Bacolet Bay, Grenada
Hot Properties Worldwide has included Bacolet Bay Resort & Spa to their collection of overseas properties for sale. The apartments and villas in the award-winning Caribbean development are sold with a developer promise to pay the mortgage for life for buyers who participate in a rental programme.
Bacolet Bay Resort & Spa (http://www.hotpropertiesworldwide.com/
Mortgage paid for life!
An undervalued property market in Grenada, combined with a shortage of luxury accommodation on the Spice Isle, add up to double-digit capital gains potential. And with an exclusive developer financing offer that will either offer mortgage paid for life or a 50/50 room rate split, all the cash that’s needed to reserve a slice of paradise is $5,000 until completion in 2010.
With upmarket rooms commanding $500 a night in Grenada, annual net rental income at Bacolet Bay is projected to be between 8 and 14% per year which equals $36,000 to $64,000 per year! Alternatively, after 20 years, buyers will have a property that has cost them only 30% of the purchase price — the developer will have paid the other 70%!
Owners, whose luxury properties will enter a rental programme operated by a 5-star international management company, will also enjoy four weeks personal use each year.
Fully furnished, stunning sea and mountain vistas
The fully furnished freehold properties are built to the highest standards and dressed in local Carriacou stone. Carefully crafted designer interiors blend Caribbean charm with modern luxury to create open plan living spaces. The two-bedroom apartments and one- and two-bedroom villas come with private plunge pool or balcony spa bath. Privacy is guaranteed, with the resort covering only 12% of its 41 acres.
Outstanding prices — 45% below nearest competitors
With industry observers forecasting annual property price rises of 10% or more over the medium term in Grenada, investors at Bacolet Bay will reap double the reward when they buy at off-plan discount prices of $460 per square foot. Prices for other luxury properties on Grenada range from $750 per square foot to $1,600 for Four Seasons Resort. Elsewhere in the Caribbean, average prices for resort property start at $800 per square foot and quickly climb from there.
As a bonus, the developer has negotiated a package of attractive tax concessions. Investors at Bacolet Bay will pay no purchase tax, no capital gains taxes, no alien land tax and no stamp duty.
No purchase tax, no capital gains tax
Grenada’s travel and tourism economy is forecast to grow by 4.3% per year between 2009 and 2018, thanks to the government’s infrastructure program, tax exemptions and other investor-friendly perks. This will make Grenada the fastest-growing tourism market in the Caribbean.
Grenada was recently cited as one of the Top 10 property markets to watch for 2009 by Citigroup’s Annual Wealth Report.
Prices start at USD$580,000 (approx. GBP 392,930 / Euro 450,505).
Photo:
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