Belize real estate has shown in recent times that this market can be quite rewarding.
The market has come a long way since the global economic crisis. It appears far more financially stable and is poised for even more growth. Thanks to the rapid boom in the tourism industry, Belize luxury real estate now attracts interest from not just global investors but affluent individuals who would love to experience the beauty of Belize.
Five Things to Know About Luxury Real Estate in Belize
If you’d like to explore real estate opportunities here, you need to arm yourself with the right information. This guide has been compiled to help set you on the right path so you can make better-informed decisions. Here are five things you should know;
1. Growing international interest in Belize
A-list celebrities are flocking to this Central American paradise. These include famous names like Beyonce, Leonardo DiCaprio, Harrison Ford, and NBA legend Kareem-Abdul. While many of these influencers already have a place here, more and more celebrities and wealthy individuals are beginning to see the unique opportunities of Belize’s luxury real estate.
2. Steady growth and development in Belize
Global interest in Belize has increased recently, thanks to its booming tourism industry. The real estate sector, as well, has seen and still seeing new developments. More properties are being added every day to sustain the growth in the sector.
3. Greater Affordability in Belize
The Belize luxury real estate market has no shortage of impressive and jaw-dropping constructions. These range from elegant beachfront homes to palatial villa residences as well as cozy but magnificent apartments. While homes continue to appreciate at steady rates, luxury real estate here is still far more affordable than what’s obtainable in the Caribbean and most parts of the world.
4. Attractive tax incentives in Belize
Belize has no capital gains or inheritance tax. Aside from this, the Belizean government has also implemented the Qualified Retirement Progam (QRP). This makes it easier for foreigners to obtain long-term residency and live here tax-free. If you like the idea of tax-sheltering, Belize luxury real estate will appeal to you.
5. Emerging market potential in Belize
Belize real estate market offers diverse opportunities for investors. While it’s become very popular as a second-home destination, global investors are also congregating here for commercial opportunities. The country is also politically and economically stable.
Why luxury real estate in Belize is exciting for investors
- Luxury real estate in Belize is very affordable, despite the dynamic nature of the sector.
- Investing here also opens you up to a variety of tax incentives so you can always maximize value.
- When it comes to real estate investments, the bulk of your focus and expectations will be on value. As far as Belize is concerned, the potential here is enormous.
- Another thing you’ll appreciate as an investor here are the friendly people. Most people speak English (it’s the official language!) and so it’s easy to get on.
- Belize enjoys a strategic location advantage in that it’s close to the U.S. There are direct flights from here to Miami, Los Angeles, New York, Atlanta,Dallas, Houston, Ft. Lauderdale, Charlotte, Newark, Panama, San Salvador, Cancún and more.
All of these and a market that continues to perform very well are more than enough to excite any experienced real estate investor.
What to look out for when purchasing luxury real estate in Belize
If you’d like to buy luxury real estate in Belize, you may find the process here a little bit different from what it’s like in your home market.
Working with a reliable realtor in Belize
You should always try to work with a credible and reliable real estate agent. As a reminder: you don’t need any sort of license to be a real estate agent in Belize. Any Belize resident can sell real estate and advertise their real estate services which can lead to regrettable compunctious results for people buying a luxury property in Belize.
In Belize, the bulk of a realtor’s service is in finding and connecting buyers and sellers. Call our law firm and we’ll recommend a reliable real estate agent for you.
Finding an experienced Belize real estate attorney
The next important thing is working with an experienced Belize real estate attorney. This is important because the attorney will be responsible for doing the title search as well as facilitating the transfer of ownership. In essence, your real estate attorney in Belize will be more involved in closing than your Belize real estate agent.
Stamp tax and property tax
The stamp tax is an upfront fee you’ll pay when buying your property, and it may cost as much as 8% of your home’s purchase price. While this may seem costly, what you’ll have to pay in yearly property tax will be very small, sometimes LESS THAN US$100.00 per year depending on the property value.
Paying at once means you own your home right away. However, you may be able to work out a flexible payment arrangement directly with the property seller. You may have to come up with a downpayment of around 20% to 30%. In some cases, you may also be able to work out a modality of payment where you can be paying the remainder to the seller directly each month.
The sale will be registered through an attorney as well as with the government, so you don’t have to worry about the legality of the transaction.
Working with a reliable and highly experienced Belize real estate attorney will prove very important. As a friend once said, “Do not leave your brain at the border!”
To fend off buyer’s remorse, spend a few weeks or a few months in Belize. For example, people in Belize function on a different time zone and punctuality isn’t their strongest suit. It’s very laid back here and while this might be fine to some, for others, it’s not. Are you ready to live in Belize’s time?
The food here can be really spicy and seafood is abundant (especially on the islands). There are a few places that serve Chinese food, Mediterranean food, Indian food, pizza, and even sushi but don’t expect it to be the highlight of your week. For these reasons and many more, spending some time in the town where you plan to purchase your piece of luxury real estate should be of paramount significance.
Best places/popular places to purchase luxury real estate in Belize
Belize has no shortage of Islands, beach communities, jungle areas, and mountainous terrains, among others. You can be sure there will always be that place that will pique your interest.
However, the most popular areas in recent times have been:
- Ambergris Caye with the sandy beaches and the impeccable scenery (popular among Canadian and US expats);
- Placencia for those who enjoy an active lifestyle and a decent culinary scene;
- Caye Caulker with beachfront homes in a tranquil and peaceful environment, and
- Corozal’s appeal amongst expats tends to be that it’s close to Mexico where a different world abounds.
Belize brims with enormous opportunities and remains quite strong and healthy.
If you’re looking for the ideal vacation home, a beautiful place to settle, or a real estate market with great potential for value, you’ll find luxury real estate in Belize well worth the investment.
You’ll need some knowledge of the market and an experienced Belize real estate attorney to help you handle the legalities. With these, you will be on the right path to achieve success in this healthy and growing market.
Ready to shop for luxurious property in Belize? Contact Wrobel & Co, Attorneys-at-Law, and we’ll get you started by linking you with a trusted real estate agent. To learn more about purchasing real estate in Belize, visit our Belize Retirement FAQ page here.
This information was provided as a courtesy of Wrobel & Co. Attorneys-at-law. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel. Please click here for the full disclaimer.