Due to its successful agricultural industry, Grenada has one of the least developed tourism industries in the Caribbean, leaving it beautifully unspoiled but also with a limited supply of high quality properties. In fact there are less than 20 hotels of a good standard and only a few 4 or 5 star properties. However, this does not detract from its desirability as a holiday destination as this undiscovered jewel of the Caribbean offers a rare opportunity to enjoy the real soul of the area with colourful clothing, aromatic Creole cooking, vibrant calypso music and tranquil palm-fringed beaches.
A 2008 Caribbean tourism Report noted that Grenada tourism arrivals for 2007 grew by 9% year on year which was well above the regional average. This was attributed to exploitation of its position as a Cricket World Cup host nation, including a skilful marketing campaign, but also to the fact that Grenada has positioned itself as a major cruise and luxury destination. The report also highlights that Grenada has relatively extensive infrastructure, which can support growth in tourism arrivals, and in addition suggests that Grenada is well placed to deal with the downturn in the US.
The WTTC reports that Grenada’s Travel & Tourism Economy is expected to post average annualised gains of 3.4% between 2010 and 2019 and that Travel & Tourism Capital Investment is estimated at US$45.6m for 2009 rising to US$75.8m by 2019. Additionally Grenada is particularly attractive to investors, as prices are much less in Grenada than on other neighboring islands due to it being in the early stages of its development cycle.
There are only six main projects currently being developed under the strict planning guidelines of the Grenadian
government with a view to develop Grenada as a high-end holiday destination.Once these are complete building on the island will be restricted to ensure the supply and demand balance is maintained.
All in all, we expect that Grenadian property will perform well from both a yield and a capital appreciation perspective
An undiscovered and unspoiled Island
Tourist demand set to grow 3.4% annually for next10 years
Lack of high-quality accommodation
Carefully planned and government backed development strategy |
