San Pedro Belize Real Estate Prices
Buying real estate in Belize is becoming a popular option among foreign investors. In fact, the country has been experiencing a strong boom in property prices over the past several years. A popular residency program in the country has helped to fuel the boom. If you’re thinking of purchasing property in Belize, it’s a good idea to work with a local real estate attorney. This will ensure everything is legal and help you get the best deal.
The San Pedro Belize Real Estate market has been a hot one for the past year. Prices are rising in several of the country’s most desirable areas, such as Ambergris Caye, Santa Elena, and San Ignacio. However, inland areas have seen a more modest increase. Houses in these locations average around BZ$264601 (US$135,000), and condos are more affordable at around BZ$365 (US$186).
During the past five years, property prices in Belize have increased by 5% to 7% annually. This has largely been due to increasing demand from a growing population of expats. Additionally, demand has been driven by the influx of tourists. Those interested in buying Belize property can find a wide variety of homes to suit any budget.
Are San Pedro Belize Real Estate Prices Dropping?
The most expensive Belize housing is located in Ambergris Caye. It’s a tropical island known for its beaches, tropical weather, and plentiful water activities. Since this is the most popular tourist destination, it is also the most sought-after location for homebuyers. One of the most popular developments on the island is the Hilton Resort. Luxury properties such as this can cost upwards of US$1 million.
Real estate in Belize is also relatively inexpensive compared to other coastal regions. Belize’s currency is pegged at a ratio of 2:1 with the US dollar. Foreigners can enjoy a tax-free lifestyle in Belize. They can also take advantage of Belize’s retirement visa. Those who qualify can have access to a duty-free import of personal items.
Getting a good deal on Belize real estate is important. Buyers should hire a local real estate attorney to make sure they are paying the right price for their new property. They should also negotiate with the seller on the price. For example, a 15-acre coconut farm recently sold for US$225,000.
As with any real estate investment, it is vital to choose the correct location. Investing in a place that is near paved roads will ensure you have easy access to services, utilities, and other amenities. Also, consider the fact that the beach can dramatically increase the value of a home. Purchasing a beachfront house can cost more than twice as much as other homes.
Another way to reduce the cost of real estate in Belize is to purchase raw land. There are few places in the world where foreigners have the same rights as nationals to own property. Many foreigners relocate to Belize because of their eco-friendly lifestyles. Other reasons people buy homes in Belize include the country’s lack of Capital Gains Tax and its stable real estate laws.