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At Terra Caribbean, we believe the best results are guided by data. That’s why we invest heavily in our acquiring and banking knowledge on the property market in Grenada. Like us, our clients value real estate market information because it helps them make more informed and confident decisions. Whether you are looking to buy your first home in Grenada, investing in commercial real estate or land, or renting out office space, you can rely on our team to provide you with the information you need to make sound decisions.
Selling Process
Our experienced team at Terra Caribbean is here to guide you through every step of the selling process. Questions are answered without hesitation, so feel free to lean on us. Below are a few insights worth noting.
Purchaser
- Alien Landholding Licence Fee: 10% for non-residents (only)
- Legal Fees: 2% of the purchase price, approximately
- Stamp Duty: approximately 1% of the purchase price
- Land surveyor’s fee: usually 0.5% of the value of the land
- Out-of-pocket expenses: approximately US$500
- VAT: 15% on Legal Fees & Agent’s Commission
Seller
Property Transfer tax:
- 5% of the market value for nationals and members of the OECS
- 15% of the market value for non-nationals
(The government of Grenada allows an exemption of the first EC$20,000 on property.)
- Legal Fees: approximately 2% of the purchase price + 15% VAT
- Real estate commission: normally 5% of the purchase price + 15% VAT
- Out-of-pocket expenses: approximately EC$500
- Police Record
- 2 character references
Mortgage Information
If you’re looking to finance the purchase of your Grenada property, there are many options to consider. Below you’ll find some information on financing your property. Should you have any questions, our agents can provide additional information or refer you to a qualified financing specialist.
Local Eastern Caribbean Dollar Mortgage/ Financing:
When applying for a local Eastern Caribbean dollar mortgage there are a few important points to note.
Most financial institutions require the following documentation:
- Photo Identification
- Proof of residential address i.e a utility bill
- Job Letter and most recent pay slip
- Copies of recent bank statements (if you are a new customer)
- An agreement for sale (if you are buying a property)
- A property valuation
- If you are building on the property, or renovating, a contractor’s estimate
In general, the terms and conditions for local mortgages are as follows (this may vary among lending institutions):
- Interest rates are between 6 – 9%. This is subject to change based upon the local market. You can use our Mortgage Calculator tool to get an estimate of what you can expect to pay each month.
- Mortgages can cover up to 95% of the total amount, and some institutions do offer 100% coverage
- Required deposit can be as low as 10%
- Repayment period can be up to 35 years
- Debt Service Ratio should not be more than 40% of gross personal income
- List of assets and collateral
- Evidence of full life insurance
- List of cash and bonds
- The property itself can be used as collateral to secure your mortgage
Generally, lending institutions require that mortgages be repaid before you reach 70-years of age. This means that your mortgage payments and term will be calculated depending on your age and the number of years before you turn 70. However; there is flexibility with most institutions and it is always better to meet with a mortgage/ loans officer to determine the term of your loan.
Relocating
Relocating to Grenada or anywhere in the world can be quite an emotional experience. You are family can become excited about the move, but also apprehensive about the challenges you might face when settling into a new country and leaving close friends and family behind. Finding the right property is probably the single most important component of the relocation process.
Important steps to consider
- Understanding what properties are available and suitable
- Choosing the right location
- Shipping personal items
- Factoring security and other amenities
- General Facts
Understanding what properties are available and suitable
Grenada offers a variety of property options; however, most options are stand-alone houses. Apartments, condominiums and townhouses are not widely available. At this time there is only one condominium development on offer. The Spiceisle offers many planned residential neighbourhoods, however gated communities are rare.
Choosing the right location
Before deciding on which location to live in, it is important to factor in where your office is located and which school/s your children are likely to attend. Your commute to and from work will be a big factor when deciding on a location to live in. Although Grenada is a small island, our winding, narrow roads can make driving short distances long and stressful, especially if you are not accustomed to similar roads.
Shipping personal items
The Government of Grenada offers an incentive package to Grenadian nationals who are returning from living overseas, to reside in Grenada permanently. All Grenadian nationals who have been living overseas for 7 years or more are eligible. Under this incentive package, personal and household items can be imported duty free. This package also allows each family to import one vehicle 50% duty free.
More information can be found on: – http://grenadacustoms.com/index.php/en/procedures/otherprocedures/returning-nationals
Import duties on shipping personal and household items for non-nationals are approximately 45%, however this can vary. We recommend that a customs broker be retained to thoroughly advise you and to receive your shipment.
Factoring security and other amenities
Grenada is considered one of the safest islands in the Caribbean, however this should never be taken for granted and we always advise that necessary precautions be taken. The security of a house and the neighborhood must be considered.
If one of your requirements is to have a home with a tropical garden and a pool, maintenance costs should also be considered. The costs associated with maintaining these must be decided on prior to signing a lease agreement. These services are usually fixed monthly costs under a service contract. The amount of weekly service times should be agreed on beforehand.
It is also recommended to ask for an estimate of what utility bills are likely to cost, but keep in mind that almost all utility bills are heavily dependent on your personal usage and therefore cannot be predicted.
General facts
- Lifestyle – very laid back and relaxing, always time for the beach and a rum punch.
- Safety – Grenada is considered one of the safest Caribbean Islands, however there is minor theft and on the rare occasion, violence acts, therefore always take precautions and avoid being in lonely areas.
- Schools – There are a number of nurseries, kindergartens, primary and secondary schools in each parish. Most reputable secondary schools are located in St. George’s. Grenada is also home to the St. George’s University that offers medical and veterinary degree’s as well as Arts & Science undergraduate and graduate degrees.
- Banks – The currency used on the island is the Eastern Caribbean Dollar (ECD), this dollar is pegged to the USD at an exchange rate of EC$2.7169 to US$1.00.
We have several regional and international banks on the island. Banking hours are from 8am – 2pm Monday to Thursday and from 8am – 4pm on Fridays. All banks are closed on Saturday and Sundays, however ATM’s are open 24/7. - Public Transportation – is available in all parishes from approximately 6am to 9pm.
- Shopping – Normal business hours in Grenada are from 8am – 4pm. Shops and groceries in the town of St. George’s follow these hours, however shops in Grand Anse usually stay open until later, up to 6 pm. We also enjoy the convenience of a supermarket with an international brand “Real Value IGA” which is open 7 days a week. The island is scattered with small village shops that stay open late depending on the season.
- Restaurants – an array of Creole and International Restaurants can be found on the island.
- Nightlife – is minimal when compared to neighbouring islands, however there are a variety of bars and nightclubs scattered throughout the parishes. Most bars and nightclubs are only open on the weekends with a few exceptions. Live outdoor concerts are popular on the island.
- Activities – activities such as sailing, swimming, snorkeling, diving, sport fishing, turtle watching, hiking, hashing and sight-seeing, are very common. Football and cricket are the main sports played on the island. Throughout the year many tournaments, regattas and festivals are held.
A list of daily events can be found on The Grenada Board of Tourism Website http://www.grenadagrenadines.com/dfgsdfg/
Getting an Appraisal
Terra Caribbean is the leading real estate advisor in Grenada. Our advisory division provides several consultancy services including market appraisals/valuations, market trend analysis and highest & best use studies. We have innovated the appraisal and advisory processes using trained professionals and modern technology.
We maintain a proprietary database on developments, sales and rentals which enables us to provide excellent comparable market information resulting in thorough report and opinions. Our valuations follow international accepted guidelines and are used to support various transactions between buyers and sellers in the open market, financing institutions, investors and other companies to make decisions with regard to the value of security financing, debt recovery situations and much more.
Demonstrated Experience
- Recognized on the panels of local, regional and international financial institutions doing business in the Grenada.
- Conducted valuation analysis for various receivers in their debt recovery effort
- Performed appraisal and other advisory services with regard to real estate assets and client portfolios for banks and companies
- Completed commercial rent reviews for banks and other companies
- Completed market analysis for banks and private investors
- Completed valuations and market study analysis for large commercial, hotels and beachfront properties
Key Strengths
- Knowledge and Data
- Experience
- Regional support for specialized projects
- Independence
- Follow international accepted guidelines
- Confidentiality
Requirements for Valuation
- Signed engagement letter
- Retainer fee
- Building plans where applicable
- Copy of Deed and Land Plan
- Expenses (utilities, insurance, taxes etc.) where applicable
- Leases where applicable
- Directions and access to property
Renting FAQs
Whether you’re searching for the right long-term rental to call home or the perfect office space for your growing business, we’re here to help. Our team of knowledgeable professionals will show you an assortment of real estate options that suit your budget and preferences. Finding your residential of commercial rental property in Grenada will be easy and seamless. Browse our rental FAQ below for more information.
Some properties come furnished, while others come semi-furnished or unfurnished. Your preferences will be discussed during the initial meeting with your agent.
This varies by property. Some landlords allow pets, others don’t.
Some properties are fitted with screens on the windows and doors, while others are not. If this is a requirement for you, be sure to discuss this with your rental agent during your initial meeting.
Internet is available in most, if not all homes in Grenada. If the internet is not already connected, one of the local internet providers can have this connected in a few days. Your agent will be able to confirm this before you move in.
This varies from property to property and is usually stated in our property description featured on our website and flyers. Your agent will also confirm this with you for each property of interest.
This also varies with each property. Your agent will confirm this with you for each property of interest.
Yes, in most instances.
The upfront payments required in order to secure a property and move in are a security deposit which is typically equivalent to one month’s rent, first and last month’s rent. However, some landlords only require a security deposit and first month’s rent.
No, security deposits are not to be used as the last month’s rent because it is used at the end of a tenancy to cover any damages cause by the tenant and/or to pay any outstanding utility bills. The security deposit or the balance therefore should be returned to the tenant by the landlord as stated in most Lease Agreements.