THE SPICE ISLAND

Famed for its natural beauty Grenada has long been a popular destination for sailors with its beautiful beaches and idyllic coves and bays.  It is also the gateway to sailing the popular Grenadines with sister islands Carriacou and Petit Martinique a short distance off the north coast and St Vincent and Canouan on the horizon.

Largely unspoilt the “Spice Island” appeared to be one of the Caribbean’s emerging real estate “Hot Spots,” pre-2008, but like several other aspiring locations it went off the radar for reasons that had little to do with Grenada.

The popular tourism and real estate centre is on the Southwest of the island close to the airport and capital St. Georges. Grand Anse Beach is located in this area and it is regarded as one of the best beaches in the Caribbean.

The island is volcanic and has some spectacular scenery especially inland where the mountains and rivers combine to produce some spectacular waterfalls and lakes. The soil is rich and fertile, but overall Grenada is largely underdeveloped and unspoilt. As a result tourism is the main industry and the picturesque St George’s harbour is one of the most popular stops for the many cruise ships that arrive throughout the year.

The export of spices significantly contributes to the economy, as does the expansive St. George’s University, which provides tertiary education to thousands of overseas students.

The real estate industry took a severe knock in 2004 after Hurricane Ivan devastated much of the island, but the resilient Grenadians restored much of the damaged property and pre-2008 appeared to be attracting more overseas buyers. However, like many of their Caribbean neighbours the market has declined in recent times and as a result property prices are low and attractive.

Residential and Citizen schemes are available in certain circumstances although the 10% Property Transfer Tax plus 1% Stamp Duty and legal fees makes the buying and selling process unnecessarily expensive for an island trying to attract overseas investment and second home purchase.