Belize condos: A market snapshot
July 24th, 2010
Belize condos are the mainstay of the international real estate market in Belize. We analyzed over 50 real estate developments catering primarily to foreign buyers, and found over half had condos for sale. Far fewer are selling serviced lots or single-family houses. As land is relatively expensive compared to construction costs (particularly at the ocean), it makes sense for developers to design multi-story buildings.
Ambergris Caye, the most popular tourism spot in the country is home to 44% of all condo projects in the country. Placencia on the mainland has 31%. Combined, the two purchasing destinations make up 75% of the country’s condo market.
How much for a Belize condo?
Ambergris Caye is the most expensive location for condos with a median asking price of US $273 per square foot for ocean view and beachfront locations. Placencia comes in second at US $249. The median asking price for Belize condos for sale across all other parts of the country (including inland areas) is significantly lower at $186.

What amenities are Belize condo developers offering?
A characteristic of the market for Belize real estate, when compared to other countries in Central America, is smaller master plans and a more boutique style of development. There are fewer large-scale destination resorts for example.
We looked at condo projects with completed amenities and found the most common community master plan includes a multi-story condo building (2-5 floors), swimming pool (the most common amenity), restaurant and pier or dock. For condo projects still undergoing construction, this same pattern continues with yoga/spa centers being the most frequent additional amenity planned.

Completion ratios for condos in Belize
We looked at the balance of amenities offered by condo developers and found for every 2 completed amenities, 3 were still planned or in the process of being built. This ‘completion ratio’ of 2 to 3 is higher than in Nicaragua for example where we found the ratio to be 1:4 (i.e. for every project with a completed amenity, 4 were still planned).
While this is only one data point, it does underscore the view of most market watchers that Belize is less emerging, (and probably less ’speculative’ even), as a real estate destination than Nicaragua. We’ll be reviewing completion ratios for Costa Rica and Panama in later posts. So stay tuned.
After the crisis
After a soft market in 2009 and early 2010 for Belize property, inventories are still high and vendors motivated. Buyers are treating asking prices as starting prices and are negotiating hard. Many are comparing developer-direct prices with the re-sale market (where end-user sells to end-user) to see if they can find motivated sellers with lower prices. Developers are slowly adjusting to the fact that it’s a new market for condos in Belize and the post-crisis real estate investor is here to stay.
Tags: Ambergris Caye, Belize, Belize condos, Placencia real estate
Posted in Market statistics and data | 3 Comments »
Is now a good time to buy Panama Apartments?
July 6th, 2010

The boom years for Panama City apartments (or condos) is well documented. The city’s status as the region’s most important financial center, its good transport links and shiny new infrastructure projects saw a flurry of investors snapping up apartments, mostly off-plan. Buyers arrived from well known destinations such as the US and Canada and from the more unusual, including Venezuela and Colombia.
But as the global financial crisis took hold, the whiff of oversupply grew stronger. The speculator who had been driving the market retreated, sales volumes dropped and a number of condo projects stalled or suspended operations completely.
Now, as we enter the second half of 2010, some market watchers are saying that it’s a good time for investors to come back into the Panama City apartment market. That inventories are high, sellers are motivated and it’s time to push for a bargain.
Unfortunately accurate price and transaction data is hard to find in Panama – something we’ve written about before. Often the best insight into what the market is doing comes from special offers at individual projects, a review of asking prices (ideally compared with previous years) and feedback from real estate agents on the ground.
After reviewing our database of Panama property prices and contacting local agents we were able to find examples of completed apartments priced at 30-40% below 2008 levels. These falls are not across-the-board as some developers are holding their asking prices firm. It may be a buyer’s market for apartments in Panama City, but don’t except (all) vendors to throw property at your feet.
Here’s our advice for those looking to get into the Panama apartment market:
- Refine your search to established condo towers in prime areas that are completed.
- Avoid off-plan purchases.
- Buying re-sales from individuals may be a better option than purchasing directly from developers.
- Be very clear about your objectives. Are you planning a Panama retirement? Are you more interested in a vacation home? An investment?
- Build a network of local contacts to bring you real-time deals and get up to speed with what the best local market commentators are saying.
- Don’t assume you’ll be able to get the kind of financing terms available before the economic downturn. The availability of mortgage finance has slimmed.
- Finally, take your time. Be careful not to be seduced by discounts and incentives so that you forget considerations of value.
From Reveal Real Estate - charting overseas property trends in Central America.
Tags: Panama, Panama apartment, Panama City Real Estate
Posted in Investment Strategies, Market statistics and data | 7 Comments »
When overseas retirement looms, retreat to Central America
June 20th, 2010
With close to 100 million Baby Boomers hitting retirement age in the next ten years, locations to live out the golden years have become a hot topic, and Central American countries are getting their fair share of attention. But what makes these relatively unknown and moderately misunderstood destinations a good choice for senior living? And which countries boast the best place to hang your hat for the foreseeable future? Read on to find the top Central American countries to call home.

1. Nicaragua is at the top of the list of places to retire abroad for those on a budget. The country’s benefit-laden retirement program was revised in 2009 and includes incentives such as no tax on foreign earnings and duty free imports from automobiles to household items. This combined with the innovative Law 306 (tax and import duty exemptions for tourist-related ventures), and the lowest cost of living in the region does much to encourage retirees to the country. And yet, Nicaragua has not yet realized the kind of influx that Costa Rica and Panama enjoy. Some put this to the ‘close relationship’ that the current President has with Hugo Chavez, the controversial leader of Venezuela. But others stress the ‘early in’ nature of the real estate market and it’s potential for future growth.
- Learn more about Nicaragua real estate
- Learn more about Nicaragua property prices
- Learn more about Nicaragua retirement

2. Panama still beats expectations. Between the beaches (70 to 90 degree weather year-round) and the highlands (50 to 80 degrees and less humidity), you’ve got a range of climates to choose from. But the real perks of retiring here include a stable government, modern banking (the U.S. dollar is legal tender), tax benefits (no tax on foreign-earned income, property tax breaks), and solid roads and telecommunications. The boom years saw hundreds of new condo towers in the capital city (see more analysis on Panama apartments) and real estate projects launched across the country. This was followed in 2009 by a marked slowdown in sales activity. Some over-leveraged projects stalled or suspended operations and re-sales were offered at large discounts. But as we enter the second quarter of 2010, local real estate agents note that enquiries are rising again.
- Learn more about Panama real estate
- Learn more about Panama property prices
- Learn more about Panama retirement

3. Belize offers the classic Caribbean experience mixed with a long-standing culture of ecotourism. It’s a tiny country packing a remarkable amount of diversity between its borders - tropical forests, mountain summits, a palm-fringed coastline and the longest barrier reef in the Western Hemisphere. Belize stands out as being a true banking haven (retaining high levels of liquidity through the recent banking crisis) with strict secrecy laws. A major bonus for retiring overseas in Belize is that the official language is English and the legal system is based on British law. Things have slowed since the financial crisis (except perhaps in Placencia where the market seems to be booming) and commentators talk about a more stable and less speculative market taking hold.
- Learn more about Belize real estate
- Learn more about Belize property prices
- Learn more about Belize retirement

4. Costa Rica has long been considered a great place retirement overseas and for many years set the benchmark to follow for other Central American countries. More recently however, its retirement program has fallen behind its regional neighbors that offer more incentives aimed specifically at retirees. As it’s only her second day in office, it’s too early to see what Laura Chinchilla, Costa Rica’s new President, has planned. The capital city of San Jose and the Central Valley region seem to be bucking the general slowdown and attracting an ever-growing number of retirees. The northern Guanacaste region also appears to be climbing back after a difficult year in 2009.
- Learn more about Costa Rica real estate
- Learn more about Costa Rica property prices
- Learn more about Retiring in Costa Rica
Guest post contribution by Sarah Harris, of Zen College Life, the premier directory for online degrees. Find out more information about a psychology degree.
5 ways to make your overseas property listing convert like crazy
March 21st, 2010
First impressions matter. Don’t waste the opportunity to attract, seduce and provoke a response. A well thought out listing that’s interesting and unique is a hugely important part of selling an international property. And given the way the market operates in Central America, don’t assume a local real estate agent will do what it takes to make your listing stand out.
Here are five ways to create a listing for your international property to draw the buyer closer:
1) Use photos that provoke
Most of the guidance on real estate photography will tell you to display as many photos as you can. Marketing gurus will tell you that photos sell a property better than words; that the more photos you have, the better qualified your buyers, and the more efficient your sales process.
But is the goal of real estate photography about efficiency or is it really about provoking an emotional response from the buyer? Should your photos do the job of documenting all the features of your property or should they be focused on advertising?
The best advice on real estate photography is more nuanced than the ‘more is better’ mantra. For each photo ask yourself; “Will it resonate with the buyer?” “Will it arouse an emotion?” “Will it motivate them to ask for more information, to set up a viewing?” “Is the photo advertising the property or merely documenting it?”
Don’t use every photo you have just for the sake of it. You may do more harm than good.
2) Seduce with your listing headline
Your listing headline has only one purpose: To get the buyer to read the first sentence of your property description.
You won’t be able to do this with a watered down headline that appeals to the masses. Clumsy real estate copy like “Hurry, this won’t last long” ”Serious offers only” ”Very special” ”By appointment only” won’t work either.
You have to be laser focused and define your target buyer precisely. Fix them in your mind and use the listing headline to write them - and only them - a compelling promise.
Practice doing this by starting off your headline with the word “why” and follow with a statement describing the benefit of owning your property. You’ll find that the benefit comes down to lifestyle (e.g. becoming a better golfer, living like a jet-setter, fulfilling a retirement dream) or an investment goal (e.g. investing for profit, a lower cost of living).
3) Follow up your headline with a persuasive description
Assume your buyer has attention deficit and your challenge is to write your copy to make them linger on your property listing. You’ll need to satisfy their logical left-brain by listing all the facts and features of the property and then deliver an equal measure of benefits to entice their emotional right-brain.
Don’t forget what buyers are really interested in. They’re not buying walls, a carpet, concrete or a roof. What they’re buying is a lifestyle, a dream, a sense of community, a way to impress their friends, a means to make money…. These are the benefits your property will deliver.
It may help to think of the reasons why you bought the property in the first place and try and distill this into words. Be direct. Use short sentences. Sell with the benefits and don’t get bogged down in the features.
4) Choose a price that entices
The mechanics of pricing your property to the current market is difficult in Central America due to the lack of an MLS and market comparables. In fact, this lack of data is one of the reasons why we set up this site.
But don’t let this daunt you. The key to setting a price is looking at your house like a buyer would. Search listing sites on the Internet for comparable properties, read our post on understanding the real estate market in Central America in 10 seconds, build a spreadsheet of asking prices in your area and use this information to ensure you are priced competitively.
Think creatively about incentives that you can offer buyers such as absorbing some of the closing costs or offering seller financing. And don’t forget to add this in your listing description.
5) Include extras like video, maps and neighborhood information
Contextual information is important when selling overseas property because your buyer will know less about the market, the neighborhood and the local amenities than for places closer to home. This unfamiliarity breeds lots of questions.
Think through every objection they may have (e.g. quality of health care, proximity to amenities, neighborhood type, travel times, local attractions, cultural details) and try and address each one in your listing. Neighborhood information, video tours and location maps work especially well when selling international property.
You property listing is an important part of marketing your property. Get it right and you should provoke your target market into taking the next step. But what about you? Do you have experience with selling a property your own in Central America? Have you found any tactics that get your property listings noticed quickly? Share them in the comments. For more tips, here’s another post on selling property from the series.
Tags: Selling a property
Posted in Sell your international property | 2 Comments »
If you’re interested in selling property you own in Central America, you may find the listing process confusing – especially if you are used to a MLS-type system. Selling in Central America requires a different mindset and if you understand how the system works, you’ll find it easier to get results.
This post is the first in a series designed to help sellers get the best results when selling a property they own overseas. Here we tackle the question of listing your property with the main real estate agencies operating in your market.
Yes, we’ve used the plural. In fact, if you can, list your property with every real estate agent in town. Why? Well let’s start with a bit of background.
In the absence of an MLS, ’open listings’ are the norm in Costa Rica, Nicaragua, Panama and many other parts of Central America. You’ll find a considerable overlap between the listings held by different real estate agencies and the best way of getting exposure for your property is to make sure that as many agencies as possible know it’s for sale.
At a minimum make sure you list with the major players. They should be easy to find. Let’s say your property is in Nicaragua. Type ‘Nicaragua real estate’ into Google and make sure your property is listed with all the brokers appearing in the top 5. Good brokers will also have a prominent office location in the area where you’re selling (or close to it) and a smattering of property signs (unless of course they’re trying to ‘hide’ a particular listing from competing brokers).
Your goal is to keep your property front of mind so that it is presented to all possible prospects. Remember that in the absence of a MLS your broker is trying to ‘list’ as many properties as possible – taking a volume approach – in the hope that one or two will sell. They are unlikely to be particularly vested in your listing and any time and expense spent on marketing your property can easily go un-rewarded if a competing broker sells the property first.
So it makes sense to make the listing process as easy as possible. You don’t want your property withering away in a “to-do” pile. So expect to take on some of the leg work yourself.
Write a compelling description of your property (we’ll go into what makes a compelling listing in later posts), set out the viewing instructions, gather your paperwork and collect together some good photos. Then send the information to each agency and follow up on a regular basis. Some sellers even take the extra step to prepare a set of electronic and printed flyers for each agency. (If you do this, remember not to put your own contact details on the materials as brokers will be reluctant to pass this out.)
You may think that you can shortcut this process of multiple listings by offering one agency an exclusive living. But, unless you own the last beachfront property on a hugely popular beach, or broker collaboration is the norm in the area, singing an exclusive listing may not be in your best interest. In the absence of an MLS, there is no guarantee that the agent will share the listing with other agencies. And even if they do, all agencies with the exception of the listing agency will view the exclusive listing as one that does not pay a ‘full’ commission, as the listing agency will expect a commission share. So check how things work in your region before you decide to sign an exclusive agreement.
Part of getting the listing right is, of course, getting the price right. In later posts in this series on selling property written for international real estate owners, we’ll look at how to find the pricing sweet spot for your property, how to make your listing convert like crazy, catching buyers on the web, structuring the deal to be attractive and issues to look out for in sales contracts. Our goal: To help you sell property quickly. Stay tuned.
If you have experience - good or bad - of selling foreign property that you own, we’d love to hear from you. Contact us with your story or sound off in the comments.
From Reveal Real Estate - charting overseas property trends in Central America.
Tags: Selling a property
Posted in Sell your international property | 1 Comment »
How to find your perfect master planned community in Central America
February 10th, 2010

OK so you’ve found a beautiful condo with a great view of a surf break. Or a luxury mansion where you can impress your friends with your lavish international lifestyle.
But can you really love your home if you don’t like your community, the surroundings or your neighborhood?
We don’t think so. So we encourage you to become a real estate community profiler. Start by figuring out exactly what you’re looking for, the kind of lifestyle you enjoy, the amenities you need and zero in on the community that delivers. Do this before you start comparing individual houses, lots or condos.
To get you started on your profiling, we’ve put together a list of 8 types of master planned community you’ll find in Central America.
1. Status communities
Status communities are at the top of our Price Rank. They tend to be beachfront, exclusive, and packed with community amenities - such as a golf course, marina, hotel, private club, fitness center, sports facilities, convention center, etc. If you’re in Costa Rica or Panama you may even see a top tier brand name associated with the community. Think Four Seasons, Trump, Ritz-Carlton… Properties in status communities tend to be large custom built houses or upscale condos.
2. Golfing communities
Yes, you’ve guessed it. Golfing communities have golf courses and attract golfing enthusiasts. The graphic shows the completed golf courses in the countries we cover. Costa Rica leads the field with 9. Of course many more are under construction or planned. Most golfers like to play on different golf courses so remember to look for the geographical clusters within (say) an hour’s drive of each-other. Read more on golf property in Central America.
3. Surfing communities
Walking barefoot out of your property, surf board in hand, straight out to the break is something surfers dream about. Luckily in Central America there are many property developments where this is possible. In fact we’ve found over 60 master planned communities located within walking distance to a surf break. Here’s the list and map. We also looked at developments within an hour from a break and the list is longer.
4. Historic communities
It’s really only Nicaragua and Panama that can boast ‘historic communities’. In Nicaragua these are clustered in and around Granada; purportedly the oldest continually inhabited city in the Americas. Nicaragua also has Leon, a city that rivals Granada when it comes to the colonial feel. But you’ll find more master planned communities located around Granada. If you’re in Panama, head straight for the Casco Viejo area of Panama City for colonial buildings with serious curb appeal.
5. Retirement communities
As North American retirees take stock of economic realities, it’s clear that many are looking for a more affordable life overseas. The retiree trend has not escaped the attention of real estate developers and we’re seeing a growing number of communities, or sections within communities, designed specifically to cater for the over 55s. Look out for on-site medical facilities and organized social activities such as bridge, painting, yoga and so on.
6. Escape communities
International real estate (and vacation homes in particular) are commonly marketed as a form of escape. An escape from the stresses of the modern world and the hustle and bustle of 9-5 living. Places where you can switch off your cell phone, unwind and embrace a simpler, less hurried lifestyle. Destination resorts have popped up all of the place, sometimes in very remote areas to cater to this need. The remoteness is repackaged as a benefit that delivers ’space and privacy’.
7. Urban core communities
Moving overseas is not always about fulfilling your escapist dream (See #6). Sometimes you want to be close to amenities and be highly accessible. Panama City stands out in this regard. It’s the most cosmopolitan of all Central American cities and a world class financial center. We’re not just talking about coffee shops, restaurants and nightlife but world class shopping centers, banking, theater and fine arts. The Central Valley area of Costa Rica probably comes in a close second.
8. Eco-communities
One of the characteristics of the post crisis investor is an interest in “contributions to larger concerns such as environmental preservation, the local community and sustainable approaches to building, water, and energy”. Recent years have seen a huge growth in master planned communities embracing the sustainability agenda ( and no, not just in Costa Rica). It’s sometimes hard to get past the green-washing but here’s a list of projects that have made public disclosures. The green trend is here to stay, we just need better ways of distinguishing the projects that churn out empty eco-cliches from the ‘intentional communities’ that are taking real action on the ground.
Now you’re ready to start finding a master planned community that fits your lifestyle. Are there any categories we’ve missed? Let us know in the comments. And once you’ve narrowed things down don’t forget to ask these 10 questions before you buy.
From Reveal Real Estate - charting overseas property trends in Central America.
Tags: Belize, Costa Rica, Granada, Nicaragua, Panama, Panama City Real Estate
Posted in Ranking master planned communities | 5 Comments »
[Video] Introducing the “Choose Belize” property developers
February 5th, 2010
You don’t need to be a genius to master real estate investing in Belize, you just need to know where to look.
Over the past few months a select group of developers have come together to showcase a broad palette of real estate options under a unified banner - “Choose Belize”. The group has been convened by Coldwell Banker Belize and represent the top properties and investment opportunities across the country as a whole at a time when it’s more important than ever to focus on value.
Coldwell Banker Belize has done the homework on the ground, leveraged their first hand experience and networks, triangulated their offerings against “four pillars of international real estate success” and enlisted the help of our database to track down the really great deals in this buyer’s market. Then, they designed a three day property tour to showcase what they had found.
They’ve just put out a video describing why the tour is a smart way to research the property market. I counted 5 reasons as I watched the video. Have a look:
Look out for the Recommended Real Estate Tour Member badge
We’ve added a “badge” to the listing page of developments in our database being showcased on the Choose Belize Tour. Here is a selection of what you’ll see on tour:
- Brahma Blue
- Caye Winds
- Cocoplum
- Grand Baymen
- Orchid Bay
- Los Porticos
- The Villas at Cocoplum
- and more…
No question, a real estate tour, where you get to see a choice of property options, selected by in-country experts, is a prudent way to make the decision if Belize is right for you.
From Reveal Real Estate - charting overseas property trends in Central America.
Tags: Ambergris Caye, Belize, Corozal, Placencia real estate
Posted in Comparison shopping, Property news | No Comments »
After the storm: Pessimists vs. Optimists
February 1st, 2010

The global financial crisis and its impact on international real estate is still discussion topic #1 among investment analysts, real estate agents and developers in Central America. Everyone agrees that 2009 was a difficult year. The tricky part is that the arguments being presented paint quite different scenarios for the future.
On the one hand, large-scale real estate projects, especially if heavily leveraged, have proven vulnerable. The suspension of the St. Regis project in Costa Rica in the wake of the Lehman Brothers collapse was the first high profile example. Other project closures and suspensions followed in 2009 including the Rosewood at Costa Carmel (Costa Rica), La Punta Papagayo (Costa Rica), Marea Alta (Nicaragua), and Orchid Residences (Panama City), to name a few.
But perhaps more important than the direct impact of the international financial crisis, the property pessimists argue, was the indirect effect of tighter lines of credit in North America - the main source of buyers for international real estate in the region. No longer is the market being carried by North American buyers flush with equity and easy credit. It’s easy to point to low sales volumes and falling prices to make this point.
Any bright spots? Counter trends?
One can overdo the gloom. The optimists point to sticker prices on the downside in Central America relative to more mature markets. The relatively low levels of lender mediated activity across the region meant that the market did not suffer the kind of foreclosure crisis we’ve become used to reading about in the US.
Second, international real estate markets, and Central America included, are increasingly being seen as tax-friendly, safe haven investments. The kind of places investors and retirees seek to shield themselves from the US financial system.
Added to this, is a new wave of lifestyle buyers looking for areas where the real estate is cheaper and, crucially, the cost of living more affordable. We included examples of developers, such as Montecristo Beach & Golf Resort in Nicaragua, Grand Baymen in Belize and Valle Escondido in Panama, successfully marketing to these buyers in a recent article for the International Property Journal.
The upshot?
The impact of the financial crisis has been mixed both within and between countries. Developers are having to adapt quickly to a new market. Those that understand the mindset of the post-crisis real estate investor are best placed to succeed.
Investment activity is trending towards well-planned developments with good locations, quality products and a master plan that delivers against end-user requirements. Pre-construction offerings in weak locations face an uphill battle.
The property pessimists are right that the boom years are over for international real estate in Central America. It’s a different market now, with buyers firmly in the driving seat. Welcome to the ‘new normal’.
From Reveal Real Estate - charting overseas property trends in Central America.
Tags: Add new tag, Costa Rica, Nicaragua, Panama
Posted in International real estate outlook | 2 Comments »
The emergence of the post-crisis international real estate investor
January 12th, 2010
Well, 2009 has been an interesting year. The big headline was, of course, the global financial crisis and its aftershocks. Now, as we enter 2010, a sense of stability and predictability (a ‘new normal’?) is returning to the international real estate sector.
One of the most telling aspects of the new normal is the retreat of the speculator buying for quick re-sale profit. The speculator has been replaced by a new type of international real estate investor - a ‘post crisis’ investor - with a different mindset and goals.
14 characteristics of the post crisis international real estate investor:
- More informed and will demand better service from the industry
- Will not make decisions based on thin slices of information but will demand openness and transparency
- Skeptical of promises made by developers on their websites and brochures
- Wary of pre-construction properties, preferring to purchase completed real estate with amenities they can enjoy right now.
- Will want to understanding the financial health of the community before they invest
- Will expect substantial discounts on the market highs of 2007
- Will haggle, even when it comes to high-end properties
- Will be drawn to real estate that is a bit low key
- Interested in properties that generate revenue in the short term.
- Motivated by lifestyle factors (not just financial gain)
- Focused on regions with a low cost of living, good health care and safe streets
- Will avoid areas with over-supply risk and copy-cat developments
- Will seek safe haven investments and tax friendly environments
- Interested in contributions to larger concerns such as environmental preservation, the local community and sustainable approaches to building, water, and energy
With change comes opportunity
In order to succeed in 2010, developers will need to innovate their products and their marketing to embrace the mindset of the post crisis real estate investor. Those that do will earn their way out of trouble. Those that don’t will suffer.
Tourism and retirement as a business model for international real estate in Central America is not broken, it has just shifted. Yes the over-leveraging of the North American and European consumer has come to a halt and the debt in finances will have lingering consequences. But as retirees and investors take stock of their situations and consider their options, many will still be looking for a more affordable life overseas and safe, tax-friendly places to plant their money.
We’re looking forward to a healthier, more sustainable market for international real estate in Central America. One that is more open and transparent and less reliant on the rampant speculation of the past …
…but it may take all of 2010 to get there.
From Reveal Real Estate - charting overseas property trends in Central America.

2009 has been a tough year for real estate sellers in Central America. Sales volumes are down, buyers are more risk adverse and financing is tight. The one bright spot is a growing group of ‘lifestyle buyers’ looking for cheap properties and a low cost of living. Many see Central America as an affordable safe haven and a way to side-step the worst effects of an economic downturn at home.
As it’s cheap real estate these lifestyle buyers are after, we thought we’d offer up a resource that highlights the lowest priced real estate in the four countries we follow: Belize, Costa Rica, Panama and Nicaragua.
Not surprisingly, the most affordable way into the market is by purchasing a lot or homesite. Our analysis looks at master planned communities targeting the international buyer. This means that a lot purchase comes with access to community amenities. Swimming pools, clubhouses and fitness centers are the most common. In some of the larger, resort-style communities, you’ll find golf courses, restaurants, shopping centers, racket courts, hotels and marinas.
So what’s the starting price point for lots in master planned communities?
We’ve built a ranking table to answer this question, giving the results in overall price and price/sqft for 2009. The table complements the earlier PriceRank we prepared for single family houses and condos. The columns are sortable letting you organize the list in different ways. If you want to know what amenities are offered by each real estate development, click through to the individual page for the answer. You’ll also see if the amenities are planned or completed.
A quick glance at the table shows two broad themes:
- Real estate developments located in Nicaragua tend to rank lower (ie are lower in price) than those in Costa Rica, with Belize and Panama falling somewhere in between. This pattern mirrors the level of maturity of the real estate markets - from emerging (Nicaragua) to middle markets (Panama and Belize) to the most mature (Costa Rica). We’ve analysed this before by plotting ‘development curves’ to show the relative levels of each of the markets.
- Generally speaking ocean property has a premium over other locations. Master planned communities on the ocean rank higher for the most part than lake/river and pastoral locations.
| Rank | Real estate development | Country | Location | Location type | Median price ($) | Median price/sqft |
|---|---|---|---|---|---|---|
| 1 | Camino Del Rio | Belize | Belmopan | Lake/river | 20,000 | 2 |
| 2 | Lomas de Santa Rosa | Costa Rica | Tamarindo | Pastoral | 21,200 | 6 |
| 3 | Club Alegria | Nicaragua | Granada | Pastoral | 21,500 | 2 |
| 4 | Better in Belize | Belize | Belmopan | Lake/river | 23,000 | 1 |
| 5 | Prana del Sol | Nicaragua | Tola | Ocean | 25,000 | 3 |
| 6 | Rancho Las Lomas | Costa Rica | Parrita | Ocean | 26,500 | 4 |
| 7 | Villa Davina | Panama | David | Lake/river | 28,400 | 3 |
| 8 | Casa Llanta, Nicaragua | Nicaragua | South of San Juan del Sur | Ocean | 30,000 | 1 |
| 9 | Congo Hills | Nicaragua | San Juan del Sur | Ocean | 30,000 | 3 |
| 10 | Rancho Los Suenos | Panama | Espave | Pastoral | 31,000 | 2 |
| 11 | Waterside | Belize | Flowers Bank | Lake/river | 31,730 | 1 |
| 12 | Progresso Heights | Belize | Corozal | Lake/river | 34,816 | 3 |
| 13 | Rancho del Oro | Nicaragua | San Juan del Sur | Ocean | 35,000 | 2 |
| 14 | El Camino del Sol | Nicaragua | San Juan del Sur | Ocean | 38,175 | 5 |
| 15 | Apanas Lake Estates | Nicaragua | Matagalpa and Jinotega | Lake/river | 39,900 | 2 |
| 16 | Rancho Papayal | Nicaragua | San Juan del Sur | Ocean | 40,000 | 2 |
| 17 | La Vista Nicaragua | Nicaragua | Tola | Ocean | 40,000 | 2 |
| 18 | Consejo Shores Belize | Belize | Corozal | Ocean | 42,500 | 2 |
| 19 | Seahorse Tropics | Nicaragua | San Juan del Sur | Ocean | 44,200 | 4 |
| 20 | Villa Lagos | Nicaragua | Granada | Lake/river | 45,240 | 5 |
| 21 | Parque Maritimo el Coco | Nicaragua | South of San Juan del Sur | Ocean | 48,600 | 7 |
| 22 | Las Fincas de Escamequita and Las Haciendas | Nicaragua | South of San Juan del Sur | Ocean | 49,000 | 1 |
| 23 | Belize Reserve | Belize | Cayo | Pastoral | 49,950 | 2 |
| 24 | Paraiso de Amelia | Nicaragua | San Juan del Sur | Ocean | 50,000 | 4 |
| 25 | Tamarindo Beach and Ocean Estates | Nicaragua | Central Pacific Nicaragua | Ocean | 50,000 | 5 |
| 26 | Bella Mar Nica | Nicaragua | Tola | Ocean | 52,561 | 5 |
| 27 | Cerros Sands | Belize | Corozal | Ocean | 53,500 | 5 |
| 28 | Dreamscapes Belize | Belize | Dangriga | Ocean | 54,111 | 5 |
| 29 | Finca Java | Nicaragua | Matagalpa and Jinotega | Lake/river | 55,000 | 0 |
| 30 | Selva del Mar | Nicaragua | Tola | Ocean | 55,000 | 5 |
| 31 | Bella Vista Guasacate, Nicaragua | Nicaragua | Tola | Ocean | 59,000 | 12 |
| 32 | Altos de Maria | Panama | Chame | Highlands | 59,100 | 3 |
| 33 | Club Vistalagos | Nicaragua | Laguna de Apoyo | Lake/river | 64,000 | 4 |
| 34 | Cantamar Playa Yankee | Nicaragua | South of San Juan del Sur | Ocean | 65,000 | 4 |
| 35 | Montanas de Caldera | Panama | Boquete | Highlands | 67,500 | 4 |
| 36 | Finca del Mar | Nicaragua | Central Pacific Nicaragua | Ocean | 70,500 | 4 |
| 37 | Hills of Santa Marta | Nicaragua | Tola | Ocean | 72,000 | 6 |
| 38 | Turtle Cove Lake and Yacht Club | Costa Rica | Arenal | Lake/river | 72,720 | 4 |
| 39 | El Encanto del Sur | Nicaragua | San Juan del Sur | Ocean | 73,500 | 4 |
| 40 | Costa Dulce, Nicaragua | Nicaragua | South of San Juan del Sur | Ocean | 82,000 | 6 |
| 41 | Starfish Reef | Panama | Bocas del Toro | Ocean | 84,000 | 3 |
| 42 | Hacienda Los Molinos | Panama | Boquete | Highlands | 84,660 | 6 |
| 43 | Pacific Marlin, Nicaragua | Nicaragua | San Juan del Sur | Ocean | 85,000 | 7 |
| 44 | El Club del Mar | Nicaragua | South of San Juan del Sur | Ocean | 89,000 | 7 |
| 45 | Papagayo Golf Lots | Costa Rica | Playas del Coco | Ocean | 90,000 | 1 |
| 46 | Remanso Beach Resort, Nicaragua | Nicaragua | South of San Juan del Sur | Ocean | 92,792 | 12 |
| 47 | olcan Springs Ranch Estates | Panama | Volcan | Highlands | 97,250 | 4 |
| 48 | Bahia Lomas Estates and Marina | Panama | Bocas del Toro | Ocean | 98,499 | 4 |
| 49 | Balcones de Majagual | Nicaragua | Marsella / Maderas | Ocean | 99,000 | 6 |
| 50 | Mansions at Banyan Bay | Belize | Ambergris Caye | Ocean | 101,000 | 15 |
| 51 | Paradise Dreams | Panama | Bocas del Toro | Ocean | 103,333 | 10 |
| 52 | Boquete Country Club | Panama | Boquete | Highlands | 107,189 | 5 |
| 53 | Valle Verde | Costa Rica | Central Valley | Highlands | 107,685 | 1 |
| 54 | Boquete Plantation | Panama | Boquete | Highlands | 110,000 | 7 |
| 55 | Rio Oria Estates | Panama | Azueros Peninsula | Ocean | 112,000 | 1 |
| 56 | Cala Azul | Nicaragua | San Juan del Sur | Ocean | 117,000 | 11 |
| 57 | Orchid Bay | Belize | Corozal | Ocean | 119,000 | 9 |
| 58 | Finca las Brisas, Costa Rica | Costa Rica | Nicoya | Ocean | 120,750 | 2 |
| 59 | Montanas y Mar | Costa Rica | Quepos/Manuel Antonio | Ocean | 122,500 | 1 |
| 60 | Cheetah Chombo | Costa Rica | Cahuita | Ocean | 125,500 | 1 |
| 61 | Cerro Grande Estates, Costa Rica | Costa Rica | Tamarindo | Ocean | 126,250 | 1 |
| 62 | Placencia Yacht Club | Belize | Placencia | Ocean | 130,000 | 18 |
| 63 | Gran Pacifica | Nicaragua | Central Pacific Nicaragua | Ocean | 132,665 | 21 |
| 64 | Montecristo Beach and Golf Resort | Nicaragua | Central Pacific Nicaragua | Ocean | 133,833 | 10 |
| 65 | Rancho Santana | Nicaragua | Tola | Ocean | 136,750 | 5 |
| 66 | Residencial La Esmeralda, Costa Rica | Costa Rica | Tamarindo | Ocean | 137,500 | 4 |
| 67 | Hacienda Iguana | Nicaragua | Tola | Ocean | 140,417 | 7 |
| 68 | Tierra Pacifica | Costa Rica | Playa Junquillal | Ocean | 145,000 | 2 |
| 69 | Sanctuary Bay Estates Belize | Belize | Stann Creek | Ocean | 146,500 | 3 |
| 70 | Bosques de Vista Marina, Costa Rica | Costa Rica | Playas del Coco | Ocean | 150,000 | 6 |
| 71 | Playa Santa Rosa | Nicaragua | Central Pacific Nicaragua | Ocean | 155,563 | 13 |
| 72 | Costa Paraiso | Nicaragua | South of San Juan del Sur | Ocean | 159,000 | 7 |
| 73 | Rancho Villa Real, Costa Rica | Costa Rica | Tamarindo | Ocean | 171,000 | 3 |
| 74 | Portasol | Costa Rica | Dominical | Ocean | 180,500 | 2 |
| 75 | Sittee Point | Belize | Hopkins | Ocean | 193,500 | 13 |
| 76 | Lobster Cove | Panama | Chuchecal Bay | Ocean | 208,750 | 8 |
| 77 | Pura Jungla, Costa Rica | Costa Rica | Paraiso | Ocean | 209,275 | 2 |
| 78 | Lomas del Mar, Costa Rica | Costa Rica | Playas del Coco | Ocean | 212,500 | 3 |
| 79 | Brisas del Pacifico, Nicaragua | Nicaragua | San Juan del Sur | Ocean | 217,174 | 9 |
| 80 | Eagles View, Costa Rica | Costa Rica | Nosara | Ocean | 224,900 | 5 |
| 81 | Valle Escondido | Panama | Boquete | Highlands | 227,140 | 7 |
| 82 | La Reserva Camaronal, Costa Rica | Costa Rica | Samara | Ocean | 233,475 | 18 |
| 83 | San Buena Golf | Costa Rica | Southern Pacific | Ocean | 234,400 | 11 |
| 84 | Ladera del Mar | Costa Rica | Playas de Coco | Ocean | 237,000 | 4 |
| 85 | Villas Cabo Vela | Costa Rica | Playa Grande | Ocean | 247,000 | 3 |
| 86 | Sunset Point Bocas | Panama | Bocas del Toro | Ocean | 255,000 | 10 |
| 87 | Manuel Antonio Estates | Costa Rica | Quepos/Manuel Antonio | Ocean | 284,000 | 5 |
| 88 | Cabo Caletas Costa Rica | Costa Rica | Esterillos | Ocean | 285,000 | 18 |
| 89 | Cocoplum Belize | Belize | Placencia | Ocean | 305,250 | 11 |
| 90 | Sonidos del Mar, Costa Rica | Costa Rica | Nosara | Ocean | 306,667 | 28 |
| 91 | Coco Bay Estates | Costa Rica | Playas del Coco | Ocean | 311,250 | 12 |
| 92 | Balcones del Lago Arenal | Costa Rica | Arenal | Lake/river | 315,000 | 4 |
| 93 | Rancho Playa Negras | Costa Rica | Playa Negra | Ocean | 337,112 | 22 |
| 94 | Lora Hills Costa Rica | Costa Rica | Playa Ostional | Ocean | 498,877 | 11 |
| 95 | Hermosa Heights | Costa Rica | Playa Hermosa | Ocean | 565,000 | 48 |
| 96 | The Four Seasons Papagayo Peninsula | Costa Rica | Papagayo | Ocean | 950,000 | 31 |
| 97 | Hacienda Pinilla | Costa Rica | Tamarindo | Ocean | 970,983 | 45 |
| 98 | Isla Viveros Panama | Panama | Isla Viveros (Pearl Island) | Ocean | 993,866 | 18 |
We’re continuing to sort through the data we collect, looking for the best ways to present and dig out the facts. We’d love to have your ideas and suggestions. They’ll be more price rankings to follow. We also plan a “Master Plan Completion Index” to give a sense of how far along real estate developments are with their master plan - a piece of information that savvy real estate investors should follow with care.
Stay tuned by subscribing to updates.
From Reveal Real Estate - charting overseas property trends in Central America.










