By Lincoln DePradine
A Grenada entrepreneur and business-owner, who recently visited Canada and addressed a public forum in Toronto, has called for investment in Grenada through land purchase and the building of condominiums and other housing units.
“Grenada is on the move,” said Paula La Touche, a realtor and an international licenced sales broker.
“Grenada is growing as a real estate market. And remember, we’re still young, so the opportunities are there, growth is there. We’re still at an infancy stage and that is a good thing; that means, the opportunities are endless.”
La Touche is owner and operator of Century 21 “Grenada Grenadines Real Estate Inc.”, which she founded in Grenada — also known as the “Isle of Spice” — in 2014.
The “Invest in Spice” forum, an initiative of Century 21, also included a Grenada lawyer and representatives from the country’ banking and insurance sectors.
A day prior to the forum, the visiting team held a special session with potential project investors, said Dawne Francois, head of DAC Consultants that coordinated the Toronto events for Century 21.
Among the aims of venturing into Toronto were “making people aware of what Grenada has to offer” and letting them know “how friendly the Grenadian government is towards investing in Grenada”, said La Touche, who has been in the real estate business for more than two decades.
She appealed for investment not just from Grenadian-Canadians and but also from non-nationals of the Caribbean nation, sharing ideas with them on how they “can get a piece of the Spice Island”.
A “huge” Grenada Diaspora exists in Canada and Grenada needs their help, said La Touche.
Grenada’s real estate market, in the last eight years, has been growing steadily, La Touche reported. Last year, there was a 10 percent sales growth, she added.
Real estate sales — at 68 percent — are highest in St George’s, the Grenadian capital, followed by the Parish of St David that is at 13 percent.
However, according to La Touche, “St George’s is getting saturated’’, and she recommends Carriacou and St David as among the next best places to invest in real estate in Grenada.
Carriacou, part of the State of Grenada, was devastated — particularly its housing stock — when Hurricane Beryl struck the Grenadine island on July 1.
“I know you think Carriacou mash up. But now is the time because we’re going to be rebuilding Carriacou,” said La Touche. “So, I would encourage you to think about Carriacou as one of the options. you have an opportunity now to go in and purchase.”
La Touche’s presentation was complemented with legal advice and suggestions on real estate transactions from Leslie-Ann Seon, an attorney specializing in areas such as mergers and acquisitions, commercial and employment law, debt financing, corporate advisory services, and multijurisdictional insolvency proceedings.
The presentations were designed to help people “navigate” the investment “waters” in Grenada, said La Touche.
Grenada needs not only more home-building, but also condominiums and multi-unit houses, as well accommodation for tourists like villas, said La Touche.
“The demand is there,” she insisted, saying potential investors could consider forming companies and partnerships.
“Stop boasting about the land you have, start developing it,” La Touche advised. “Start thinking of Grenada as a place where you can develop projects.”
The “Invest in Spice” forum was supported by the consulate general of Grenada in Toronto, with diplomat Gerry Hopkin describing it as “informative” and “practical”.
It was “useful information” that can “empower you to become property owners; and how to invest with capable, competent assistance”, consul general Hopkin said.
“I appreciate this venture. I’m happy that the consulate of Grenada could be associated with such an initiative. Together, we can move forward as a people,” he said.
“What we are doing here is consistent with the government’s transformative agenda and the consulate plan to fully engage and harness the resources of our Diaspora to positively impact trade between Grenada and Canada, and investment in Grenada by Grenadians and foreigners in Canada. We can do this and we will, through initiatives such as this one.”