Grenada
Buy
Rent
Data Driven Results

Data-Driven Results

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. 

Buying Process

Our experienced team at Terra Caribbean is here to guide you through every step of the buying process. Questions are answered without hesitation, so feel free to lean on us. Below are a few insights worth noting. 

Property ownership requirements:

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

 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.

 

Transaction Costs:

Alien Landholding Licence Fee: 10% of the 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. US$500

 

Standard Purchase Procedure:

  • A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser
  • Purchaser appoints Attorney-At-Law
  • Signing of a sales agreement prepared by the vendor’s Attorney-At-Law and sent to the purchasers Attorney-At-Law
  • A deposit of 10% is paid by the purchaser on signing of said Sales Agreement
  • For non-residents ONLY – an application for an Aliens Land Holding License is completed by purchaser and is submitted to Cabinet for approval. This process is facilitated by the purchaser’s Attorney-At-Law.
  • A title search is then carried out by the purchaser’s attorney-at-law. 
  • The conveyance is then prepared by the purchaser’s attorney-at-law and executed upon satisfactory completion of any matters pertaining to good title. 
  • Payment of the 90% remaining balance is due typically within 3 months of signing the Sales Agreement.
  • The purchase process can take 1 to 4 months, depending on whether or not an alien landholding licence is required.

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. 

Transaction Costs:

  • Property Transfer tax:     5% of the selling price for Grenadians and OECS members

 

                                                 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

 

Standard Sales Procedure:

  • A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser.
  • Vendor appoints an Attorney-At-Law.
  • Agent instructs vendor’s attorney to prepare Sales Agreement
  • Sales Agreement is signed by vendor.
  • Vendor’s attorney to provide Purchaser’s attorney with copies of the Title Deed and plot plan.
  • Signing of conveyance takes place 2-4 months thereafter.
  • All property tax, utility bills and neighbourhood association fees (if applicable) must be fully paid before closing.  

Sale FAQ

What taxes and fees do I have to pay?

 

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 Commiss

 

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

 

Do I need any legal representation to complete the sale process?

Yes, the average cost for this is 2% of the agreed purchase price of the property/land that you are purchasing.

We are happy to recommend reputable local lawyers.

 

How long does a sales transaction take to complete?

Approximately 3-6 months.

 

What documents are required by a foreign purchaser?

  • Police Record
  • 2 character references    

 

Who pays Real Estate Agency commission?

The vendor pays the real estate agency commission. There is no fee charged to the purchaser.

 

Renting FAQ

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.

Do your rentals come furnished?

Some properties come furnished, while others come semi-furnished or unfurnished. Your preferences will be discussed during the initial meeting with your agent.

 

Can we bring our pets?
This varies by property. Some landlords allow pets, others don’t.

 

Does the property have insect screens?
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.

 

Is the property wired for internet?
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.

 

Does the rental price include utilities?
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.

 

Does the rental price include maintenance of the garden and/or pool?
This also varies with each property. Your agent will confirm this with you for each property of interest.

 

Are rental rates negotiable?

Yes, in most instances.

 

How much do we need to pay to move in?
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.

 

Can I use the security deposit as my last 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.

Owning Property In Grenada

The costs outlined below will help to clarify the ongoing expenses that can be expected when owning property in Grenada. Our team at Terra Caribbean are happy to answer any questions that you should have.

Annual Costs

  • Property insurance premiums vary by the value of a property. For example, the annual property insurance premium for a property valued at EC$500,000.00 is approx. EC$3,030.00.
  • Contents insurance is highly recommended and is dependent on the value of the contents being insured. For example, the annual contents insurance premium for contents valued at EC$50,000.00 is approx. EC$353.50
  • Property Tax rates are as follows: -

Classification

Land %

Building %

Agricultural


Agricultural Idle

0.0


0.2

0.0


0.0

Amenity

0.1

0.1

Commercial

0.5

0.3

Hotel

0.3

0.02

Industrial

0.3

0.2

Institutional

0.1

0.1

Residential

0.2

0.3

Reserve

0.1

0.0

Waste

0.1

0.0

 

Monthly costs which can be expected include:

  • Electricity – Grenada Electricity Services Ltd (GRENLEC)
  • Water – National Water and Sewage Authority (NAWASA)
  • Telephone Land Line – FLOW
  • Internet – FLOW and Digicel
  • Cable TV – FLOW
  • Residents Association fees, if applicable
  • Pool and garden maintenance, if applicable

Property Management:

Property management is one of the services that we provide at Terra Caribbean. We provide property management for both residential and commercial properties. The price of this service is generally based on the size, location and complexity of the property. 

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