We have broken down the real estate sales market in Grenada 2021 and 2020 to examine the impact of the pandemic by looking at the total volume and value of sale transactions, performance by parish and by property type. We have also reviewed and analysed sales by classification, price range and unusual (outlier) sales. 

2020

Volume & Value of Transactions for 2020

The total volume of sale transactions in Grenada for 2021 was 611 at a value of approximately EC $156,131,000.  

• Q1 accounted 159 sales at a value of EC $41,424,000
• Q2 registered 87 sales at a value of EC $34,693,000
• Q3 registered 152 sales at a value of EC $35,625,000
• Q4 registered 213 at a value of EC $44,389,000

See Figures 1 & 2 below

Location by Parish

St. George accounted for the highest volume of sales at 44% (268) and a value of 61% (EC $95,942,000) of the total value of sales. 

St. Andrew registered 20% (125) of the total volume of sales and 11% (EC $16,941,000) of the total value of sales. 

St. David accounted for 15% (93) of the total volume of sales and 14% (EC $22,020,000) of the total value of sales. 

St. Patrick 8% (50) of the total volume of sales and 6% (EC $8,756,000) of the total value of sales. 

St. Mark 2% (9) of the total volume of sales and 1% (EC $1,221,000) of the total value of sales. 

St. John 4% (23) of the total volume of sales and 1% (EC $2,239,000) of the total value of sales. 

Carriacou & Petite Martinique 7% (43) of the total volume of sales and 6% (EC $9,011,000) of the total value of sales.

See Figures 3 & 4 below

Total Volume & Value of Sales (by Property Type)

Land vs Improved Properties

Land sales were the dominant sales transactions by volume with 81% of the total sales registered; however, as it relates to sales transactions by value, improved property sales accounted for 50%. 

See Figure 5 below

Transactions by Classification

Residential, Commercial & Agricultural

Residential properties accounted for the highest volume of sales at 88% (535) and 65% (EC $102,115,000) of the total value of sales. 

Commercial properties accounted for a volume of sales at 6% (41) and 33% (EC $51,219,000) of the total value of sales. 

Agricultural properties accounted for a volume of sales at 6% (35) and 2% (EC $2,797,000) of the total value of sales. 

See Figures 6 & 7 below

Sales Price Range

(by Land & Improved Properties)

Price is one of the most defining factors in the sale and marketing period of a property. Land prices, Land prices, as depicted in figure 8, were divided into three price categories: </= $200K, $201K – $600K, and >$601K. 

Improved properties prices, as depicted in figure 9, were further classified into residential and commercial properties and then placed into the following three price categories: </= $500K, $501K – $1M, and >$1M. 

See Figures 8 & 9 below

Outlier Consideration – The CBI Effect

A total of 23 outlier sales were registered for 2020, which accounted for a total value of EC $116,612,000. These sales were predominantly Citizenship by Investment (CBI) sales and large development sites for CBI/hospitality purposes. 

As noted previously, regular sales accounted for a total value of EC $156,131,000. When the outlier sales are included, the grand total of all sales registered in Grenada is EC $272,742,000. This shows that the outlier sales contributed 43% of the total value of sales in Grenada. 

See Figure 10 below

NOTE: It should be noted that the total value of the CBI unit sales was those sales conveyed to unit owners and registered by the Deeds and Lands Registry. This also includes the transfer of a large villa type property between related entities.