How has Covid-19 affected the real estate market so far?
The number one question that real estate agents get “how is the market?” has suddenly become a very loaded question. “Corona Virus”, “Covid-19” and “Covid” has left us all startled, like a deer in headlights wondering what the heck has happened and what the next best step is, not only for our businesses but for our personal lives. How do we navigate this without any semblance of a guide book and no one to turn to for advice? My answer to this, is to pay close attention to the changes occurring in our market and also aim to understand how changes in regional and international markets can/will affect our local market, plus that is what Terra Caribbean is here for!!
Let’s start by looking at the changes that have already begun in Grenada’s market.
Having been put on mandatory lockdown with strict curfews in March, businesses were faced with two options, work from Home (WFM) or not at all. In some cases the work from home option was not a viable alternative which significantly affected the productivity of those businesses. For others, working from home provided new opportunities for efficiency and productivity. Even for those companies however, the opportunities were accompanied by relevant challenges, lack of technical preparedness and family disruptions being the main problems. To understand people’s attitudes toward WFM versus working in an office, the Terra Caribbean group surveyed over 500 office workers across Grenada, Barbados, Trinidad & St. Lucia.
Click Here for a more in-depth look at the report.
During these challenging and uncertain “covidious” times landlord and tenant negotiations have been at the forefront of many conversations in both the commercial and residential contexts. The reality is at the core of this conversation and negotiation is that these relationships are controlled by landlord and tenant law but flexibility on the part of both landlords and tenants is key to achieving an optimal outcome. Having to wear both hats during this time as well as act as a mediator or middle man in some instances has provided a unique and informed perspective as it relates to the various ways these negotiations can proceed.
As the real estate industry is impacted by the current crisis, and with other sectors of the economy continuing to struggle, several people are starting to pay attention to sustainability, diversity, food security and products we can export. We can all point fingers at who is responsible and what should have been done in the past to boost agriculture, but ‘Hindsight is 20/20’. This simply means that it's easy to know the right thing to do after something has happened. This blog post is not to put blame on anyone; frankly, we should aim to move forward by developing proper plans and solutions.
Finding your dream home isn’t easy. Everyone has particular tastes and preferences, so you may not find your dream home already on the market for sale. If you want to have your dream home, you will have to build it, like many others have done. This means you have to first find the land; that is, if you’re not lucky enough to have inherited some.
Every year for Grenada’s carnival there must be one song that is a hip trend. For 2019 we have the song from Khalifah and Melo ‘Grand Anse, Grand Anse’. To most people the song is catchy and hilarious. In real estate terms ‘Grand Anse, Grand Anse’ is also trending as we see more and more companies in the city, St. George’s, move their offices to or open additional offices in the sub city Grand Anse.
Terra Heart is a campaign geared towards giving back (whether through voluntary assistance, monetary donations, etc.) to the community. To commence this year’s Terra Heart, we focused on ‘Education.’
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It is our pleasure to welcome you all to the first of many Terra Tip Clips. This series will be dedicated to providing informative and essential tips in the world of real estate.
Click here to view the first episode.
Terra Caribbean Grenada, the most well-established real estate provider in Grenada, released its second biennial edition of The Red Book on June 3rd, 2019. This well-received and highly anticipated publication, first published by Terra Caribbean Barbados in 2008, is a comprehensive review of the real estate market, filled with insightful articles for guiding and assisting clients in making informed decisions. The Red Book Grenada 2019 successfully highlights the various real estate infrastructures and opportunities that the Isle of Spice has to offer. Once again, the publication is filled with a variety of property listings including those in Prime Locations, Grenadian Classics, Developments, Vacant Land, and Commercial Sales and Rentals.
Terra Heart is a campaign created by Terra Caribbean Grenada, geared towards giving back (whether through voluntary assistance, monetary donations, etc.) to the community in the various parishes of Grenada, Carriacou & Petite Martinique. We truly believe that our assistance can help motivate and improve the lives of those in need. This Christmas our campaign was dedicated to the Programme for Adolescent Mothers, GSPCA Animal Shelter, The Queen Elizabeth Home for Children and the Grand Anse Home for the Aged.
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Welcome to our second episode of Time with Terra; our web series dedicated to keeping you in the know. This episode features Mrs. Renee Charles, our Brokerage Manager, along with two of Grenada’s banking industry experts: Mr. Musa Jasat, Country Manager of the RBTT Bank Grenada Ltd. and Mrs. Florence Williams, Executive Manager-Loans & Credit Administration of the Ariza Credit Union Ltd. Click to view the full episode.
We are proud to announce the release of the first episode of our web series entitled ‘Time with Terra.’ These episodes will be dedicated to providing you with relevant market data, trends, rental and selling tips, and property management and valuation advice. Click to view the full episode.
Thursday December 15 was a night to remember for the Terra Caribbean team: the venue, the newly finished and amazingly stunning Apes Hill Club House; the occasion, a cocktail reception officially launching our new Terra Caribbean website.