Listed below are a series of answers to commonly asked questions. If you require specific information or cannot find the answer to your query, please do not hesitate to contact us.
Q. Where is Grenada ?
A. Geographically situated in the Eastern Caribbean about 240 km’s (149 miles)north of Venezuela and about 160 km’s (99 miles) north of Trinidad, with a International Grid Reference of 12,03`58N. 61,44`46W. The Isle of Spice is approximately 31 km’s (19 miles) long by 11 km’s (7 miles) wide, with a population of 110,000. The capital, St George's, has one of the prettiest harbour settings in the Caribbean. Grenada is in the Atlantic Standard Time Zone, one hour ahead of Eastern Standard Time and four hours behind GMT.
Q. Why Grenada, as opposed to other Caribbean Islands ?
A. The tri-island state of Grenada, Carriacou & Petite Martinique has long been a secret playground of the royal families of Europe and the rich and famous. Many discerning clients are now seeing the opportunity to buy-into a potential real estate boom on these little emerald island gems in the Eastern Caribbean. Other more northerly Caribbean islands are already commercially overdeveloped, however in Grenada recent investment by the Four Seasons group and other major international property investors, will only enhance the future value of privately owned luxury villas. Added together with the friendly people, safe atmosphere, innocence and tranquility the islands are still a pristine paradise, offering fascinating contrasts and being world-renowned for sailing, deep-sea fishing, snorkeling and as a diving utopia. With such a huge variety of things to do and see, one can actively take part or simply just relax with a rum punch under a palm tree on one of the many golden beaches. This is why we believe Grenada, is the place to live and enjoy a profitable property investment.
Q. Who are Caribbean Dream Developments ?
A. We are a small consortium of shareholders comprised of an International financier and European property developer, who have come together to offer exclusive villa's situated in a private gated development on this idilyic island at affordable prices.
Q. Who is the architect ?
A. Our architect Kevin Fazackerley has been involved in numrous premier projects worldwide and has over 25 years of experience. By using his creative design skills, and dedication to quality we will ensure that our clients dreams our realised.
Q. Who is the construction company ?
A. Caribbean Dream Developments have our own appointed representative permantly on site during the development phase and are currently in discussions and negotiations with a number of local construction companies.
Q. What concept are you creating ?
A. Our aim is to provide classical airy Caribbean style villas in a private gated development, positioned so as to enjoy the captivating view and sunrise, enabling a choice of formal internal dining or al-fresco living.
Q. When will the ocean villas be ready for occupation ?
A. The first ocean villas are planned for completion in early 2012.
Q. Are there any environmental issues ?
A. Yes, the development area has been designated a nature reserve and in order to retain and maintain the exclusive and private nature of the area, each property will have a restrictive covenant placed upon it, to preserve the flora and fauna including marine life. This under no circumstances permits pollution of the land, beaches, waterways or especially the sea. This is just an example of how seriously we consider the environment.
The Properties - Ocean View Villas
Q. Are the properties freehold or leasehold ?
A. All the properties offered for sale will be freehold.
Q. What about hurricanes ?
A. Grenada is situated below the hurricane belt and has only experienced one damaging hurricane in the last 50 years. Property Insurance including hurricane cover is generally available.
Q. Who supplies the utilities ?
A. Water, electricity and telephone connections will be supplied by the public utility bodies of Grenada. Gas will be supplied by a private company and will be in bottled form.
Q. How long does construction take ?
A. Normal construction time is approximately 10-12 months, once all planning approvals, licences and regulations have been met.
Q. Can you provide a complete turn key service for my villa ?
A. Yes, we would be pleased to assist our clients with this service.
Stage Payments and Legal Issues
Q. In which currency are payments made?
A. Whilst the currency in Grenada is the East Caribbean Dollar, whereby approximately 2.67 ECB equals 1.00 US Dollar, all payments by clients will be in US Dollars.
Q. Are mortgages available in Grenada to finance our purchase ?
A. Yes, local mortgages of up to 65% are available subject to status.
Q. What is the payment schedule for an ocean villa ?
A. All purchaers will be required to sign two contracts, the Agreement for Sale which secures the land purchase and the Building Contract for the construction of the villa.
The reservation deposit is set at US$ 10,000.
Stage Payments are as follows:-
30% on signing of the contracts, (less the reservation deposit).
25% on completion of the foundations.
25% on completion of the roof.
15% on completion of the interior.
5% on key exchange.
Q. What legal safeguards are there ?
A. Property is passed by conveyance of title, which is evidenced by the recording of title deeds and certified survey plans at the registry of title. Once the purchaser has obtained the alien land holding license and agreed to buy, and the vendor agreed to sell, a legal contract has to be drawn up by a lawyer in Grenada, which provides for a deposit to be made to secure the plot and construction. The vendor's attorney Grant, Joseph & Co. will hold the reservation deposit in escrow until completion of the legal issues are resolved. Note it can take up to 3 months from payment of a reservation deposit until contracts are first exchanged.
Q. What is an escrow account?
A. An account held by a lawyer for the purpose of safeguarding the purchaser's money (your money) until contracts can be exchanged.
Q. What other costs should I budget for ?
A. Our philosphy is to make buying one of our properties as simple as possible, therefore we will guide and assist you in obtaining the Alien Land Holding License. Once obtained you are required by Grenadian Law to pay 10% of the value of the property in Property Transfer Tax. In addition you should budget for your own legal fees which we estimate at 2% of the purchase price.
Q. What benefits do I get as an owner ?
A. Owners will have a luxurious home in a prime location at their disposal from which they may derive a rental income and benefit from rising capital values. An additional bonus will be that adjacent Paradise Point a new Boutique Hotel & Spa Resort will certainly set a new benchmark for both Grenada and the Southern Caribbean and where owners and guests will be able to use the facilities for a fee.
Q. Can I sell my ocean villa ?
A. Yes, you may sell your property at any time after completion and full payment to Caribbean Dream Developments. Any sale prior to completion will be at the sole discretion of the developer.
Q. I have decided to purchase one of your ocean villas, what's my next step.
A. Please contact us so that we can discuss your requirements and arrange for payment of the reservation deposit.
