Prime Residential Locations: Grenada
Prime residential locations continue to contribute significantly to the Grenada’s real estate market. These neighbourhoods include Westerhall Point, Calivigny Harbour, Calivigny Gardens, Fort Jeudy, New Westerhall Point, Egmont & Petit Calivigny, Lance Aux Epines, True Blue and Morne Rouge.
These areas are highly sought-after residential, tourism and accommodation-based commercial developments, and are mostly located on peninsulas along the south-eastern coast of the island.
Our analysis includes the total value and volume of sale transactions, and property types sold within these locations.
The total volume of sale transactions within these prime locations was 54 with a value of $44,453,000 (rd). This indicates that the prime locations accounted for 27% of the overall transactions by value for 2021.
See Figure 1.
The data below outlines the value and volume of sales, and the breakdown of the sale type in each of these prime locations.
Westerhall Point recorded the highest total value of sales at EC $14,392,000 with the sale of 8 properties, which were mainly improved residential properties. Westerhall Point is well established as a gated luxurious neighbourhood with waterfront and hillside properties.
Lance Aux Epines recorded EC $13,034,000 with the sale of 14 properties. Lance Aux Epines is one of the more established residential locations. The area was primarily developed as single-family dwellings, however, some of the properties have transitioned to student accommodation due to the close proximity to the university. The properties sold were mainly improved residential properties and vacant lots for residential purposes.
Egmont & Petit Calivigny recorded EC $7,656,000 with the sale of 20 properties. Egmont & Petit Calivigny are newer residential developments with a higher supply of vacant lots than other active developments. It is also one of the most active developments on the island as vacant lots continue to be sold. We have noticed a significant number of residential dwellings being constructed within the last 3 years and this trend is expected to continue.
The remaining prime locations recorded the following values and volume of sales: New Westerhall point recorded EC $2,872,000 with the sale of 4 properties, True Blue recorded EC $2,800,000 with the sale of 2 properties. True Blue has continued to transition and develop for student accommodation. Some of these accommodation projects were completed within the year and others continue to be planned and constructed as this neighbourhood remains one of the most sought-after locations for student accommodation investment. Fort Jeudy recorded EC $2,330,000 with the sale of 4 properties. Morne Rouge recorded EC $2,100,000 with the sale of 1 property and Calivigny Gardens recorded EC $296,000 with the sale of 1 property.
We anticipate that the prime residential locations will continue to be a significant contributing factor to the total value of real estate sales in Grenada.
Prime Residential Locations Land Price Index – 2021
The land price index for the prime residential locations shows the median prices per square foot of vacant land sold. It should be noted that the price index does not necessarily indicate the value of individual lots; however, it indicates the average price per square foot based on the total land area and the value of these sales for the noted period (2021).
Land prices in these prime residential neighbourhoods usually carry a higher price per square foot than other residential neighbourhoods. These lots are generally used for investments and high-end residential purposes.
There are several factors used to determine the value/price per sq.ft. of land, which includes the land size, land features (waterfront, beachfront, views, slope), neighbourhood features, availability of amenities, access roads and highest and best use. The land price index should not be used to value properties, but rather used as an indicator for the average price for the specific area or as a macro indicator for market movement within these locations.
See Figure 2
***See chart – Prime Locations Land Price Index
The chart below indicates the land price index within prime locations for 2021.
NOTE: The data used for this analysis was taken from the local registry and dates of the transactions are the documented dates (date the conveyance was registered and not the date the transaction took place). As such there may be some variation between the actual closing date and registration of the conveyance.
*All values noted are in EC Dollars and rounded to the nearest thousand