We’re at the tail end of tax season when many people are preoccupied with financial planning. During this time of year, our Belize law office always experiences an uptick in inquiries about Belize real estate investment opportunities.
Below you will find information about the latest trends in Belize real estate for those who want to buy real estate in Belize, retire in Belize, invest in Belize, or otherwise take a leap towards paradise.
Belize is renowned for its retirement market and vacation homes for foreigners. The major customers for this market are retired Canadians and Americans who relocate to Belize. British buyers are also familiar as Belize is a former British colony and still part of the Commonwealth. Lately, Italian, Spanish, and Russian buyers have also started showing interest in properties in Belize. It is advised for foreign buyers to hire a lawyer for acquiring land or property in Belize, as one would not be entirely familiar with Belize laws and cultural idiosyncrasies.
There has been an approximately 30% growth in real estate sales in coastal regions as compared to an increase of 15% in the areas inland. More and more people are investing in real estate in Belize area and all signs point for this trend to continue in 2017. Currently, Belize real estate prices are considerably lower than Mexico and eastern Caribbean, but the prices are bound to appreciate as Belize continues to develop quality infrastructure and larger expat communities.
Some airlines have increased the frequency of direct flights to Belize from various cities including Houston, Panama City, Los Angeles, Chicago, Dallas, Charlotte, Atlanta, Newark, and Miami just to name a few. All of these cities have daily flights going to and from Belize. Just another of the many factors that plays a prominent role in attracting investors to the growing real estate sector of Belize!
The popular areas seeing the most interest from recent and current real estate buyers are Ambergris Caye and southern Belize — Placencia. A typical oceanfront house in Ambergris Caye having anywhere between two to four bedrooms costs $1 million, making it the most expensive locality in Belize regarding real estate prices. A typical oceanfront condominium in Ambergris Caye costs around half a million. There is a combination of many natural factors, such as climate, the topography, and the Caribbean flavor of the place makes it a worthy destination for a second home. A major factor attracting real estate buyers to Ambergris Caye is the barrier reef. It provides luxury facilities such as diving and water sports, bird watching, nature trailing and access to the beauty of the national park.
Placencia real estate is also getting attention from the foreign buyers; Placencia is a beautifully curved peninsula next to the Caribbean Sea in southern Belize. It is comparatively remote and hence a bit cheaper. The prices here are almost 40% less than in Ambergris Caye, yet the area has many of the same qualities such as natural beauty and an abundance of outdoor activities to participate in.
Another developing area for vacation home buyers is Hopkins. Some foreign buyers also prefer to build the home for themselves. The cost of building a home in this area is approximately $100 to $175 per square foot, depending upon the material used (hardwoods, flooring, and tiles, etc.)
There are many attractive spots in Belize, some of which are:
- San Ignacio town near the Mayan ruins of Cahal Pach
- Caye Caulker, a small limestone coral island in the Caribbean sea
- Toledo town of Punta Gorda, which boasts extensive cave networks
- Cayo District has more than 100,000 acres of marvelous pine covers
- Dangriga is situated at the North Stann Creek River, and it is the cultural center of Garifuna people.
Belize is a dreamland for those wanting to invest in retirement or vacation homes.
Interested in retiring or relocating in Belize? Check out other great places to buy real estate in Belize.
Contact Wrobel & Co, Attorneys-at-Law, and we’ll get you started on your Belize retirement or relocation journey today.
To learn more about real estate in Belize, visit our Belize Real Estate FAQ page here.
