Published: 03/07/2008, by Don Ediger of International Living
Real Estate prices in Belize are rising, thanks to a surge in demand from Canadians and Europeans, especially the Irish. The phenomenon is apparent all around the country. In Corozal you’re likely to see real estate agents showing property to European clients, and in San Pedro on Ambergris Caye, new Irish residents regularly meet at a local restaurant where they would have been a rare sight only a year ago.
It’s mostly a result of the soaring value of the euro and the Canadian dollar. The euro is currently worth about $1.54, and the Canadian dollar—for many years worth much less than the American dollar—is now trading at just about an even rate. The Belizean currency is tied to the U.S. dollar so that two Belizean dollars are worth one greenback.
A few Canadians and Europeans have always shopped for property here, but their interest and presence in Belize has increased dramatically this past year. It’s easy to see why: the tropical climate and lifestyle in a stable country where English is the official language is attractive. Moreover, Belizean real estate prices are lower than prices in many other English-speaking parts of the Caribbean, such as the Bahamas.
The bargains aren’t hard to find if you know where to look. Some of the best values are in the Corozal area of northern Belize, which is near Mexico and the beautiful Corozal Bay. A three-bedroom house with a view of the water was recently listed at $125,000.
The Cayo District, in the rainforest to the west, is another haunt of bargain-hunters. A new three-bedroom house there was recently for sale for $75,000. That’s a big contrast from the $150,000 to $350,000 that you could expect to pay for a condo in San Pedro, the elegant island off Belize’s northern coast, or in Placencia, the seaside resort to the south.
Plus, foreign buyers now pay less “stamp tax.” Until recently, Belizeans paid 5% of the price of a property purchase in stamp tax…but most foreigners had to fork over 15% (on all but the first $10,000). Today, the stamp tax is 5% for foreigners and Belizeans alike. This is the right time to look for real estate in Belize. If you wait, the demand from foreign buyers may continue to push prices up.
