In this article we would try to give you an insight into the cost of living on the beautiful Caribbean island of Grenada. Grenada is located to the north of Trinidad and Tobago and to the South of St Vincent and the Grenadines.
Ethnic groups: blacks 82% Mulatto 12% Indians 3% and whites 2.9%, trace Arawak/Carib Amerindian
Religions: Roman Catholic 53%, Anglican 13.8%, other Protestant 33%, Buddhism 0.2%
104,890 (World Bank, 2011)
English is the official language but English creole and French Patois is also spoken
Eastern Caribbean Dollar (XCD); you would sometimes see the abbreviation EC which means the same thing.
1 US = 2.67 EC
Banks- 8 AM to 2 PM Monday to Thursday and 8 AM to 4 PM on Fridays
General Business hours are Monday to Friday 8 AM to 4 PM and on Saturdays from 8 AM to 1 PM
Building in Grenada
Homes in Grenada generally tend to have an open tropical look and it’s obvious why. It gets really hot down here in the Caribbean and most persons like being cooled by the soothing tropical breeze that always seems to gently caress you on an ordinary hot day. A large verandah (almost every home in Grenada has a verandah) is where residents do most of their living and entertaining. A veranda can be strategically positioned to take advantage of the scenic views that are so prevalent in Grenada. The average cost to build a home in Grenada will all depend on a few obvious factors like
1. The Location, (Slope etc)
2.The type of property you want to construct,
3.The materials you want to be used in construction
4. The size of the property you wish to construct.
If one is to build a residential house in one of the more well established residential areas in Grenada for example in Westerhall Point, or Lance Aux Epines, it will generally run them a cost of between $250.00 to $ 325.00 dollars (EC) Eastern Caribbean dollars per square foot to build which would be like from US $100.00 to $150.00 but for non- exclusive residential areas like Grand Anse, Springs ,St Pauls ,Morne Jealoux, Happy Hill, Calliste and so on the cost will range between $175.00 to $250.00 dollars EC per square foot to build which would be like from US $60.00 to $125.00.
The slope of the land on which you would be building on also plays an integral role in the overall cost of the property. Most of the available residential land that you’d find in Grenada will be sloping to moderately sloping and as you would expect there’s usually some extra excavation to be done.
Grenada has a sizable and growing population of foreign permanent and/or part-time residents. They’re mostly from the UK, the US and Canada but there is also an increasing number of Europeans who have chosen to make this island paradise their home. The local population are known internationally for their hospitable and friendliness: that’s no wonder Grenada is such a favorite for thousands of persons who have fallen in love with its unique charm and beauty.
Cost to Rent in Grenada:
Foreigners who visit Grenada generally tend to favor properties in upscale residential neighborhood like for example Lance Aux Epines, True Blue, Westerhall Point among others to rent. These locations are all beautifully developed peninsulas that boast amazing views of the sea and are always cooled by the easterly breeze.
A 3 bedroom fully furnished apartment or house in those areas mentioned above will generally cost you around US $1800.00 to US $4000.00. A 1 bedroom will usually cost you around US $500.00 to US $1200.00. The cost of renting in other areas would vary drastically. The closer to the capital, Grand Anse, the international airport, you are usually the more expensive the price of the rent. Properties in the rural interior of the island are most often the more affordable properties you’d find to rent in Grenada.
Cost of land in Grenada.
Visit this link HERE to Check out the different prices for land for sale in Grenada.
Annual Property Taxes
Property Tax Rate
Commercial building Tax 0.3 %
Commercial Land Tax 0.5%
Residential Land 0.1 %
Residential Buildings 0.15%
The percentage is charged on the value of the property assessed by the Government.
Island of Grenada own a piece of this paradise
For those of you that are wondering if Grenada is a good destination to visit I would just like for you guys to know that it’s the perfect place to live or visit. The weather is great the people are friendly and the scenery is just to die for.
Buying a property in Grenada could be one of the best choices you would ever make. Many foreigners and returning Grenadians usually tend to favor exclusive residential developments to live. There are quite a few of these developments to choose from through out the island. Well established residential neighborhoods like Westerhall Point and Lance Aux Epines have for a very long time been the most popular and most sort after of these areas. In recent times Egmont and True Blue among others have risen to the top of the list as well.
Grenada is a year-round vacation destination. Visitors flock here from the four corners of the world and they all love it. Imagine owning a property on this island paradise where the sea is always in view and the beach is never more that five minutes away. The cost of real estate here is not as expensive as you might think. You can snatch up amazing properties for great prices. The real estate deals in Grenada are all around to be found but remember great deals never last for long especially when there are other persons looking. Touched Reality Real Estate services has made it our duty to find and list some of the best real deals on the island of Grenada. We seek out listing that are the best value for the price that’s being requested.
Upscale Residential Communities In Grenada
1. Lance Aux Epines– Conveniently located just five minutes from the Maurice Bishop International Airport and two minutes from the world famous Grand Anse beach and shopping complexes Lance Aux Epines is considered by many to be the king of the residential neighborhoods in Grenada. It boasts great vacation properties which includes the Calabash hotel, Coral Cove, Lance Aux Epines Cottages, and most recently the award winning Prickely bay Development project. The cost of land there would usually run from US $8.00 to US $25.00 per sq.ft.
2. Westerhall Point- This exclusive upscale residential neighborhood is located in the parish of St Davids on a sheltered peninsula just ten minutes from the capital city of St George and shopping. It is best known for its’ sprawling private waterfront residential properties and exclusiveness. Many persons recognizing the value of properties in this area invested in purchasing reasonable size lots hence there are not many lots available for sale presently. Prices usually range from US $10.00 to US $30.00per sq.ft.the cost of residential homes will vary but will usually be about US $500,000 and up.
3. True Blue- located just five minutes from the international airport and the Grand Anse area this upscale residential neighborhood is known by many for its’ exclusiveness and the popular True Blue Bay Resort and Marina. Similar to Lance aux Epines it’s located to the southern end of the island, on a peninsula that features amazing views of the world famous St Georges University to the west and Lance Aux Epine to the east. Also like Westerhall Point there are not many lots available for sale. Prices of available lots range from US $15.00 to US $30.00 per sq.ft.
4. Fort Jeudy- Located relatively close to Westerhall Point is quickly becoming an area of choice for Locals, returning Grenadians and foreigners alike. Like the other residential neighborhoods mentioned before most properties in this area would also feature stunning sea views. A sheltered harbor protects residents with waterfront properties who owns boats from rough waves. Unlike True Blue and Westerhall Point there are quite a bit of lots that are available for sale here but considering the trend I don’t think that they’re going to be around for very long.
Prices range from US $5.00 to US $20.00 per sq.ft.
5. Egmont- Located just about five minutes away from the city of St Georges this is one of the newest residential developments on the island. The ambitious developers of this project hope to turn this beautiful peninsula into the best residential area on the island. All lots like in most of these developments feature beautiful views of the sea. Many Grenadians have taken advantage of the opportunity and have secured lots in this area. There are quite a few more lots available which are well worth the price of around US $5.00 to US $20.00 per sq.ft.
There are currently a few more developments on stream in Grenada and on the sister island of Carriacou which are very beautiful and allows for persons to own land in some of the most sort after developments. One such development is the Belle Isle development project to the north eastern side of the parish of St Davids. Constantly cooled by the soothing Atlantic breeze this relatively new development boasts amazing sea views on a peninsula in a well-established gated community. Properties in this area range from US $5.00 to US $15.00 per sq.ft.