Real Estate Is Global
Real Estate is a global marketplace. Whether Buying, selling, leasing or investing, clients come from all over the world. Here are some recent statistics:
We view the buyer, seller, leasing and investing market globally. That is why we belong to several worldwide real estate networks such as Realtor.com International, The International MLS, and the Certified International Property (CIPS) Network. This allows us to have access to international properties, real estate professionals, resources and tools to better assist international clients purchasing locally, as well as, local clients purchasing abroad.
Featured Area: Belize
Market in Depth Belize's thriving luxury property market
As of July 2018
Belize's property market is booming, thanks to a surge in tourist arrivals. House prices are back at or above pre-crisis levels. Property prices in Belize, especially in favorite locations such as Ambergris Caye and Placencia, have risen by double-digit figures annually during the past three years, according to local real estate experts.
Outside buyer interest in Belize rose rapidly from 2000 to 2007, partly due to the passage of the Retired Person Incentive Act (RPIA) in September 1999, and to the tourism boom. Tourists flocked to Belize's natural wonders - beautiful beaches and tropical forests, plus ancient Mayan temples. From 2003 to 2007, property prices in coastal and tourist areas rose by as much as 30% annually, while prices of inland properties rose by around 15% annually, according to local real estate agents. Yet the average price for luxury homes in Belize is still less than US$1 million, well below the US$2 million average price of luxury home in some other Caribbean destinations, according to SANCAS Realty. Residential rents also remain surprisingly low. The average rent for a one-bedroom apartment in the city center is US$350 per month while three-bedroom apartments are offered for around US$600 per month. Rents for apartments outside the city are about 25% to 35% lower.
Ambergris Caye and Southern Belize - Placencia - continue to be the two most popular areas for foreign homebuyers. Ambergris Caye has the most expensive housing in Belize, because tourists and expats are attracted to the beauty of the Barrier Reef. One- to two-bedroom oceanfront condominium units are priced at about US$300,000 to US$600,000, while three- to four-bedroom oceanfront houses are priced around US$1 million.
More affordable houses are found in the south, especially in the Placencia Peninsula and nearby areas such as Sitee River, where residential properties are usually priced 40% lower than those on Ambergris Caye. One- to two-bedroom oceanfront condominium units are priced between US$200,000 and US$450,000. Some expats choose to settle in areas close to the border with Mexico or Guatemala Corozal Town in the north (bordering Mexico), and the Cayo District in the west (bordering Guatemala) are some popular places for expat retirees. In San Ignacio, Cayo District, the average price of luxury homes is around US$500,000.
The number of affluent individuals seeking property in Belize has continuously increased in recent years, attracted by the country's "Qualified Retired Persons" (QRP) program and the relatively low prices of luxury homes in the islands. Most foreign buyers come from the United States. There are direct flights from numerous U.S. cities, including Houston, Chicago, Dallas, Miami, Charlotte, Atlanta, Los Angeles, and Newark. There is also a growing interest from Canadians, Britons, Italians and Russian investors.
"The mid-term potential of the Belize real estate market is absolutely phenomenal," said Todd. "The consensus opinions from our experts all paint a promising picture for those seeking to invest in Belize over the near-term."
There are no restrictions on foreigners purchasing real properties in Belize.
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