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Bacolet Bay Resort, Bacolet Bay
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Special Promotion - Properties starting at less than £200,000
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Development:
Location: Status: Number of Plots: Completion: Discount: Price Range: Exchange Deposit: Reservation Fee: Bacolet Bay Resort
Bacolet Bay Available 0 End 2009 - From £200,000 15% 1,000 Features:
* 15% Exchange Deposit * 9% Guaranteed rental * FREE Furniture Packs * 70% mortgages avail * No Capital Gains Tax |
Development Summary
Local Area
The Old Sailing Capital of The Caribbean
Grenada – with its rainforests, waterfalls, verdant mountains and azure seas – was known as the premier yachting destination of the West Indies until the headline-grabbing US invasion of 1983, when Ronald Reagan ‘sent in the troops’ to thwart the spread of Caribbean communism. Although the conflict was short-lived, the island lost its top-table position in the international yachting community. Fast forward to 2007 and re-instatement is on the horizon.
The small but perfectly formed West Indies island of Grenada is not only one of the world’s major spice exporters – from mace and nutmeg through to cinnamon and cloves – it is also a significant producer of bananas, cacao and coconuts.
Almost every fruit imaginable springs from its fertile tropical soil.
The Economic Boom
The Grenadian archipelago consists of Carriacou, Petite Martinique and the largest island of Grenada, from which the country takes its name.
The islands lie north of Trinidad and Tobago and south of St Vincent and the Grenadines.
Although Grenada is an emerging market, the government is committed to alleviating poverty and achieving the Millennium Development Goals by 2015. The country is safe. ‘There are no ‘no-go areas’ on the island for outsiders.
In terms of property investment, Granada has been likened to Barbados 20 years ago – and cost of living is reasonable too.
The Caribbean is regarded as seasonal, but air and sea temperatures hardly change in Grenada and there is always a breeze. Many predict that the island will grow into a year-round destination.
There are currently 3 airlines that fly to Grenada from the UK on a weekly basis. British Airways and Virgin Atlantic fly once a week direct and XL Airways fly twice a week direct. Flights with XL Airways start at only £199 return.
The introduction of XL Airways has already made an impact on visitor numbers and reduced the cost of a Caribbean holiday dramatically.
An Emerging Market
Grenada’s economy is dominated by the agriculture and tourism sectors. Until 2004, agriculture was the biggest GDP contributor, although a series of crop diseases meant that in the latter years Grenada’s GDP was in decline. These problems were compounded on 7 September 2004, when for the first time in 100 years a hurricane, Hurricane Ivan, hit the island, damaging 90% of the country’s existing structures and completely destroying 30%. Incredibly, shortly afterwards Hurricane Emily also struck, exacerbating this damage and further debilitating the island.
Since this period the agricultural output of Grenada has dropped sharply and tourism has taken over as the island’s main source of revenue.
Tourism has in fact been the country’s main source of foreign exchange since 1985, when the international airport was constructed. High rates of growth in the tourist industry, averaging 7.5% annually, were recorded between 1986 and 1989, and 8.1% between 1990 and 1999.
The importance of the tourist industry to Grenada is reflected in the response to the hurricanes. Tourism last year increased by 60.9%.
The government ploughed a substantial amount of time and money into redeveloping the island’s tourist market and infrastructure, and by the start of the 2005 tourist season, most of the sector had been repaired and was again in operation. New construction standards have also meant that much of the rebuilding, and all new developments on the island, are designed to be hurricane-proof, thereby significantly reducing the risk that such damage will occur again.
Currently tourism accounts directly and indirectly for 22% of Grenada’s total employment, contributes approximately 7% of GDP and generates more than 50% of the country’s foreign exchange earnings. In recent times there has also been significant foreign direct investment in new hotel plants, mainly in the south of the country. This is partly down to the current attitude exhibited by the Grenadian government, which is highly disposed towards encouraging foreign investment, especially in the tourist sector. Current efforts are concentrated on increasing the number of hotel rooms from 1,700 to 2,700, the construction of a cruise ship terminal, increasing the number of flights to the island and the promotion of Grenada as a safe and peaceful destination for visitors and investors alike. Incentives such as tax breaks and concessions are also being offered to investors in the tourist sector.
The World Travel and Tourism Council has forecast that travel and tourism activity for Grenada will increase by 5.5% between 2006 and 2015, above the 3.4% average for the Caribbean as a whole. This means that the tourism dependent economy will strengthen and that industries and enterprises linked to tourism will profit.
Grenada – with its rainforests, waterfalls, verdant mountains and azure seas – was known as the premier yachting destination of the West Indies until the headline-grabbing US invasion of 1983, when Ronald Reagan ‘sent in the troops’ to thwart the spread of Caribbean communism. Although the conflict was short-lived, the island lost its top-table position in the international yachting community. Fast forward to 2007 and re-instatement is on the horizon.
The small but perfectly formed West Indies island of Grenada is not only one of the world’s major spice exporters – from mace and nutmeg through to cinnamon and cloves – it is also a significant producer of bananas, cacao and coconuts.
Almost every fruit imaginable springs from its fertile tropical soil.
The Economic Boom
The Grenadian archipelago consists of Carriacou, Petite Martinique and the largest island of Grenada, from which the country takes its name.
The islands lie north of Trinidad and Tobago and south of St Vincent and the Grenadines.
Although Grenada is an emerging market, the government is committed to alleviating poverty and achieving the Millennium Development Goals by 2015. The country is safe. ‘There are no ‘no-go areas’ on the island for outsiders.
In terms of property investment, Granada has been likened to Barbados 20 years ago – and cost of living is reasonable too.
The Caribbean is regarded as seasonal, but air and sea temperatures hardly change in Grenada and there is always a breeze. Many predict that the island will grow into a year-round destination.
There are currently 3 airlines that fly to Grenada from the UK on a weekly basis. British Airways and Virgin Atlantic fly once a week direct and XL Airways fly twice a week direct. Flights with XL Airways start at only £199 return.
The introduction of XL Airways has already made an impact on visitor numbers and reduced the cost of a Caribbean holiday dramatically.
An Emerging Market
Grenada’s economy is dominated by the agriculture and tourism sectors. Until 2004, agriculture was the biggest GDP contributor, although a series of crop diseases meant that in the latter years Grenada’s GDP was in decline. These problems were compounded on 7 September 2004, when for the first time in 100 years a hurricane, Hurricane Ivan, hit the island, damaging 90% of the country’s existing structures and completely destroying 30%. Incredibly, shortly afterwards Hurricane Emily also struck, exacerbating this damage and further debilitating the island.
Since this period the agricultural output of Grenada has dropped sharply and tourism has taken over as the island’s main source of revenue.
Tourism has in fact been the country’s main source of foreign exchange since 1985, when the international airport was constructed. High rates of growth in the tourist industry, averaging 7.5% annually, were recorded between 1986 and 1989, and 8.1% between 1990 and 1999.
The importance of the tourist industry to Grenada is reflected in the response to the hurricanes. Tourism last year increased by 60.9%.
The government ploughed a substantial amount of time and money into redeveloping the island’s tourist market and infrastructure, and by the start of the 2005 tourist season, most of the sector had been repaired and was again in operation. New construction standards have also meant that much of the rebuilding, and all new developments on the island, are designed to be hurricane-proof, thereby significantly reducing the risk that such damage will occur again.
Currently tourism accounts directly and indirectly for 22% of Grenada’s total employment, contributes approximately 7% of GDP and generates more than 50% of the country’s foreign exchange earnings. In recent times there has also been significant foreign direct investment in new hotel plants, mainly in the south of the country. This is partly down to the current attitude exhibited by the Grenadian government, which is highly disposed towards encouraging foreign investment, especially in the tourist sector. Current efforts are concentrated on increasing the number of hotel rooms from 1,700 to 2,700, the construction of a cruise ship terminal, increasing the number of flights to the island and the promotion of Grenada as a safe and peaceful destination for visitors and investors alike. Incentives such as tax breaks and concessions are also being offered to investors in the tourist sector.
The World Travel and Tourism Council has forecast that travel and tourism activity for Grenada will increase by 5.5% between 2006 and 2015, above the 3.4% average for the Caribbean as a whole. This means that the tourism dependent economy will strengthen and that industries and enterprises linked to tourism will profit.
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