The coronavirus pandemic has stalled the island nation’s recent progress, but ‘most buyers and sellers have remained committed to ongoing sales,’ agents say.
As the country’s economy continues to improve following the global recession, Grenada’s high-end properties remain relatively affordable in the region, said Walter Zephirin, managing director of Seventh Heaven Properties, a firm based in London that specializes in Caribbean luxury real estate.
“Prices are still significantly cheaper than other Caribbean islands,” Mr. Zephirin said. “Beachfront land and hideaway homes nestled in rain forest overlooking the sea offer investors excellent value.”
Prices range from around $500 to $1,500 per square foot, he added. The most desirable areas with real estate investors are coastal zones in the southwest, Mr. Zephirin said.
The small real estate market in Grenada is booming, according to a new report from Century 21 Grenada Grenadines.
The country’s real estate sector saw a 71 percent increase in sales volume last year compared to 2014.
Overall real estate sales in Grenada totaled $40.753 million last year, up from $23.8 million in 2014, with the average transaction value in 2015 at $84,772 — itself an increase of 64 percent over 2014. The company cautioned, however, that individual large sales can skew the average, meaning the transaction value increase wass “not due to an increase in the values of the individual properties.”
That came from an average of about 40 real estate sales every month.
That was driven in large part by buyers from the United Kingdom, who represented 81 percentage of the total value of foreign-buyer-purchased real estate last year.
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