Belize real estate could see a massive increase in sales to foreigners this year, as interest in investment in Latin America revives, it is claimed…
An increase in tourism in the region along with bargain prices and positive economic growth could make the country more attractive than ever to foreigners, according to international property investment consultancy Property Frontiers.
According to director David Cox prices have fallen by 50% in some locations making them a much more interesting prospect for international investors. ‘Although local agents claim only a slight fall in Belize real estate prices the reality is different,' he explained.
‘You also have to consider the fact that Belize real estate values grew by 15% per year inland and by up to 30% in coastal locations. This track record of such strong growth will not be overlooked by serious investors.
He also believes that a commitment by developers to providing eco-friendly projects is another attractive feature. An example is a development in the Cayo District nature reserve which has natural springs to supply the water, solar electricity and an anaerobic bacteria based sewage system. It aims to be 100% carbon neutral and have minimal running costs.
Many people think Belize is an island, but it a series of hundreds of islands, 108 of them uninhabited, between Mexico and Guatemala and is the only English speaking country in Central America. It is popular with both US and Canadian buyers.
Another attraction for foreign investors is that it has a form of banking secrecy that protects people with deposits there. Authorities won't report simple tax evasion but they will honour tax pacts with other countries and will co-operate with foreign authorities on cases of fraud or money laundering.
‘Belize is where Cost Rica was 30 years ago. It's the ground floor when it comes to buying beachfront real estate,' says Bob Dhillon, a Calgary businessman who owns Costa del Sol, a 1,214 hectare development, near San Pedro.
Although in upmarket resorts a beachfront house might cost over $1 million it is also possible to find a condo on the beach for $250,000. Real estate prices are still recovering from the recession, added Dhillon.