House prices in Belize are now back at or above pre-crisis levels. That’s the opinion of realtor Michel Chebat of M.H. Chebat & Company. In fact, property prices in Belize have risen by 30% to 40% annually in the past two years, according to Mark Reven of Icon Solutions.
Actually, it is difficult to be sure how much house prices have changed, as there are no official house price figures. However, realtors estimate that house prices declined by as much as 25% to 30% during the global economic crisis. The property rebounded strongly in 2012, and has continued to rise since then.
Outside buyer interest in Belize rose rapidly from 2000 to 2007, partly due to the passage of the Retired Person Incentive Act (RPIA) in September 1999, and to the tourism boom. Tourists flocked to Belize’s natural wonders – beautiful beaches and tropical forests, plus ancient Mayan temples. From 2003 to 2007, property prices in coastal and tourist areas rose by as much as 30% annually, while prices of inland properties rose by around 15% annually, according to local real estate agents.
In 2015, the average price for luxury homes in Belize was less than US$1 million, well below the US$2 million average price of luxury home in some other Caribbean destinations, according to SANCAS Realty.
Ambergris Caye and Southern Belize – Placencia – continue to be the two most popular areas for foreign homebuyers, said Chebat. Ambergris Caye has the most expensive housing in Belize, because tourists and expats are attracted to the beauty of the Barrier Reef. Oceanfront condominium units are priced at about US$500,000, while two- to four-bedroom oceanfront houses are priced around US$1 million.
More affordable houses are found in the south, especially in the Placencia Peninsula and nearby areas such as Sitee River, where residential properties are usually priced 40% lower than those on Ambergris Caye. A two-bedroom oceanfront condominium unit is priced between US$350,000 and US$450,000.
Some expats choose to settle in areas close to the border with Mexico or Guatemala. Corozal Town in the north (bordering Mexico), and the Cayo District in the west (bordering Guatemala) are some popular places for expat retirees. In San Ignacio, Cayo District, the average price of luxury homes was US$500,000 in 2015.
The number of affluent individuals seeking property in Belize increased in 2015, thanks to the relatively low prices of luxury homes in the islands, according to SANCAS Realty.
“Many international buyers are just beginning to discover the potential opportunities of investing in this tiny central American nation bordering the Caribbean Sea,” said Christopher Todd of SANCAS Realty. “Savvy buyers can find tremendous value in Belize, especially on the Placencia Peninsula in the Stann Creek District, and in the Cayo District to the west.”
Most foreign buyers in Belize come from the United States. There are direct flights from numerous U.S. cities, including Houston, Chicago, Dallas, Miami, Charlotte, Atlanta, Los Angeles, and Newark. There is also a growing interest from Canadians, Britons, Italians and Russian investors.
“The mid-term potential of the Belize real estate market is absolutely phenomenal,” said Todd. “The consensus opinions from our experts all paint a promising picture for those seeking to invest in Belize over the near-term.”
Hon. Santiago Castillo, Belize’s Minister of State for Economic Development, says: “We are extremely bullish on the appreciation value of northern Ambergris Caye over the mid to long term. We expect to see considerable new construction in this area over the next five to ten years as the northern area captures the attention of high net worth individuals and becomes the new epicenter of luxury real estate for the island.”
Most property transactions are done in cash, as Belize’s banks charge high interest rates. The Belizean dollar is tied to the US dollar at a fixed exchange rate of 1 USD = 2 Belizean dollar.
There are no restrictions on foreigners purchasing real properties in Belize.
Properties we are currently working with in Belize
Belize – Treasure Cove Belize
Treasure Cove Belize, the largest Mega-Green Resort in the Caribbean, a newly proposed development on Drowned Caye Island providing everyone with the opportunity to own affordable island property in Belize. Whether you’re considering it for your retirement or vacation home, or you’re thinking of investing for business purposes, Treasure Cove Belize is the right choice for you.
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