Short Sales and Foreclosures | So You’re Interested In Buying A Condo In Belize? Here’s What You Need To Know

So You’re Interested In Buying A Condo In Belize? Here’s What You Need To Know

Posted on July 28, 2010
Filed Under Belize Real Estate | Leave a Comment

Where will you retire?  Are you looking into overseas property?  If you are thinking of a warm tropical environment, are you looking to invest in real estate out of the US?  If so, you may be considering retirement in Belize.

Over 44% of the condo projects in Belize that target the international buyer are located in Ambergris Caye. Placencia, on the mainland has 31% of the total. Most of the Belize condo projects are small and are include a multi-story condo building (between 2-5 floors), a swimming pool (often with swim up bar), restaurant and pier or dock.

To purchase an ocean view or beachfront condo in Ambergris Caye you’re looking at median asking prices around US$270 per square foot. In Placencia the number is slightly lower, at about US$250. But prices in both locations are still significantly higher than the rest of the country where a condo will set you back around US$186 a square foot. But remember that in Placencia and Ambergris Caye you will be able to access most of the services and amenities you would expect from an established second home market. Both locations are popular with lifestyle buyers and people exploring a retirement in Belize. But wherever you go remember that in Central America asking prices are starting prices. In the absence of a Multiple Listing Service or official statistics, you wont be able to get your hands on reliable sales prices.

Although still considered an emerging market, most commentators would agree that Belize on the whole is less speculative as a purchasing destination than a country like Nicaragua. Data from Reveal Real Estate on ‘completion ratios’ (Belize has a higher proportion of completed amenities associated with real estate developments than has Nicaragua) and price comparison data (Nicaragua is cheaper than Belize) seems to back up this trend.

Right now it’s certainly a buyers market in Belize for all kinds of property, including condos. Real estate developers are motivated and resales (property offered for sale by end-users) are available at very attractive prices. Some market watchers claim that buyers should be able to purchase completed property at 20-30% less than pre-construction property available prior to the global economic downturn. Those deals may be few and far between, but one thing is clear, buyers have more negotiating power than they have had in years.

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