ANALYSIS OF THE LAND REAL ESTATE MARKET IN GRENADA 2021
Land sales continue to be the dominant sales in terms of volume in the Grenada real estate market. Let’s look at brief overview of land sales in Grenada in 2021.
The total volume of sale transactions in Grenada for 2021 was 715 at a value of approximately EC $164 Million. Of this 82% (584) were land sales at a value of approximately EC $74.5 Million.
The top three performing parishes were St. George, St. Andrew and St. David.
St. George continue to be the dominant parish with 40% of the total volume of land sales. This parish also had 54% of the total value of sales, which is also the highest. St. Andrew had the second highest total volume of land sales with 23% and accounted for the highest volume of agricultural sales. St. David recorded 17% of the total volume of land sales. Although St. David has a lower volume of sales than St. Andrew, it had a higher contributing value mainly because the land sales were predominantly purchased for residential purposes, some of which are high-end developments.
We expect St. David to have higher volume and value of sales mainly due to the construction of new accommodation development/CBI projects and constant supply of properties within residential developments.
Price is one of the most defining factors in the sale and marketing period of a property.If you look at land sales by price range, it shows that there is a greater market for properties equal to or less than EC $200,000.
86% of land sales were equal to or less than EC $200K, whereas 12% of land sales were in the range of EC $201K - $600K and 2% of land sales were above EC $601K.
Land sales were sorted into three property classifications: residential, agricultural and commercial. As expected, the volume of residential land sales contributed 93% of the total land sales, followed by agricultural with 5% and commercial with 2%.
The value of residential land sales contributed 89% of the total value of sales, agricultural contributed 3% and commercial 8%. Although commercial land had the lowest volume, the price points for commercial lots are usually significantly higher than agricultural and residential lots.
Land sales in 2021, as well as previous years, continue to lead the real estate market in terms of volume of sales and this is expected to remain the same as there is a higher supply and demand for vacant land.
More information on the real estate market can be found in The Red Book Grenada 2022. Access and download to read more: