Plan to live in Belize? Our articles can
help you buy real estate in Belize
for both living and investment...
You might think that investing in property
anywhere in the world right now is tantamount to madness – after all house
prices in the US and UK are falling and therefore the value of our equity is on
the slide. Added to this it is getting harder and harder to arrange
domestic mortgages let alone raise one to buy abroad. But what if I were
to tell you that there really is one market in the world where it still makes
sense to buy property?
It’s
true – and I’m not alone in my thinking either - the likes of The Wall Street
Journal and Coldwell Banker agree with me! The market I’m talking about
is Belize and here’s lots of reasons to invest in property in Belize when all around you real
estate markets are failing!
1) Property prices in Belize are
still on the rise. A Coldwell Banker study revealed that the average
price of a 220sqm home in San Pedro in Belize increased on average 18.6%
between 2006 and 2007 – and because base prices in the nation are still so
affordable, there is still room for yet more growth.
2) The Wall Street Journal
cited the above facts in a report that it published to prove that Belize’s real
estate market is one of the best value markets in the Central American region.
3) The Boston Globe has
published an article proving that Belize
is not only good value, but that compared to the likes of Panama and Costa
Rica, Belize
is easy for buyers to get their hands on property; the buying process is more transparent and is conducted in English.
4) Belize is the only English
speaking nation in Central America – making it easy to buy there if you are
British, Canadian, American or Australian for example – and making it hugely
attractive to English speakers as a second, retirement or holiday home nation
for example – which means buyers have plenty of people to target when it comes
to their exit strategy!
5) The Belize dollar is fixed
2 to 1 with the US dollar - making it stable, and also making it very cheap at the
moment for European and British buyers whose currencies are strong compared to
the US dollar.
6) No restrictions are placed on
you as a foreign buyer of property
in Belize.
7) Those who own real estate in
Belize
pay no capital gains or estate taxes and very low property taxes.
8) Rental yields are improving
as tourism in Belize
flourishes.
9) Property prices have slowly
but steadily been increasing in the most popular parts of Belize such as the
Cayes for at least the last 20 years – showing that the market is stable and
based on increasing demand – and rest assured, demand is still increasing!
10) Finally, Belize is a
stunning nation of beautiful contrasts, a safe and secure nation, one that is
becoming easier to access and one where the climate is fabulous. It has
reefs and rain forests, wild and rare flora and fauna, is historically and
culturally rich and what’s more, the standard of living is good while the cost
of living is low - making an investment into property in Belize quite possibly
a very sound one indeed!
Property in Belize - Real Investment
Return Potential
While many established property markets in
countries all over the world are experiencing a slowdown as of late and even
outright stagnation in some cases, new markets are emerging to take their
place.
From
Morocco to Cape Verde,
real estate investors are finding growing property markets in locations few
would have thought of only a few years ago. One such destination that
really appears to be a rising star is the Central American country of Belize. With property in Belize you can
access real investment return potential.
This commonwealth nation is half
a world away,
but that doesn’t mean North American and European investors aren’t
starting to flock there. With healthy property value increases already a
reality, a growing tourist market and even celebrity attention all shining in Belize’s favor, the Caribbean
nation is rather attractive right now.
In this article, we’ll take a
closer look at Belize
and its growing property market.
Buyers are finding their investments
are growing at a very pleasing pace. According to Canada.com, real
estate experts are predicting very healthy growth in terms of property
appreciation levels. Interior locations should see a rise of about 15%
per annum. Coastal and tourist destinations are likely to see growth of
up to 30% per annum. With the country heavily targeting North American
and European retirees, along with tourists, its potential is very much in the
spotlight right now. Already a favorite stop for cruise ships and
holidaymakers, Belize’s
tourist trade is estimated by the World Travel & Tourism Council to grow by
about 3.8% per annum between 2008 and 2017.
The country offers special
incentives to retirees who choose to buy and move there. Its taxes are
also considered quite attractive to Brits, as is the exchange rate, which is
about 4 to 1 in favor of the pound. Belize does not have a capital
gains tax, or an inheritance tax. Property taxes run as low as 1% of
market value.
While the Caribbean climate,
turquoise waters and interesting interior is huge draw,
other things are also putting the spotlight on Belize right now. Movie star
Leonardo DiCaprio recently purchased an island there. While that type of
purchase is likely out of reach for many of us (!), other real
estate in Belize is not. Within the more rural parts of the country,
property can be had for about USD 5,000 and small homes for about USD
15,000.
The rate of return potential in
Belize
is being driven by the rising property values. Another factor, however,
also comes into play for some buyers... rental return estimates here fall in
between 4% and 9%. This means those who take a buy-to-let strategy should
see healthy returns as well.
Belize has many
appealing factors for investors and holidaymakers alike. As property
values rise, the potential Belize
offers is becoming more interesting for foreign investors.
Buying Property in Belize: Hopkins
and Sittee Point
The Belize property market is starting
to really boom as Europeans and North Americans discover the sun
drenched wonders and white sandy beaches that this stunning Central American
country has to offer. Most who are buying homes in Belize are
drawn to the larger resorts and destinations, but slightly off the beaten track
there are exciting property bargains galore.
If
you’re dreaming of living in a tropical paradise and buying real estate in
Belize appeals to you, you’re going to find there’s a whole lot going on in
this particular property market; but the specific focus of this article is on
buying property in Belize in Hopkins and Sittee Point - which are less well known
locations.
As the only Central American
country that’s an independent member of the Commonwealth, you will find a
lot of similarities with Belize
and your homeland. For example, the official language is English - though
do expect to hear quite a bit of Spanish and Creole spoken - and the appeal of
living in such an exotic location, while quickly feeling quite at home, is
luring in many an expatriate.
As greater numbers of foreign
buyers flood the market, so prices are being pushed up and so developers are
quickly getting on the bandwagon and starting construction projects.
Major developments are under
way along the Caribbean Sea side of Belize in a very big way. Land here is still very affordable, cheap by European and
American standards in fact, and so prices do remain affordable to overseas
buyers.
In the Hopkins and Sittee Point regions buyers will
find planned developments are going on around the seaside with home sites
starting at under USD 90,000 at the moment. Of course this does not
include building costs but USD 90,000 for prime beachfront land is unheard of
in many other tropical paradises.
While the villages of Hopkins and Sittee Point
are both considered somewhat primitive by European and American standards,
buyers here will find that a few home comforts are still available. Add
to this the fact that turquoise waters and white sandy beaches are walkable
from your front door and many find living or vacationing in this part of Belize is their
dream come true.
Belize is
considered a strong buy for retirees and those looking for holiday homes to use
personally or to let out. The exchange rate with the deflated American
dollar is roughly 2 to 1 so the pound and euro go even further!
Within the village of Hopkins
which is near Sittee Point, buyers will find a health clinic, shopping, dining
and an operational dive shop among other things. Do be prepared for a bit
of a culture shock though – Hopkins
only has one police constable! With a virtually non-existent crime rate,
the village gets by with this single officer of the law who makes his rounds on
a bicycle!
If the beaches are a big draw
and other European
locations seem too played out for your tastes, Belize is worth a closer
look. As more investors discover this region, don’t expect prices to stay
so low forever though – if you’re going to make a move into real estate in
Belize, make it sooner rather than later!
