The popularity of Belize is really beginning to have an effect on the prices of real estate for sale in this Central American, Caribbean country. And for those who are researching their options when it comes to where to buy property abroad, the question that needs answering in respect of Belize is what to spend on property in Belize?
What is realistic, what is a rip off, where will your property pounds and dollars go furthest? In this article we explore prices for property in Belize today and give an overview of the real estate market in Belize currently.
Please note – the prices quoted in this article are accurate today, the 9th of May 2008 – they are certainly liable to change!
Prices for property in Belize have risen in line with the growing awareness that the wider world has of the delights of this stunning nation. The attraction of the country may have improved a little as investment has poured in to infrastructure…but ultimately, the fact that Belize is so stunningly beautiful, blessed with an excellent climate, located on the Caribbean Sea and enhanced by white sandy beaches, perfect palm trees and lush vegetation mean that now that more people are becoming more aware of the country, nothing may stop the rise and rise in popularity of the nation.
This is good in part – it means that accessibility will no doubt improve, services will become more sophisticated and it will become easier and easier to retire to Belize, buy real estate there and even set up home in the country permanently. But at the same time, the rise in popularity of the nation will continue to have an upward impact on property prices. So, if you want to bag a bargain you will have to move quite fast.
For British and especially European buyers, now is a great time to buy in. Belize uses the Belizean dollar as its currency and it is pegged to the US dollar at 2:1 at the moment. Because the US and subsequently the Belizean dollars are so low compared to the pound and particularly the euro…prices in Belize appear cheaper in real terms to Brits and Europeans than they do to North Americans. This isn’t stopping the American interest in the nation however, because it is just a couple of hours flight south of Florida and therefore very easily accessible.
And in terms of what to spend on property in Belize, I think the answer to the question lies somewhere in what you are buying!
If you are buying in hugely popular Ambergris Caye or perhaps Placencia and you prefer luxury you’re going to be looking at spending from USD 400,000 for a high-end condominium at the brand new Ara Macao Resort & Marina development for example, and you should not expect to spend anywhere less than USD 300,000 for a decent house or apartment in a popular district with prices reaching as high as USD 500,000 for the most popular locations. But if you want a bargain you can still find one. Look at the Cayo district for example, there you can still find waterfront property from as little as USD 75,000 occasionally although more realistic is USD 100,000 – 150,000.
Step off the beaten track or buy a renovation project and you will still be looking at low prices for property in Belize. But if you want luxury, it is certainly available and even the most luxurious has a low price tag in relative terms – especially when you think about what else you’re gaining aside from the real estate. Think about the location, the view, the climate, the people, the lifestyle, the low cost of living, the tax breaks, the cuisine! You have it all in Belize, you really do – yes property prices are rising, but they are rising from a very low starting base. And what’s more, there is everything to suggest they will keep rising, so if you do move fast and buy in today, you may very well be buying yourself a fairly future proofed investment asset as well.