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Housing in Grenada
 
 
 

General

The small country of Grenada is a tri-island nation composed of Grenada, Carriacou and Petite Martinique.

Luxury villas in Grenada are less expensive than in more popular islands in the Caribbean. Beachfront houses can be bought for around $500,000. In Grenada’s coastal areas, the average price for properties is around $3,500 per square metre.

Buying a Property

Foreigners can purchase property provided they acquire an Alien Land Holding Licence before the purchase. The licence is currently 10% of the selling price. A notary public handles the paperwork. A police clearance from your place of residence and bank reference is necessary to process your application. This can take up to three months to process.

After a license is secured the conveyance process may proceed. A survey is not compulsory but advised. When the conveyance is satisfactorily completed, the buyer will have to accomplish the payments. The lawyer will then register the transfer and pay government duties (stamp duty and transfer tax).

Land Transfer Tax is at 15% for non-national sellers and 5% of the property value after the first EC$54,000 ($20,000) for national sellers.

Renting a Property

Grenada law is neutral between landlord and tenant. Rents can be freely agreed between landlords and tenants. Tenancy agreements are generally guided by contracts so be meticulous in drafting them.

There is no maximum limit on rental deposits.

Lease ownership can be short-term (rent) or long-term (lease), the latter usually being a 99-year contract. Short-term agreements are usually set in simple contracts between owner and tenant. An attorney usually prepares the contract but this is not necessary and usually not registered. Long-term agreements, otherwise known as lease, are similar to sale of property. The tenant of such a lease enjoys all the benefits of an absolute title for the duration of the agreement.

A notice to quit or terminate the rental agreement is required from the landlord before a claim for possession of property.

 

 
 

 



 


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