Grenada tourism up 18.6% as the Caribbean booms back to life

Grenada tourism up 18.6% as the Caribbean booms back to life

  • Grenada tourist arrivals up 18.6% in H1 2014 (CTO)
  • Boutique Grenada accounts for just 0.7% of Caribbean beds (Tourism Minister)
  • European visitors to the Caribbean up 6% (CTO)

As a region dominated by its tourism industry, the Caribbean suffered more than most as a result of the global economic crisis. As families across the world tightened their purse strings, international travel numbers reduced and the Caribbean’s paradise islands saw fewer visitors. Thankfully, tourism numbers are now on the rise again, with the ‘spice island of Grenada’ reporting an increase in tourist arrivals of 18.6% during H1 2014, according to the Caribbean Tourism Organization (CTO).

All things nice

Grenada is one of the Caribbean’s most exclusive destinations. While some islands have been over-developed in the face of mass tourism, Grenada has maintained a boutique approach, positioning itself as the Caribbean destination of choice for the more discerning traveller. With gorgeous beaches, restaurants ranging from fine dining to foodie snacks and several first-class spas, it offers visitors a distinctly Caribbean experience, but away from the tourist hordes. In fact, Tourism Minister, Alexandria Noel-Otway recently pointed out that Grenada has just 0.7% of the total beds available in the Caribbean, with less than 2,000 on the island.

Ray Withers, Chief Executive of property investment specialists Property Frontiers, which is known on Grenada for its stunning 5* Cinnamon Suites at Bacolet Bay, comments,

“Grenada is definitely the destination of choice for those looking for a more exclusive Caribbean experience. It blends ultimate luxury with breath-taking scenery to create the perfect level of appeal to tourists who demand nothing but the best.”

The Cinnamon Suites at Bacolet Bay certainly fit with this ethos. Available for investment from £248,500 (25% below independent real estate valuation), the well-appointed hotel accommodation forms part of a leading resort, packed with facilities to keep even the most demanding guests happy. Stunning sea views add to the development’s charms – as do financial returns of 10.5% average projected NET yield per annum for Bacolet Bay’s investors.

The big picture

Grenada’s success is set against a backdrop of improving tourist numbers across the Caribbean, with the region as a whole recording a growth rate of 5.2% during H1 2014, according to the CTO data. Winfield Griffith, the CTO’s director of research and information technology, has revealed that almost half of those visitors – 6.87 million of the total 14 million long-stay tourists – were from the US. Griffith comments,

“There is enough evidence to suggest that there is growing economic confidence in the region’s biggest neighbor and this is releasing much pent-up travel demand caused by a long recessionary period.”

This pent-up demand has also been released in Canada and Europe, with those regions showing increases of 4.3% and 6.0% respectively in terms of visitor numbers to the Caribbean.

As the world’s economic situation continues to improve, visitor numbers to the Caribbean look set to do the same, with Grenada in particular standing out as the region’s leading island.

For further details, contact Property Frontiers or call the team on +44 1865 202 700.