With its proximity to the US and Canada, Belize is an increasingly popular investment and retirement destination. It also offers a great lifestyle and some of the best property ownership rights in the world.
Belize real estate is still undervalued compared to other Caribbean & Central American markets. In addition, property and land taxes are incredibly affordable.
Ambergris Caye
As the US market recovers, more investors are turning to Belize for 2nd homes and vacation rental investments. The country offers excellent value for money and a growing tourism industry. This is helping to drive demand for property, especially in popular tourist areas like Ambergris Caye.
As a result, real estate prices are expected to continue rising in 2021 and beyond. However, it is important to keep in mind that the country still has a lower cost of living than many other countries in Central America. This makes it a great choice for retirees or families looking for a new home.
In addition, Belize is an English-speaking country with a stable economy and some of the strongest property ownership laws in the world. This makes it easy for foreign buyers to purchase and own property in the country. The country also offers a convenient location to the United States, with direct flights from most major airports.
One of the biggest trends in the Ambergris Caye real estate market is the increased popularity of eco-friendly homes. These green properties are designed to save energy and water. They often include solar panels and rainwater harvesting systems. These features can help reduce a home’s energy costs and provide a healthier lifestyle for residents.
Another trend in the Belize real estate market is the increase in demand for properties with high-speed internet connectivity. This is driven by the rise of remote work and the increasing number of people who choose to live and work from home. These properties are in high demand from both locals and foreign buyers.
If you are planning to buy a property in Belize, it is a good idea to visit the area in person before making a final decision. This will give you a better understanding of the community and culture. It will also allow you to inspect the property and make sure it is in good condition. It is also a good idea to order a property title search before buying. This will ensure that the property is free of liens and that the seller is the legal owner of the property.
Caye Caulker
Caye Caulker is a small, island paradise that attracts visitors seeking a more affordable beach vacation. Its vibrant turquoise waters and hip, low-key Caribbean feel offer a unique experience that is far removed from the more hectic Caribbean hot spots. During the day, you can snorkel the world-famous Barrier Reef, explore a Mayan ruin, or stroll along the picturesque island. The best time to visit is between January and March when the temperatures are perfect for enjoying all that Caye Caulker has to offer.
Accommodations in Caye Caulker are generally of the boutique and family-run variety, with some nice Airbnb’s and vacation rentals. For example, Colinda Cabanas offers cozy beachfront suites and cottages with hammocks strung from the verandas. At Blu Zen, you can enjoy contemporary two-bedroom condos directly on the beach and a third-floor terrace from which you can admire both sunrise and sunset.
Most of the expats who choose to retire on this stunning island are water lovers who love the Caribbean lifestyle that Caye Caulker offers. They often walk along the island’s beaches, go swimming or fishing, and socialize with local and other expat residents.
Located just 21 miles from Belize City, this sleepy little island is the second largest of 200 or so smaller islands (called cayes) that dot the coastline of the country. Pastel wooden houses line the seashore, and palm trees sway in the breeze. People of all colors and ethnic backgrounds call this place home, from Rastafarians pushing fruit carts to blond-haired cafe owners.
Purchasing property in Belize is relatively simple, and the country’s laws make it an ideal place to invest in real estate. For instance, the country has no capital gains tax and a very low corporate tax. In addition, foreigners who own property in Belize can also pass it on to their loved ones without incurring inheritance taxes. Furthermore, there are no restrictions on short-term rentals, which makes the country an attractive option for cash flow investors. If you are interested in Belize property for sale, it is important to work with a reputable agent who has a wealth of knowledge about the market and can help you find a suitable location.
Placentia
Placentia is a popular city with many benefits for families. It is home to dozens of local eateries that bring the town to life, and there have been several recent city improvement projects that have really uplifted the look of the neighborhoods. The town also offers a variety of family-oriented events and activities, including farmers markets and concerts in the park. Placentia is also a safe and welcoming community, with many parks and well-maintained neighborhoods.
The real estate market in Placentia is hot and competitive. Homes typically receive multiple offers and go pending within 25 days. Buyers can expect to pay about 3% above asking price for a home in Placentia. The average home size in Placentia is 1,647 square feet.
There are currently 21 homes for sale in Placentia, with an average listing price of $1.1M. Homes are selling fast, with a sales-to-list ratio of 1 and a median days on market of 50 days.
Purchasing a home in Placentia is a good long-term investment, with an expected price increase of 2.68% in one year. However, investors should be cautious about overpaying for a property.
The most expensive home in Placentia is listed for $1.6M, while the cheapest home is priced at $425,000. Homeowners in Placentia are paying 1.67% above asking price, on average, in 2023.
Real estate prices in Placentia are rising faster than the national average. In the past year, prices have risen by 2.49%, compared to a national average of 1.58%. The median home value in Placentia is $981,503, which is up 1.9% from last year.
If you’re interested in buying or selling a home in Placentia, be sure to get in touch with a top local agent. These professionals can help you navigate the current real estate market and find the best home for your budget. They can also answer any questions you may have about the area. You can also connect with a mortgage specialist to discuss your financing options and get preapproved for a loan.
San Pedro
Belize is a small country of around 16 million people, situated in Central America. Its economy is largely based on agriculture and services, with tourism being an important component. Belize also has a rich history of political stability, with the country experiencing peaceful and free elections.
San Pedro, on the island of Ambergris Caye, is the center of Belize’s popular Caribbean resort industry. With its wide beaches, beautiful water, and vibrant culture, it is no wonder that San Pedro is a hot spot for tourists.
The island’s thriving tourism industry has brought in a wave of new residents, which is helping the local economy. This strong growth has helped to drive construction and service industries in the area. It’s also created a demand for real estate.
Single-family home sales remained pretty consistent throughout 2022, but were impacted by interest rates. Rates started the year in the low 3% range and quickly went up to over 6%. This caused average sale prices to go down, shown by the dark red cells in the chart above. In addition, average DOM (days on market) increased as well, going from a low of 18 days in January to over 30 in November.
Condos and townhomes had a little bit more erratic performance, with DOM ranging from as low as 9 days in May to 52 days in November. Price and sales trends were affected by interest rates as well, with months with lower rates seeing the most activity and the highest average sale prices.
Despite the sluggish sales in early 2023, it seems like Belize’s real estate market is picking up steam as we head into the second half of the year. With a steady increase in buyer interest and the stabilization of interest rates, it’s likely that both single-family homes and condos/townhomes will continue to see an upward trend for the rest of 2023.
Are you considering buying a property in Belize? If so, getting familiar with the current real estate trends in Belize is a must. Having this information can help you make an informed decision about which type of property is the best fit for you.
