Why Now Is The Right Time To Buy Real Estate in Belize

by Larry Waight

Real estate is all about location, so buyers must carefully consider where, exactly, they would like to purchase a property. The best choice will of course be dependent on what you’re looking for, but there are many good reasons to look for property in Belize. Now is an excellent time for multiple reasons.

Belize Appeals To Many Different People From All Walks of Life

The Duke and Duchess of Cambridge’s official Twitter page shared images of them diving the Belize Barrier Reef.

Belize has the advantage of being a market that appeals to many different types of property owners.

placencia beach couple colorful tipsy

Placencia is a top choice for retirees. Photo courtesy Kevin Quischan Photography

First are retirees. Many retirees are looking for a warm, comfortable place to live, and because many are on fixed incomes a low cost of living is welcome. Being in Central America on the Caribbean Sea, Belize offers the kind of tropical paradise where many dreams of spending their golden years. The cost of living is also very low. Although property values have increased in recent years, they are still much less in Belize than in nearby markets like Costa Rica, Mexico, or Florida.

Placencia is a popular hub for retirees. Image by Naia Residences

Next are investors, who will be interested in Belize because of the country’s growing tourism industry and rental market. It is attractive to do business in the country because Belize has no Capital Gains Tax and Belize does not have restrictions on foreign nationals or non-residents owning property.

Go bird-watching at family-friendly Sweet Songs Jungle Lodge. Image courtesy property.

Finally, ordinary people will find there is a lot to like about living in Belize. The country is a stable democracy with a low crime rate that maintains a rustic, off-the-beaten-path vibe. Belize is especially attractive to North Americans because the national language is English, unlike some of its neighbors. Because of its close location to the United States and Canada, you are only a two- or three-hour plane ride from home if you want to visit relatives or have an emergency to contend with.

How To Buy Real Estate In Belize

Once you have decided this is the path you want to take, you will then need to turn your attention to the details of how to purchase property in Belize. Fortunately, the process of buying real estate in Belize will be familiar to North Americans because it is basically the same. Real estate contracts are very similar to what you see in the United States and Canada, and the way condominium developments are managed is nearly identical too.

corozal bay

Corozal Bay.

When it comes to financing a property, foreign buyers usually borrow from offshore banks because interest rates are more favorable. Many also opt to pay in cash. Property taxes are incredibly low, with them usually only being a few hundred US dollars in even the most affluent areas and much less in rural areas.

Battlefield Park in Belize City. Image courtesy IE Ltd.

 

Because of the growth, however, you will want to work with a reputable local agent and real estate attorney to avoid the scams that are out there. Ensure you have a clear title on any property you are looking to purchase by performing a title search through the Government Land Registry.

Where To Look For Properties in Belize

There are several regions, towns, cities, and areas where active development is happening and may be of interest to foreign buyers.

San Pedro, Ambergris Caye offshore Belize. Image by Duarte Dellarole

Ambergris Caye is the largest island in Belize and one of the country’s biggest tourist destinations. This makes it one of the best areas to purchase a vacation rental property and watch the returns pile in. The island is well-built up and has many amenities, especially in the town of San Pedro.

An aerial of the Placencia Peninsula. Image by Duarte Dellarole

Placencia is in the very south of Belize, on the coast. The area is known for its beautiful white-sand beaches and access to nearby reefs and mainland jungle. While quieter than Ambergris Caye, it still hosts many luxury resorts.

hawksworth bridge Cayo

Hawksworth Bridge, San Ignacio. Photo by Meritt Thomas/Unsplash

The Cayo District may not be on the ocean but it is considered the center of Belize’s eco-tourism. The area is highly affordable as well. San Ignacio, the capital, is a culturally rich, developed town with many amenities to offer.

Because Belize does not use a standard MLS system, finding available properties can take some extra time. This is why working with a local agent who knows the market is important to expedite the process.

No matter what type of property you are looking to purchase in Belize, you can contact a local agency like Remax 1st Choice Belize for real estate opportunities. With Remax, it’s not only a genuine desire to help that backs their service, but also experience; agents are happy to assist you with finding and purchasing a property in this beautiful, unique, breathtaking country.

All images courtesy Remax 1st Choice Belize.

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