Guide To Buying Real Estate in Belize

Photo of author

By BenjaminBeck

Hot real estate in Belize continues to thrive. The market has seen prices rise in the last 10 years and property close to the beach or inland tourist areas continue to be great investments.

Belize is a wonderful place to live. If you want income-producing properties, Belize properties rent out quickly. Belize properties can be rented quickly, making them a great choice for long-term investments or short-term income.

RE/MAX Belize Real Estate is the biggest real estate firm in the world and has the biggest network of offices and agents in Belize. RE/MAX has the highest market share, and has offices in every corner of. Since we don’t have a traditional MLS the network is essential when looking at Belize real property.

RE/MAX Belize agents are knowledgeable about market and property knowledge. RE/MAX Belize includes over 100 agents. RE/MAX Belize provides more than just finding the perfect Caribbean home. Its services include investment as well as land banking, market information.

What is Belize’s Best Attraction?

Belize has a wonderful quality of life. Belize offers a great place to live, whether you are a young family seeking a quiet life, a business owner looking to capitalize on Belize’s growing tourism sector, or a retired person looking for a comfortable, affordable home.

You can expect warm weather all year and sunny skies almost every day. Belize is the perfect place for outdoor recreation and water-based recreation. Belize is known for its slow, easy charm. Here, people live a relaxed and stress-free lifestyle. There are no fast-food restaurants, skyscrapers or chain restaurants. You won’t find any traffic jams or blizzards.

Why Belize’s Real Estate Market is Hot

You can stay close to your family by living in Belize. Only two or three hours from major US and Canadian cities, Belize can be reached by plane. All major airports offer daily flights. It’s simple to fly to Belize if you have to return home in an emergency or visit your family.

Where to Look for Property

Several areas continue to be popular with expatriates and retirees from Belize. These areas include the following.

Ambergris Caye is Belize’s main tourist attraction. It can be found on the west coast of Belize. San Pedro, capital of Ambergris Caye is a well-developed city with many amenities. San Pedro has both high-end condominiums and luxury resorts, as well as midrange properties. It is popular for its beautiful surroundings and vibrant nightlife.

Caye Caulker – Although Ambergris Caye may seem sleepy, Caye Caulker, a small island that can be self-sufficient, is very popular among backpackers and divers. It has its own airport, hotels, and business.

Placencia is located at the southern tip of Belize. It boasts stunning scenery and white sand beaches. It is slower than Ambergris Caye and offers hostels, lodges and resorts for all budgets.

Corozal is a town near Belize’s northern border with Mexico. Residents often travel to Chetumal (Mexico) for medical care, shopping, movies and American-style cuisine. Corozal may be a little off the beaten track, but many expatriates love living there.

Cayo District: This is the hidden gem of Belize, according to many expatriates. It’s not located on any beaches but it is the eco-tourism centre of Belize. The capital, San Ignacio, is a vibrant and well-developed city that’s just an hour away from Belize’s capital, Belmopan. The Cayo District offers scenic beauty and is affordable.

Are Foreigners Interested in Real Estate in Belize a Good Option?

Belize is one of few countries where foreigners can own land and property in the same way as citizens. This is in contrast to Mexico and Costa Rica, where foreigners must take extra steps when buying real estate. It is possible, but it takes extra effort. It is even harder to purchase property in Central America and South America.

You can purchase property in Belize just as easily as property you would buy in your country. There are many options available: a place to live, an apartment to rent, a business property, or raw land.

Two things are important to keep in mind. First, Belizean workers must be hired if you want to buy land here. A Government Stamp Transfer Tax of approximately 5% is charged on every land purchase.

Special tax concessions

The best thing about buying property in Belize? There is no capital gains tax. You can keep all the profits if you buy land and develop it. You keep all profits if you resell a condo you have bought.

Property taxes in Belize are also very low. Property taxes for a property worth $250,000 US could be as low as $500-$1000 per year. Tax rates in less developed areas might be lower.

Condominium ownership is a topic Belize recently addressed with new laws. This was done in response to the increasing demand for this type property. These regulations mirror those in the US and other countries first world where condominiums are very common.

Language and Legal Issues

For several reasons, doing business in Belize is easy. First, English is the official language. This language is a remnant of Belize’s past as a British colony. It makes it easy to deal with legal issues such as contracts.

Second, Belize’s property agreements are similar to those in the US, UK and Canada. The process and documentation will be easy to understand. However, you should still consult a local lawyer and realtor to help you avoid being scammed.

The Belize real estate market is like any other business promising big profits and large-dollar purchases. There are many people who will not be in your best interest. It is important to work with local experts who are trustworthy.

Affordable Prices

People continue to flock to Belize because of its affordability. Although prices have risen all over the country it is still very affordable when compared to Mexico, Costa Rica and the coasts of California and Florida. There are affordable homes that you can rent or live in.

This land is an excellent deal. Undeveloped land can be found at very affordable prices. You should be cautious about who you buy land from. Belize has strict regulations regarding the environment, so you may have restrictions about what you can do on that land.

Stable and democratic country

Belize is a stable nation with a democratic government. A growing tourist industry has alerted government to the need for better safety and amenities. Belize is a safe country with a low crime rate. It is also not prone to riots and terrorism.

Easy Currency Exchange

It is very easy to exchange currency in Belize. The Belize dollar is fixedly pegged to the US Dollar at a rate between $2BZ and $1US.

To make purchases in the United States, you can use US Dollars. Only the most remote areas of Belize will accept Belizean currency.