A warning has been issued to would-be buyers of Belizean real estate – be location careful when buying property in Belize, especially if you ever want to resell it! Rather ironically, the issue has been given by a realtor who’s actually attempting to sell a seemingly unsaleable retirement development in Punta Gorda in Belize near the Guatemalan border.
The trouble with the development is not the construction or the cost, it is simply the location. It is difficult to access and pretty much in the middle of nowhere, and so unless you’re seeking an escape from the madding crowds, it’s unlikely to appeal. However, where buyers do get the location of their dream Belize home right, they could be in line for record house price gains in 2008.
Belize has always been a popular retirement, second home and expatriate destination for US citizens, and now the country is being given a more concerted push by US media aware that many of their citizens want out of a failing economy, falling currency and flailing housing market.
Thanks to not only a greater influx of US citizens but also a more international crowd heralding mainly from the UK, Ireland and the European mainland, real estate prices for well located property in Belize rose almost 20% year on year between September 2006 and September 2007. In a report by Coldwell Banker, they claim that in the ever popular San Pedro property market in Belize, the median price of a 220 square meter house rose to USD 697,500 in September2007 which is an increase of 18.6 % in just twelve months.
It’s fair to assume that another booming year in terms of tourism arrivals and international interest in property for sale in Belize will see prices shifting ever upwards in the Cayes, Belize City and the most popular retirement, second home, expat and holiday hotspots. And the World Travel and Tourism Council are predicting a positive increase in 2008 in terms of personal travel and tourism activity in Belize, so this really does bode well for parts of the nation’s property market.
But let’s not forget the warning that this article was written about! Bob Prehall, a real estate agent attempting to sell Cuxlin Ha, which is a stunning riverfront retirement community in Punta Gorda in Belize warns that because the community is about 300 miles from the nearest international airport and because there is no nightlife, no great social life opportunity and pretty much little to do all day long apart from enjoy the amazing natural surroundings of the properties, buyers are not interested. So, buyer beware of location when purchasing property in Belize if any form of profit is ever going to be derived from the eventual resale of the home in question!
Too far out, not touristy enough, inaccessible and boring are not acceptable when it comes to location, location, location in Belize. Heed this advice and you won’t go too far wrong!