop Highway, enjoying high levels of vehicular traffic and visibility

floor area from: 596 sq. ft. - 1,020 sq. ft. price from: US$1,261 - US$2,159 per month

MCSMOD TOP FLOOR Market Hill, St. George

features: Prime office/retail space in the heart of the city of St. George's, suitable for a variety of businesses or a law office

floor area: 602 sq. ft. price: US$920 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

R E N T A L S

PROSPERITY

Upper St. Juillies Street, St. George

features: Office/ retail space for rent conveniently located near all basic amenities

floor area: 345 sq. ft. price: US$736 per month

WOODLANDS MINI MALL Woodlands, St. George

features: Newly constructed and renovated, 10-unit building with spaces that can be leased singly, or in any combination as required

floor area from: 425 sq. ft. - 730 sq. ft. price from: US$368 - US$478 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

66

R E S I D E N T I A L

R E N T A L S

Holiday Home Rentals: Starting and Operating a Holiday Rental in Grenada The expression “location, location, location” was coined by British property tycoon Lord Harold Samuel and is as applicable to holiday rentals as it is to sales and long-term rentals.

Buying or building a holiday rental home can be tricky; not only are you considering locations that you like, but locations that are also liked by people on holiday.

We have seen our most popular holiday rentals shared predominantly between two parishes, namely St. George and St. David, therefore we definitely advise potential landlords to focus on property in these parishes. If you are considering a neighbourhood outside of these parishes, we recommend you create a unique product and experience that when combined with great marketing, will convince guests that venturing away from the popular locations is worthwhile.

Despite Grenada’s appeal of being a Caribbean holiday destination with many amazing beaches, most guests like the convenience of having a pool at their holiday home as pool lounging is a huge part of everyone’s dream vacation and therefore whether the vacation home that you own is located in a popular location or not, a pool is always an excellent selling feature.

Quality photographs and video footage of your property are also very important tools as this, coupled with a detailed property description, is usually the first things the guests have to judge a property by. What those images show must appeal to and give them cause to book your home.

At Summer Direct we assist our owners with finding the perfect photographers and videographers and can do the staging to ensure that your property looks ‘its best for its debut’.

Property management is a must! Ensuring that your property and guests receive the attention they deserve should be your number one priority. Engaging a Property Manager means that you always have someone on the ground who is organised, has an eye for detail and who will ensure that your property remains in tip-top shape, which will save you money in the long run. A Property Manager will also be on call, providing your guests with the best customer service possible. We work along with the Terra Caribbean Property

Management team whose services are second to none, so rest assured your holiday home is in the best hands.

As with any product or service, the more it is advertised and made available to wider audiences, the better. When listing with Summer Direct, along with being listed on our website, you are given the opportunity to have us list your property with other rental channels and tour operators with whom we have established excellent working relationships.

Guests are not only looking for the perfect holiday home but the perfect holiday experience. At Summer Direct, our booking process includes a variety of concierge service offerings that cater to the needs of every guest. Pairing your holiday home with a car rental, island tour, masseuse, butler or private chef associates your property not only with being a great holiday home, but also providing a great holiday experience. This in turn increases the value that guests attach to your holiday rental property.

When your guests first arrive, a few surprise items in their welcome basket is a great way to exceed expectations: essentials in the refrigerator, beautiful floral arrangement or a few carefully selected local delicacies will be most welcomed. It is likely that your guests have travelled a fair distance to your property, so make them feel at home. Also, adding little touches that make your home easy to get acquainted with is recommended. For example, labelling light switches and having a guest manual, helps ensure that their holiday is hassle free.

To successfully operate a holiday rental, creating the ideal holiday experience, having great customer service and ensuring consistent cleanliness and maintenance are of paramount importance. Summer Direct, along with our various service partners, offer everything you need to ensure that your holiday rental property thrives and makes your investment worthwhile. We offer our guests unique places to stay in Grenada and therefore know that your property will fit perfectly into our family of offerings.

Crystal Nelson Reservations, Summer Direct Holiday Rentals & Concierge Services

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

68

Residential Rentals

69

C O R P O R A T E

R E N T A L S

BLISSFUL

True Blue, St. George Beautiful, residential house located in one of the most sought-after neighborhoods, just walking distance from beaches, restaurants and entertainment.

• The property offers 3 spacious bedrooms and 2.5 bathrooms with housekeepers’ quarters on the lower level • The living and dining room are open plan, leading onto a small porch, perfect for entertaining guests • All rooms, including the kitchen, are equipped with burglar bars, air conditioning units and ceiling fans • The grounds are well landscaped to the waters' edge, and from the swimming pool a view of the southernmost ocean view point on the island is captured

floor area: 3,676 sq. ft. price: US$6,000 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

70

C O R P O R A T E

R E N T A L S

CHIMNEY VILLA

#63 New Westerhall Point, Fort Jeudy, St. George Beautifully laid out, stand-alone home located in the sought-after residential neighbourhood of New Westerhall Point

• Property features 5 bedrooms, all of which are en-suite; the master bedroom enjoys a shower, tub and private balcony • The property enjoys a spacious, open plan living/kitchen/dining room, swimming pool and pool deck • A beautiful ocean view and cool sea breezes are captured from two bedrooms as well as the covered veranda and pool deck • A small, quiet beach is walking distance away

floor area: 3,920 sq. ft. price: US$4,500 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

71

C O R P O R A T E

R E N T A L S

EUGENIA- LA PALMA LOT 11 Lance Aux Epines, St. George

Architecturally designed, Mediterranean styled villa nestled in a gated community located in the prime residential neighbourhood of Lance Aux Epines.

• Beautifully designed 3 bedroom / 2.5 bathroom, open plan villa equipped with modern furnishings and state of the art appliances • The en-suite master bedroom has a spacious walk-in closet and a balcony overlooking the peaceful neighbourhood • The kitchen and living room lead onto a semi-covered patio and plunge pool

floor area: 2,192 sq. ft. price: US$4,000 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

72

C O R P O R A T E

R E N T A L S

VILLA PELICAN

Sunset Drive, Fort Jeudy, St. George Spectacular 3 bedroom / 2 bathroom villa in excellent condition, located in the prime and peaceful neighborhood of Fort Jeudy.

• This property enjoys a spacious, open-plan living/kitchen/ dining room as well as a family room that all open onto a verandah which overlooks an uninterrupted sea view • The master bedroom features a private balcony, walk-incloset and en-suite bathroom with shower and jacuzzi • The outdoor pool and 2nd jacuzzi are set in a relaxing atmosphere created by the tropical garden surrounding the villa and the captivating sea view • The ground floor of the villa has a self-contained games room with private entrance

floor area: 3,800 sq. ft. price: US$3,800 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

73

C O R P O R A T E

R E N T A L S

SHAY SHAY

Lance Aux Epines, St. George Unique, modern, stand-alone home built in 2018, conveniently located in the sought-after neighbourhood of Lance Aux Epines.

• This property enjoys two air conditioned, en-suite bedrooms which both open onto the spacious verandah that leads you into the private pool • The kitchen shares an open plan space with the living room which features modern fittings and appliances • The property is surrounded by a tropical garden and enjoys adequate parking • The home is walking distance to the Lance Aux Epines main road where the St. George’s University’s buses pass

floor area: 1,000 sq. ft. price on request

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

74

C O R P O R A T E

R E N T A L S

PAPAZ

Lance Aux Epines, St. George Unique, modern, stand-alone, recently built cottage located in the sought-after neighbourhood of Lance Aux Epines.

• This property is self-contained featuring modern fittings and appliances • Papaz enjoys its own private plunge pool and lounge surrounded by a tropical garden • Its fresh and calming atmosphere makes this property a breath of fresh air

floor area: 700 sq. ft. price: US$1,750 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

75

C L A S S I C

R E N T A L S

MOCHA LATTE Paddock, St. George

Large 2 bedroom / 2.5 bathroom apartment situated in a convenient location, walking distance from several amenities.

• The apartment is fully furnished, well-designed and has a spacious living/ dining area • Both bedrooms are en-suite and air-conditioned • A lovely view of the Port Louis Marina can be captured from the veranda • Ample parking is available

floor area: 1,800 sq. ft. price: US$2,200 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

76

C L A S S I C

R E N T A L S

GRAND VILLA APARTMENT Morne Jaloux, St. George

Attractive 4 bedroom / 3.5 bathroom apartment located in a desirable, middle class neighborhood.

• Spacious and attractive first floor apartment within the peaceful, hillside neighborhood of Morne Jaloux • It commands breathtaking views of the eastern and southern parts of Grenada, with the sea and valleys in close range • Ideal for a professional with a small family • The location is quiet, private and breezy

floor area: 1,170 sq. ft. price: US$2,000 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

77

C L A S S I C

R E N T A L S

PEACH APRICOT Tempe, St. George

Beautiful property with high-end finishes that sits majestically on sloping hill in Tempe offering a breathtaking, panoramic view of the neighbourhood.

• This house of modern design exudes elegance with its high-end finishes that are complemented by granite and corian counter tops throughout the entire property • The property consists of 3 bedrooms / 2 bathrooms and is definitely the ideal family home • It is located only 7 minutes from the town of St. George’s, where all basic amenities can be found

floor area: 1,636 sq. ft. price: US$1,500 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

78

C L A S S I C

R E N T A L S

CASA CALYPSO WINDWARD Belmont, St. George

features: Fully furnished downstairs apartment with spacious living quarters and lovely sea and inland views

2 beds | 2 baths floor area: 800 sq. ft. price: US$1,400 per month

BLUE JAE

St. Paulâ&#x20AC;&#x2122;s, St. George

features: Fully furnished upstairs apartment located in St. Paul's, with a breezy, open concept living area

3 beds | 2 baths floor area: 1,500 sq. ft. price: US$1,200 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

79

C L A S S I C

R E N T A L S

FLIGHT VIEW VILLA Point Salines, St. George

features: Spacious, newly constructed villa located in the prime residential / commercial area of Point Salines

1 bed | 1 bath floor area: 1,300 sq. ft. price: US$1,200 per month

ROCKAWAY

Close Rock, Westerhall, St. David

features: Spacious, self-contained apartment with private patio that features a distant view of the beautiful Westerhall Bay

3 beds | 2 baths floor area: 1,146 sq. ft. price: US$1,031 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

80

C L A S S I C

R E N T A L S

TROPICS

Westerhall Heights, St. David

features: Cozy apartment located in the quiet, residential neighbourhood of Westerhall Heights

2 beds | 2 baths floor area: 1,435 sq. ft. price: US$920 per month

PALMISTA APARTMENTS Old Westerhall, St. David

features: Beautifully designed apartments that give a feeling of peace, tranquillity and comfort

2 beds | 2 baths floor area from: 800 sq. ft. - 1,100 sq. ft. price from: US$850 - US$900 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

81

S T U D E N T

R E N T A L S

THE ARBOR

Lance Aux Epines, St. George Located in the highly sought-after neighbourhood of Lance Aux Epines lies The Arbor, a small apartment complex featuring four comfortable apartments in excellent condition.

• Property features three 2 bedroom / 1 bathroom apartments and one 3 bedroom / 2 bathroom apartment • Amenities include an alarm system, air conditioning, washer and dryer and modern furnishings • Each apartment also enjoys a spacious veranda that looks onto a beautiful garden • Ample parking is available at the front of the property • Conveniently located along the St. George’s University’s bus route

floor area from: 800 sq. ft. - 1,806 sq. ft. price from: US$1,400 - US$2,000 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

82

S T U D E N T

R E N T A L S

SKYLINE SUITES Grand Anse, St. George

Ultramodern, fully furnished, state-of-the-art, 1, 2 and 3 bedroom apartments, very strategically located on the Grand Anse Main Road.

• All bedrooms are en-suite for full privacy • Each apartment conveniently has its own washer and dryer, making laundry a breeze • The view from the top floors of the tower is an amazing experience • Skyline Suites are located practically in the middle of the Grand Anse shopping hub and 3 minutes walking distance from the world famous Grand Anse Beach

floor area: 1,800 sq. ft. price from: US$1,000 - US$3,900 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

83

S T U D E N T

R E N T A L S

LEMON LIME APARTMENTS Calliste, St. George

Newly constructed, spacious, open concept & fully furnished 1 bedroom / 1 bathroom apartments located in the quiet neighborhood of Calliste.

• Located just a stone’s throw away from the St. George's University, it is just ideal for a student • Comfortable and private living spaces • It is complemented by the view of the beautiful ambiance surrounding the Maurice Bishop International Airport • Property is located only 8 minutes from the world famous Grand Anse Beach

floor area from: 329 sq. ft. - 384 sq. ft. price: US$1,300 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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Building with Creativity, Innovation & Technology

Preserving the past, Creating the future.

Over the last forty years, we’ve designed, managed and constructed many high-quality landmark buildings across the Caribbean, from hotels and universities, to residential, municipal and industrial projects.

We offer a full design and building service to ensure that our clients get the very highest degree of quality and budget control for their building program.

Contact us for a consultation to discuss your next exciting building project; we’d be delighted to share the wealth of our expertise and experience.

Building with Creativity, Innovation & Technology for forty years!

P.O. Box 217, Woodlands, St. George’s, Grenada.

Contact: (473) 444 5217 Fax: (473) 444 5231 Email: creative@spiceisle.com Visit us at: www.creativedesigns-construction.com

S T U D E N T

R E N T A L S

ALAMANDA - LA PALMA LOT 10 Lance Aux Epines, St. George

features: Architecturally designed and Mediterranean styled villa nestled in a gated community within the residential neighbourhood of Lance Aux Epines

4 beds | 3.5 baths floor area: 2,514 sq. ft. price: US$4,000 per month

SPLENDOR DRIVE

17 Sea View Drive, True Blue, St. George

features: Fully furnished apartment just walking distance from St. Georgeâ&#x20AC;&#x2122;s University campus with a fantastic view of the True Blue Bay Resort and Marina

2 beds | 2 baths floor area: 990 sq. ft. price: US$2,500 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

86

S T U D E N T

R E N T A L S

ARCHWAY

Grand Anse Estate, St. George

features: Fully furnished and equipped top floor apartment very conveniently located in Grand Anse Estate, just a 5 minute drive to the sub-city of Grand Anse

3 beds | 2 baths floor area: 1,650 sq. ft. price: US$2,500 per month

TRUE BLUE GREEN HOUSE - TOP FLOOR True Blue, St. George

features: Modern and fully furnished top floor apartment with three refrigerators for comfort of three unrelated tenants

3 beds | 2 baths floor area: 1,300 sq. ft. price: US$2,400 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

87

S T U D E N T

R E N T A L S

GOLF COURSE VIEW Golf Course, St. George

features: Beautiful 2-storey house with a spectacular view of the Grenada Golf Course.The garden is well-manicured with mature plants and fruit trees

4 beds | 2 baths | 1 powder floor area: 1,720 sq. ft. price: US$2,300 per month

LADY BIRD

Lance Aux Epines, St. George

features: Tastefully designed and spacious apartment located in the sought-after neighborhood of Lance Aux Epines

2 beds | 2 baths floor area: 650 sq. ft. price: US$1,200 per month

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

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Analysis of the 2018

Real Estate Market in Grenada One of the many recurring questions we receive is, “how is the real estate market in Grenada?” Whether you’re asking the question as a conversation starter or have a keen interest in being active in the market as a purchaser or vendor, Terra Caribbean takes pride in translating data and knowledge to arm you with the knowledge and confidence which would allow you to make informed decisions.

In order to bring this information to you, we look at the total number of sales in volume and value, compare sales by parish, analyse sales by the prime residential neighbourhoods, compare the transactions by classification, analyse transactions in price range and finally, compare 2018 with the previous year.

Number of Sales Transactions 250 200 150

204

184

183

151

Quarter 2

Quarter 3

Quarter 4

100

2

50 0

Quarter 1

F

Value of Transactions

(Value per quarter for 2018)

$20,000,000 $10,000,000

Location The location of properties is one of the most important factors in real estate as it drives the demand which in

$38,571,879.29

$30,000,000

$43,773,384.96

$40,000,000

Quarter 3

Quarter 4

0 Quarter 1

As expected, the relationship between the number of sales and the value of sales is directly correlated with the highest value and the highest volume occurring in the same quarters.

This can be seen when comparing Figures 1 and 2.

Figure 2

$50,000,000

$44,869,945.15

The total number of sales transactions in Grenada for 2018 was 722 at a value of EC$178,918,745. Figure 1 shows the number of sales transactions on a quarterly basis. It indicates that most of the sales transactions occur during the first quarter and the least amount occur in the last quarter. There are several short-term factors which affect the number of transactions, such as the date at which properties are available to the market and pricing to the market, and promotions and incentives by financial institutions as it relates to loans and government policies.

$60,000,000

$ $51,703,536.22

Volume & Value of Transactions for 2018

Figure 1

(Volume per quarter for 2018)

Quarter 2

Sale Price in EC$

turn affects pricing and marketing periods.

On the parish level, the data has indicated that St. George has 45% of the total number of transactions and 68% of the total value of transactions. It is no surprise that this parish has the highest number of transactions and value overall as it includes the capital (St. George’s), and features the

T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com | terracaribbean.com

89

Number of Transactions by Parish

Figure 3

50 45

45%

40 35

St. Andrew, which is the largest parish and includes the second largest town, has 22% of the number of transactions and 11% of the value of transactions. It should be noted that there are more agricultural sales in St. Andrew than any other parish (most of the land transactions are below EC$200k).

Percentage

30 25 20 15

22% 13%

10 5 0

St. Andrew

St. David St. George

4%

St. John

3%

St. Mark

8%

5%

St. Patrick Carriacou & PM F

Value of Transactions by Parish 65

Figure 4

66%

60 50 45 40

St. David has 13% of the number of transactions and 11% of the value.

This indicates that the value of properties in St. David is higher than St. Andrew, as St. David is better known for mid-to-high-end residential neighbourhoods. It should be noted that there is still a high expectation in the market for St. David as it is in close proximity to the capital and also features several locations with potential for further development.

The results of this analysis are as expected and have been consistent for many years and as such, we do not expect these findings to change in coming years unless something significant occurs in the market to create a shift in the demand for real estate by parish.

Transactions by Classification (Property Use)

25

The three property classifications include residential, agricultural and commercial. Residential commands 93% of the total sales transactions, agricultural 6% and commercial 1%.

There are several issues surrounding the classification process as there are numerous areas with mixed classification/uses. Despite the issues, the trend is correctly depicted in Figure 5 below, which indicates that

Percentage

35 30 20 15 10 5 0

10% St. Andrew

15%

St. David St. George

2%

St. John

1%

St. Mark

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90

international airport, university, main offices of government and corporations, cruise port, main visitor accommodations and other significant developments and amenities.

3%

3%

St. Patrick Carriacou & PM

Volume of Sales Transactions

by Classification

Volume of Land Sales in Three Price Ranges

Figure 5

700

500

650

400

600

93%

Figure 6

85%

300

550 200

500 450

100

400

0

0 to 200k

350

Prices in EC $

300 250

11%

4%

201k to 600k

601k +

200

Volume of Building Sales in Three Price Ranges

150

Figure 7

100 100

50 6%

0

Residential

Agricultural

1%

Commercial

most sales in Grenada are for residential purposes. The residential sales are recorded in all parishes with St. George having the most transactions. St. Andrew has the most agricultural sales with 45% of all agricultural sales.

Residential and agricultural properties tend to have shorter marketing periods in comparison to commercial; however, that is highly dependent on the exact location of properties, list price and many other factors.

Price Price is one of the key indicators in the real estate market.

There are a few misunderstandings in pricing terms used in real estate in Grenada and it is important to note the difference:

65%

50

23% 12%

0

0 to 500k

Sale Price in EC $

501k to 1M

1M +

Listing Price is the price at which the property is marketed to potential buyers; Offer Price is the price at which a potential buyer is proposing to purchase the property and Sale/Sold Price is the actual price at which the property is

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91

sold from the Vendor to the Purchaser.

Volume of Sales (2017 vs 2018)

Figure 8

The prices and values analysed within this report are sale/sold prices as recorded by the local registry and reviewed by our advisory team.

800 700

722

600

The sales data was categorised by land in various price ranges (Figure 6) and the same was completed for improved properties (Figure 7). As Figure 6 indicates, there are more land sales under $200k, which is 85% of all land sales. **Similarly, volume of building sales as indicated in Figure 7, indicates there are more sales that are less than or equal to $500k than the other price brackets; it is 65% of all building sales. These indicators have been consistent trends and we expect this to continue, while expecting a marginal increase.

655 500 400 300 200 100

Comparative analysis of 2017 and 2018

0

2017

The results are positive as it relates to the high-level comparative analysis between the years 2017 and 2018.

Firstly, 2018 had 10% increase in volume of sales and more importantly, 19% increase in value of sales over the previous year.

2018

Value of Sales (2017 vs 2018)

Figure 9

$200,000,000

$125,000,000 $100,000,000 $75,000,000

$150,205,787.88

$150,000,000

$178,918,745.62

$175,000,000

The analysis completed is an overview of the real estate market for 2018 and is a guide to making informed decisions. Last year was a better year in comparison to 2017 regarding volume and value of all sales. Some key trends include the constant dominance of land sales (in particular sales under $200k), the continued high performance of St. George in terms of the largest volume and value of sales, and the significant contribution of the prime residential areas to the overall sales value. While these are generally constant trends in the data and analysis over the last decade, we have provided an overall awareness and understanding of the real estate market for 2018 into 2019 and years to come.

Livonne Charles Chief Operating Officer

$50,000,000 $25,000,000 0

2017

2018

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It should be noted that there can be significant differences between the listing price, offer price and sale/sold price.

The Red Book | Grenada Property 2019

Terra Caribbean T: + 1 (473) 439-3993 | E: infogd@terracaribbean.com

Grenada

www.terracaribbean.com

2019