Buying / Selling Real Estate
This is just a short note to highlight an article we found in the online local news called NOW Grenada. This article (below) gives details about the incredible high cost of investing in Grenada Real Estate if you are an off-shore investor. There are fees applied during the buying process and then, if you want to sell again, more very high fees....
In our opinion, if you are considering retiring in Grenada, arriving from another country, it might be best from a financial perspective to rent rather than buy.
As per the example in the link below, if you buy a property with a listing value of about US$540,000 (average list price) the total investment required after fees is about US$620,000. To turn around and sell that property again, that added fees on selling would require that you list the property at about US$805,000. And that is just to break even and have your investment back in your own pocket again. This is of course assuming that you can actually find a buyer to take your property off your hands with competing owners trying to sell. The article states that real estate assets listed here are in excess US$1 billion.
If you do intend to buy, it has been mentioned in other articles that real estate agents' high value listings are forcing inflation in the market. Realtors are encouraged to list high by the government as all related fees increase accordingly. It seems buyers with good negotiation skills will be needed to arrive at a reasonable purchase price.
...And here is an older article with more information on the same subject: