The developers of a luxury Caribbean villa and apartment project are offering a “mortgage for life” option for buyers investing in the beach front paradise.
Bacolet Bay, on the island of Grenada, has units for sale off plan and when complete will feature a designer spa, fitness centre and bars and restaurants plus 200 metres of white sandy beach.
Hot Properties Worldwide, which is marketing the scheme, said the development had “double-digit capital gains potential”, making it a potential investment property gem.
The developer financing deal involves a promise to pay the mortgage for life for buyers who participate in a rental programme.
Grenada has emerged as a potential investment property hot spot thanks to what Hot Properties said is an “undervalued market”.
The firm said: “With industry observers forecasting annual property price rises of 10 per cent 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.”
It added prices for other luxury homes in Grenada range from from $750 per square foot to $1,600.
All homes are also set to be supplied fully-furnished and the two-bedroom apartments and one to two-bedroom villas come with private plunge pools or balcony spa baths.
Due for completion in 2010, prices for the homes start at $580,000, with the added incentive for investment property buyers of tax concessions including no stamp duty.
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