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Grenada’s property prices tend to be less expensive than properties on more popular islands in the Caribbean and the average price for properties in Grenada’s coastal areas is approximately US$3,500 per square metre. Foreigners can buy land although non-nationals must buy an Alien Land Holding License; this is taxed at ten per cent of the property’s value. Yields in Grenada tend to be around 4.3 per cent for properties in coastal areas (2005). Rents in Grenada are primarily seasonal. Income tax is moderate in Grenada and gross rental income is taxed at a flat rate of around 15 per cent (2011). There are no taxes on capital gains or on inheritance in Grenada, but residents are taxed at a flat rate of 30 per cent on their income. In 2008 buying costs in Grenada were very high. Roundtrip transaction costs for foreigners are between 32 and 43 per cent of property value; this is the highest in the Caribbean. Foreign buyers must also pay Property Transfer Tax, at ten per cent. In addition, non-national sellers also pay Property Transfer Tax at 15 per cent, on top of the buyer’s payment. Citizens of Grenada only pay five per cent Transfer Tax when selling property. Grenada’s law is equal between landlord and tenant (2006). Rent can be freely negotiated but rent increases can be reviewed under the Rent Restriction Act. In addition the landlord must give notice to terminating the rental agreement (2006). On average it can take 180 days to evict a tenant.