Tourism essentially evaporated in the Grenadine Islands at the onslaught of the pandemic. After two years, the housing markets on its islands have shifted to favor locals and savvy investors.
Market Overview
According to Paula La Touche-Keller, owner-broker with Century 21 Grenada Grenadines,about half the homes in Grenada (one of the three major islands among the Grenadine’s 600 islands) range from $50,000 to $200,000, 40% range from $200,000 to $350,000 and the rest go from $350,000 to $5M.
The greatest number of foreign buyers tend to live on Grenada however, the country’s most populated and largest (13 square miles) among the Grenadine’s 600 islands in the West Indies is Carriacou.
Due to Carriacou’s unspoiled nature, La Touche-Keller said, “About half of Carriacou’s housing stock is in the $200,000 to $350,000 range. It’s the main island were people have money. Over the years, Carriacou has seen a lot of nice homes built by returning Grenadians or the expat market.”
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This southern Caribbean nation has approximately 110,000 residents located 100 miles north of the Venezuelan coast.
Real Estate Activity
Sales transactions in the Grenadines plunged -6% during 2021. The 772 homes that were sold within 2021 totaled about $80.5M, according to La Touche-Keller who was also the former president of the National Realtors Association of Grenada. Approximately 88% of the 772 homes sold in 2021 were acquired by locals.
Foreign interest reawakened in Grenada during Q1 2022. That foreign interest has been spurred by Grenada’s Citizenship by Investment program. This program requires an outlay of either $150,000 as a donation or $220,000 in a government-approved real estate project.
The problem? The government-approved real estate projects are sold out. Likewise, according to Victoria Williams, broker-owner of Coldwell Banker Grenada, the supply of mid-priced homes is low.
Who’s Buying?
Locals and returning expats are still the majority buyers in the Grenadines however, North Americans are the dominant buyers on Carriacou, according to La Touche-Keller. Other foreign buyers include those from Germany, Italy, Asia and Africa.
Williams said that most foreign buyers retain a local lawyer to assist with property transactions and obtaining an alien landholding license which costs 10% of a home’s purchase price. Other charges include a stamp duty of about 1% of the sale price, recording and registration fees and courier and bank charges.
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Thanks to The New York Times.
