Investing in a vacation home is more than having a secondary refuge whenever you want a break from the world. It’s waking up to crashing waves, Caribbean breeze, and the tranquility that comes with being near water. When investing in a beachfront vacation home, there are many things to consider. Location-wise, Belize is already a bustling market for valuable real estate, especially waterfront properties. Ambergris Caye has always hailed supreme when it comes to real estate value, with investors flocking to the 25-mile-long island. However, there’s another underrated region that has piqued the interest of veteran real estate experts: Corozal. And if there’s a place to invest in an underrated beach home in Belize, it’s here.
Photo by the Corozal Town Council via Facebook
Corozal is anything but new in the real estate market. But according to Vista Real Estate founder Hugo Moguel, recent data shows the region has humongous potential growth for investors. The Northern Belize district is mostly known for its laid-back feel and stunning waterfront vistas. Over the past couple of years, real estate buyers have begun to notice the area’s value – and for good reason. Ambergris Caye will always be number one, says Hugo, with Placencia following closely behind. But ever since the pandemic, folks have been looking for less crowded places. The famous La Isla Bonita may have unrivaled views drawing in thousands of investors. But that same popularity could be what turns away those looking for something more low-key with equal seascapes. According to Hugo, Corozal checks all the boxes – and more. So why should you invest in a beach home in Corozal, Belize? Moguel lays it down for us.
Low density.
Orchid Bay in Corozal. Photo by Duarte Dellarole
While real estate investment in Belize was put on pause due to the pandemic (like everything else), Hugo says the lull was surprisingly short. In fact, 2020-2021 had record rates for investors looking to Belize. Why? “People started looking for escapes,” says Hugo. Corozal was the perfect candidate. Unlike its island counterpart, Corozal boasts a low population density, making it the ideal location for seclusion.
Infrastructural development.
Cerros Sands is an upcoming planned community in Corozal. Image courtesy property.
Hugging the coast of the Chetumal Bay, Corozal has been an ex-pat haven for years. But several investors who have bought properties from Vista Real Estate a decade ago have only now begun to develop their properties. Hugo says this can be attributed to the recent infrastructural developments in the area.
“There’s also a lot of excitement and anticipation for the new road and the new bridges along the Sarteneja Road,” says Hugo, referring to the sleepy fishing village located far north.
Groundbreaking ceremonies for the Corozal to Sarteneja Road Upgrading Project. Image by Government of Belize Press Office (November, 2019)
“This infrastructural investment has been taking place and has also encouraged a lot of investors to go ahead and develop their properties.”
Convenience.
Another reason Corozal has been on the list of those wanting to invest in a beach vacation home is the convenience that accompanies it. Firstly, while Corozal may hold primarily waterfront properties, it’s also connected to the mainland. Large towns and communities are short drives away, and the nearby epicenter of Chetumal is less than 30 minutes away. Corozal town also has an airstrip for easy flight access to the Ambergris Caye, should an investor need a quick trip to the island. It’s also only about an hour and a half drive away from the international airport in Belize City, though the domestic flight can take you there in mere minutes.
High Potential, Low Cost.
Progresso, Corozal. Photo by Javier Rejon on Unsplash
When it comes down to it, Corozal has great potential at an affordable price tag – plain and simple, as Belizeans say. Sure, Ambergris Caye, mainland properties, and Placencia has seen stellar growth during the pandemic as people sought an escape from the U.S. But when looking at Corozal, the numbers are outstanding in comparison.
“When you start counting the number of transactions, the amount of subdivisions, the amount of different developments, it’s larger,” Moguel says. “If its growth in value, we see a lot of potential in Corozal.” What makes the area so appealing to buyers is its low cost, offering a lot of potential upswing for investors.
“Ambergris Caye historically has always been the number one destination in Belize and during the COVID period, it shot up so it shows how strong and appealing that market is,” Moguel shares. “It’s one of the safest bets. But likewise, the values are also very high and has a high cost of living attached.”
Corozal Bay.
Unlike Corozal, whose affordability can have investors excited for their return on investment. And to them, Hugo Moguel has one piece of advice to share from his expertise with Vista Real Estate. “Think about Corozal. It’s an interesting dynamic, and we’re excited enough to see that as a huge opportunity.” From his account, it could be time to invest in a beach home in Corozal, Belize.
Header image courtesy Vista Real Estate.
