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Belize condos: A market snapshot

July 24th, 2010

belize-condos-for saleBelize 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.

Condos for sale in Belize

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.

Belize condo project Ambergris Caye

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.

From Reveal Real Estate - charting overseas property trends in Central America.

Is now a good time to buy Panama Apartments?

July 6th, 2010

panama-apartments in Panama City

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.

What’s the cheapest real estate you can find in a master planned community in Central America?

December 20th, 2009

central-america-international-real-estate-price-rank-2009

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.

Nicaragua real estate snapshot: Tola Riviera and Popoyo

November 12th, 2009

tola-market-snapshot3Nicaragua real estate (or any market for that matter) is best analyzed on a granular, market by market and asset-by-asset basis. So to help buyers and sellers get to grips with the market, we’re writing a series of posts looking at the main property purchasing destinations in Central America.

This first post in the series looks at the ‘Tola Riveria and Popoyo’ area in Nicaragua.  We’ve answered 5 questions designed to give you a quick market snapshot of the area.  You’ll find that the post dives straight into the real estate nitty gritty, so if you first want to step back and read a description of the area, then click here. Onto the questions:

1. What real estate is available in the Tola Rivieria & Popoyo area of Nicaragua?

We follow 12 master planned communities in the area. The projects range from large destination style resorts with a host of amenities, ambitious hotel & spa resorts to smaller-scale surf-focused projects and subdivisions offering serviced lots.

The bulk of real estate on offer in the area is serviced lots (or homesites), with buyers choosing between ocean view, golf front, ‘tropical view’ and beach front positions. The larger projects, and those more advanced in their plans (see question 3 on amenities) also offer condos and single family houses for sale.

2. How much does property cost in Tola Riviera and Popoyo?

The table below shows the median price for condos and lots in the main real estate developments.  If you want to see more detail then click through to each development where the prices are split out into additional categories (e.g. beachfront, ocean view, long ocean view and so on) or for a country level overview, head over to our Nicaragua property page.

Name of real estate development in Tola Rivieria & Popoyo Median price/sqft condos and houses* Median price/sqft serviced lots**
Rancho Santana $195 $5
The Village at Aqua $165 _
Iguana Golf Condominiums $142 _
Bella Vista Guasacate, Nicaragua _ $12
La Vista Nicaragua _ $2
Bella Mar Nica _ $5
Hacienda Iguana _ $7
Hills of Santa Marta _ $6
Prana del Sol _ $3
Selva del Mar _ $5
Guacalito no data no data
Los Perros no data no data

* Average of the median asking price for each real estate development. Data collected July to September 2009.

3. What amenities are the developers offering?

Rancho Santana, The Village at Aqua and Hacienda Iguana are the furthest ahead in the completion of their masterplan. Some of the smaller subdivisions that do not plan on-site amenities, intend to make use of memberships offered by the other projects in the area (e.g. corporate membership to the Iguana Golf Club).

Name of real estate development Completed community amenities Planned community amenities
Rancho Santana Clubhouse; Racquet courts; Hotel, Restaurant; Stables/equestrian center; Swimming Pool  
The Village at Aqua Restaurant Spa/yoga center; Gym/fitness center; Hotel
Iguana Golf Condominiums 9-hole golf course; Hotel; Restaurant _
Bella Vista Guasacate, Nicaragua _ _
La Vista Nicaragua _ _
Bella Mar Nica _ _
Hacienda Iguana 9-hole golf course; Restaurant _
Hills of Santa Marta _ _
Prana del Sol _ _
Selva del Mar _ Clubhouse
Guacalito _ Hotel; Clubhouse; 18-hole golf course
Los Perros Clubhouse; Racquet courts; Hotel; Restaurant; Stables/equestrian center _

4. How do prices compare with Nicaragua as a whole and the average for Reveal Real Estate?

For condos and single family homes, median prices in Tola Riviera are similar to the medians for Nicaragua as a whole, but well below the Reveal Real Estate average (which also takes into account property in Costa Rica, Belize and Panama).

For serviced lots the picture is more varied although for the most part the median for Tola is still below country and regional averages. The full chart can be seen on the Tola Riviera page (scroll down and click on the tabs)

5. What’s the year-on-year price trend?

The table below shows the year on year price trend for the area compared with other purchasing destinations in Belize, Costa Rica, Nicaragua and Panama.

Purchasing destination Country Y-O-Y change in price (%) Median price per sq/ft* Rank by price
Tola Riviera and Popoyo Nicaragua -10.00% 168.62 10
Placencia Belize -9.91% 253.98 5
San Juan del Sur Nicaragua -9.90% 203.15 8
Bocas del Toro Panama -9.00% 241.65 6
Tamarindo Costa Rica -6.12% 241.26 7
Boquete Panama -5.13% 110.26 11
Papagayo, hermosa and Coco Costa Rica -4.49% 283.39 2
Jaco Costa Rica -3.41% 287.53 1
Panama City Panama -3.23% 269.21 4
Coronado & San Carlos Panama -2.14% 201.03 9
Ambergris Caye Belize -0.14% 268.57 3

*Data looks at condos and townhouses for sale in international real estate developments

The developments that we follow in Tola showed an overall drop in asking price of 10% year-on-year to September 2009. Although higher than the other property markets we track, the falls are less than those we’ve become used to seeing in the US and other developed world markets.  For more analysis on the trends in the table, check out an article we wrote over at International Property Journal.

That’s it for a quick market snapshot of master planned communities in Tola Riviera & Popoyo. Any questions or comments, please reply below.  We’d love to have your feedback.  And stay tuned for the next one.

From Reveal Real Estate - charting overseas property trends in Central America.

Scouting international real estate in Central America requires a fair bit of bumping along unpaved roads

November 9th, 2009

I seem to spend a lot of my time bumping along unpaved roads in Central America on my way to see how overseas property developments are progressing.

Sometimes this can give you the feeling that you’ve arrived at a secret paradise, miles from anywhere, when the bumpy road suddenly opens out to sweeping vistas, lush gardens and well appointed homes. Ahh, you think, no one except other discriminating investors like myself will take the time to reach and assess this opportunity so I’m guaranteed exclusivity, privacy and maybe somewhat of a discount due to the access.  But, more often, the bumpy trip can leave you tired and grumpy and heaven help a developer who doesn’t then have a cool drink on hand and something worthwhile to show you as an investment opportunity.

It’s important to be prepared before you set out - to know exactly where the project is located, how long it will take to get there and on what sort of road. So on Reveal Real Estate we include a location map for each real estate development and answer these 3 questions:

  • Is the road paved from the nearest international airport? (if it’s not paved, we’ve estimated the amount of driving time on unpaved sections)
  • What is the total driving time from the international airport?
  • How long does it take to drive to the closest town with a decent sized grocery store?

This data is useful on a project-by-project basis when planning a trip, doing a price comparison, or for tossing up real estate options; but there’s also something to learn from aggregating the data and analyzing by country.  So here’s the picture for Panama, Costa Rica and Nicaragua.

Is the road paved from the nearest international airport?

international-real-estate-paved-roads

In broad terms the data reflects the level of investment each county has made on its infrastructure and the remoteness of the main property purchasing destinations.  Panama leads the field when it comes to paving.  You can drive in comfort, on paved roads, to most of the real estate developments featured on Reveal Real Estate, including of course all the condo projects in Panama City.

Costa Rica real estate follows close behind with over 70% of the developments having paved access. We haven’t yet seen the new section of road between Quepos and Dominical, but this should improve driving comfort further.

If you’re interested in scouting for Nicaragua real estate, be prepared for a bumpier ride.  Only 20% of the projects on Reveal Real Estate have paved access.  But if the planned coastal road from the border with Costa Rica heading northwards following the ribbon of development ever gets off the drawing board, this would change the picture quite dramatically.

How long does it take to drive to the airport and the nearest grocery store?

international real estate driving time

The pattern between the countries is similar when it comes to driving times.  Real estate developments in Panama and Costa Rica have a shorter driving time on average to the airport and to a decent sized grocery store than those located in Nicaragua.

If you need to pop out to a grocery store with a decent range of items you’re looking at a 9 minute drive, on average, in Costa Rica.  In Nicaragua, your grocery run is 23 minutes on average.    Of course this varies considerably for each real estate development. Check each development page for individual driving times.

What about Belize real estate?

belize-paved

We’ve included the Belize real estate data separately as it’s not directly comparable to the other countries.  The terrain is quite different, particularly on the coast, and visitors mostly get about by taking short internal flights and then getting in a golf cart for the final stretch.  Many of the projects on Ambergris Caye for example do not have paved access but in practice all this means is a short golf cart ride on a sand road.

Infrastructure is steadily improving in Belize.  The paving of the 16 mile road along the Placencia Peninsula is underway with the section from Maya Beach to Placencia Village already completed.  So the only bumping we’ll do on our next trip to Placencia will be over speed-bumps.

So what does all of this mean for pricing?  Does paved access lessen a development’s exclusivity?  Does a long driving time from the airport or grocery store mean that prices will be lower for comparable real estate? We’ll be looking at this in our second post on accessibility.  Stay tuned.

From Reveal Real Estate - charting overseas property trends in Central America.

43 international real estate developments stand out in new green ranking

October 24th, 2009

international-real-estate-green-list-2009Welcome to our inaugural real estate GreenList where we highlight the master planned communities and international real estate developments in Costa Rica, Panama, Nicaragua and Belize that are making a public commitment to environmental responsibility.

We’re releasing the list just as an earthship makes landfall in Nicaragua at Casa Llanta. It’s the first building of its kind in Central America - totally off grid and made out of recycled materials. Today is also International Day of Climate Action so it seems like a good time to showcase the greenest real estate developments in Central America.

There is no global standard yet for green building, but there are initiatives in the pipeline and plenty of guidance, webinars, TV shows and research reports on what constitutes a green approach to construction and development.

To build the 2009 GreenList we reviewed public disclosures made by real estate owners and developers against the following 5 criteria: Biodiversity, Energy Management, Green Building, Water & Waste Management and Social Responsibility & Giving Back.

Developments with a general environmental slogan (e.g. “eco-friendly”, “earth-friendly”, “eco-luxury”) that did not provide additional evidence of social and environmental action steps taken or planned were not included.

Like many green rankings, the list is imperfect. It captures commitment (and at worst, just good public relations) and not effectiveness. Also the list probably under-reports what is going on in the region as some developers may keep information private.

We’ll be improving the list over time.  But for now these real estate developers are laying down an environmental commitment, and we’re keen to recognize this.

Keeping track of the green pioneers

As more buyers actively seek to invest in a way that helps produce a healthy and livable world for all, how real estate developments perform on environmental and social issues will have a direct impact on their competitiveness and profitability.  They’ll be perfectly poised for future growth driven by buyers looking to live green and invest well.

Buyers, if you’re interested in buying green and eco-friendly homes, then have a look at these places.  But make sure you dig deeper that we have here.  This list is just to get your started.  Ask for a copy of the policies and then check for real evidence on the ground before you make your purchasing decision.

The 2009 GreenList

Click on the table headers to sort them. You’ll find more information in the right hand sidebar of each development page by following the links in the table.

B=Biodiversity,  E=Energy Management, G=Green Building, W=Water & Waste Management and S=Social Responsibility & Giving Back.

Name of development Country Location B E G W S
Casa Llanta, Nicaragua Nicaragua South of San Juan del Sur Yes Yes Yes Yes Yes
Finca del Mar Nicaragua Central Pacific Nicaragua _ Yes _ Yes Yes
Tierra Pacifica Costa Rica Playa Junquillal _ _ _ Yes Yes
Better in Belize Belize Belmopan Yes Yes Yes _ Yes
Finca las Brisas, Costa Rica Costa Rica Nicoya Yes _ Yes _ Yes
Las Fincas de Escamequita and Las Haciendas Nicaragua South of San Juan del Sur Yes Yes _ _ Yes
El Encanto del Sur Nicaragua San Juan del Sur _ Yes _ _ Yes
Montecristo Beach and Golf Resort Nicaragua Central Pacific Nicaragua Yes _ _ _ Yes
Portasol Costa Rica Dominical _ _ _ _ Yes
Piedras y Olas a Pelican Eyes Resort Nicaragua San Juan del Sur _ _ _ _ Yes
Parque Maritimo el Coco Nicaragua South of San Juan del Sur _ _ _ _ Yes
Orchid Bay Belize Corozal - _ _ _ Yes
Gran Pacifica Nicaragua Central Pacific Nicaragua - _ _ _ Yes
Finca Java Nicaragua Matagalpa and Jinotega - _ _ _ Yes
Alegria Costa Rica Costa Rica Flamingo - _ _ _ Yes
Los Faros de Panama Panama Panama City - Yes Yes Yes _
Sea Breeze Mountain Costa Rica Tamarindo - Yes _ Yes _
Paradise Dreams Panama Bocas del Toro - Yes _ Yes _
Palmetto Bay Maya Beach Belize Belize Placencia - Yes _ Yes _
Los Suenos Marriott Ocean and Golf Resort Costa Rica Herradura Yes _ _ Yes _
San Buena Golf Costa Rica Southern Pacific Yes _ _ Yes _
Reserva Conchal Costa Rica Flamingo Yes _ _ Yes _
Secret Cove Nicaragua South of San Juan del Sur - _ _ Yes _
Rancho Villa Real, Costa Rica Costa Rica Tamarindo - _ _ Yes _
Balcones de Majagual Nicaragua Marsella / Maderas - Yes Yes _ _
Belize Reserve Belize Cayo - Yes Yes _ _
Pacific Palms Jaco Costa Rica Jaco - _ Yes _ _
Apanas Lake Estates Nicaragua Matagalpa and Jinotega - _ Yes _ _
Valle Escondido Panama Boquete - Yes _ _ _
Lake View Estates Panama Cumbres Lake - Yes _ _ _
Waterside Belize Flowers Bank Yes _ _ _ _
Villas Cabo Vela Costa Rica Playa Grande Yes _ _ _ _
Selva del Mar Nicaragua Tola Yes _ _ _ _
Pura Jungla, Costa Rica Costa Rica Paraiso Yes _ _ _ _
Paraiso de Amelia Nicaragua San Juan del Sur Yes _ _ _ _
Montanas de Caldera Panama Boquete Yes _ _ _ _
Lomas del Mar, Costa Rica Costa Rica Playas del Coco Yes _ _ _ _
Ladera del Mar Costa Rica Playas de Coco Yes _ _ _ _
Hacienda Matapalo Costa Rica Costa Rica Matapalo Yes _ _ _ _
Casa Grande Bambito Panama Chiriqui Highlands Yes _ _ _ _
Camino Del Rio Belize Belmopan Yes _ _ _ _
Brisas del Los Lagos Panama Chorrera Yes _ _ _ _
Azueros Panama Azueros Peninsula Yes _ _ _ _

More details on the 5 criteria:

  • Biodiversity (for example re-forestation project; large dedicated green areas that will not be developed, accreditation as a private reserve)
  • Energy management (use of renewable energy sources such as solar, wind, thermal energy)
  • Green building (eco-friendly architectural design such as solar chimneys, natural ventilation, thermal exchange, roof overhands, water catchment systems and green building materials such as FSC certified wood products, recycled materials, straw bale)
  • Water and waste management (for example water catchment systems, grey water recycling)
  • Social responsibility and giving back (support for local charities and community groups; use of local suppliers of goods and services and local employment schemes)

Owners and developers, if our analysis has missed social and environmental action steps that you have taken, we’d love to hear from you, so please contact us with the details or reply in the comments.

From Reveal Real Estate - charting overseas property trends in Central America.

How to understand the real estate market in Central America in 10 seconds

October 16th, 2009

central-america-international-real-estate-price-rank-2009You may have noticed that we’re big advocates of putting real estate market information into the hands of consumers. Why? Because good market data helps you make the best decisions about buying or selling real estate. To make this process quick and easy, we’ve developed a PriceRank table that will give you a snapshot of the international real estate market in seconds.

We can’t overlook the fact that no Multiple Listing Service (MLS) exists for Costa Rica, Panama Nicaragua or Belize and official market data is not published. Or that sales prices recorded in the Public Registry can be different from actual sales prices, making it hard to compare one property to the next. But we can try and build the next best thing to a MLS and help improve the flow of market information to buyers and sellers.

Keeping things simple

We’ve started with a simple international real estate PriceRank table where we compare the median asking price for condos and houses in master planned communities, condo projects and resort developments. We’ll be following this up with a second PriceRank table, this time ranking developments with serviced lots for sale.

We could have split out other categories such as long ocean view houses or golf view condos or even distance from the airport and whether roads are paved. But for now, since we’re in the business of ’simple-making’, we wanted to provide the most straightforward representation of the market.

The 2009 Annual Central America International Real Estate PriceRank

Here’s the short story for 2009 for international real estate developments with condos and houses for sale:

  • As the most mature market in the region, Costa Rica tops the ranking with the Four Seasons, Papagayo Peninsula. The project is located in northern Guanacaste close to Costa Rica’s second international airport at Liberia, a region peppered with luxury brands and top end resorts. The least expensive community is Belize Reserve an ‘eco-community’ located in Cayo, the forested hilly district in western Belize.
  • Costa Rica holds 6 of the top 10 spots in the PriceRank. Panama has 2 real estate developments in the top 10 and Belize has 1. Nicaragua, the most ‘emerging’ of the markets has none.
  • The most expensive real estate development in Belize is the Placencia Residence, located at the northern end of the Placencia Peninsula. In Panama, the Trump Ocean Club, perhaps its most well-known development, leads the field. Portofino Condos overlooking the bay of San Juan del Sur is Nicaragua’s highest entry (but ranked 44th overall) and, yes, the Four Seasons at Papagayo tops the list in Costa Rica.
  • Turning to the least expensive; it’s Belize Reserve in Belize, the Condos Montemar (also in San Juan del Sur) for Nicaragua, Rancho Las Lomas in Costa Rica, and for Panama, Montanas de Caldera has the lowest median price.
  • Master-planned communities on or near the ocean percolate to the top of the list whereas developments in lake/river/lagoon areas make up the more ‘affordable’ market-share in international real estate.

So dive into the detail and sort the table by clicking on the headers. You can also follow the links for further information on the real estate developments including amenties, location maps and price comparisons with the country medians.

The 2009 PriceRank table

Rank Name of real estate development Country Location Location Type Median price/sqft*
1 The Four Seasons Papagayo Peninsula Costa Rica Papagayo Ocean $652
2 Las Olas Costa Rica Costa Rica Dominical Ocean $592
3 Placencia Residences Belize Placencia Ocean $547
4 Tamarindo Preserve Costa Rica Tamarindo Ocean $535
5 The Palms at Playa Flamingo Costa Rica Flamingo Ocean $502
6 Jade Condo Resort Residences & Beach Club Costa Rica Quepos/Manuel Antonio Ocean $488
7 Trump Ocean Club International Hotel and Tower Panama Panama City Urban $483
8 Los Faros de Panama Panama Panama City Urban $463
9 Los Suenos Marriott Ocean and Golf Resort Costa Rica Herradura Ocean $450
10 Reserva Conchal Costa Rica Flamingo Ocean $430
11 Brisas de Amador Panama Panama Panama City Urban $418
12 Wyndham Jaco Beach Resort and Condominiums Costa Rica Jaco Ocean $411
13 Caye Casa Belize Ambergris Caye Ocean $405
14 Yoopanama by Stark Panama Panama City Urban $389
15 Sonesta Jaco Costa Rica Jaco Ocean $384
16 Breakwater Point Costa Rica Jaco Ocean $372
17 Hopkins Bay Resort Belize Hopkins Ocean $370
18 Denovo Panama Panama City Urban $368
19 White Tower Panama City Panama Panama City Urban $365
20 La Paloma Blanca Costa Rica Jaco Ocean $364
21 Waters on the Bay Panama Panama City Urban $360
22 Arts Tower Panama Panama City Urban $357
23 Azueros Panama Azueros Peninsula Ocean $345
24 Pelican Reef Villas Belize Ambergris Caye Ocean $345
25 Yacht Club Tower Panama Panama Panama City Urban $344
26 Isla Viveros Panama Panama Isla Viveros (Pearl Island) Ocean $341
27 Element Tower Panama Panama City Urban $339
28 El Coquito Condo Resort Hotel Costa Rica Matapalo Ocean $338
29 180 Blue Beach Residences Costa Rica Playa Hermosa Ocean $331
30 Playa Bonita Residences Panama Fort Kobbe Ocean $330
31 Ladera del Mar Costa Rica Playas de Coco Ocean $324
32 The Palms Costa Rica Jaco Ocean $318
33 Los Altos Beach Club & Spa Costa Rica Quepos/Manuel Antonio Ocean $317
34 Azul Paraiso Residences Costa Rica Playas del Coco Ocean $311
35 Marisol Costa Rica Dominical Ocean $305
36 Canto del Mar Costa Rica Dominical Ocean $303
37 Coco Bay Estates Costa Rica Playas del Coco Ocean $300
38 Brahma Blue Belize Ambergris Caye Ocean $299
39 Villa del Mar Panama Panama City Urban $295
40 Grand Caribe Suites and Residences Belize Ambergris Caye Ocean $289
41 Isla Moin Costa Rica Limon Ocean $289
42 Las Terrazas Belize Ambergris Caye Ocean $286
43 Whispering Waves Belize Belize Ambergris Caye Ocean $286
44 Portofino Nicaragua Nicaragua San Juan del Sur Ocean $285
45 Bahia Encantada Costa Rica Jaco Ocean $280
46 Cabo Caletas Costa Rica Costa Rica Esterillos Ocean $279
47 Nikki Beach Playa Blanca Panama Farallon Ocean $279
48 Athens Gate Belize Ambergris Caye Ocean $277
49 The Villas at Cocoplum Belize Placencia Ocean $277
50 Sunset Point Bocas Panama Bocas del Toro Ocean $274
51 El Club Suites Nicaragua Granada Urban $272
52 Grand Tower Panama Panama Panama City Urban $272
53 Oasis Punta Pacifica Panama Panama City Urban $272
54 Placencia Yacht Club Belize Placencia Ocean $271
55 Bermuda Beach Belize Belize Ambergris Caye Ocean $270
56 Solaria Villas Belize Ambergris Caye Ocean $270
57 Buenaventura Panama Farallon Ocean $264
58 Jaco Bay Ramada Condominums and Resorts Costa Rica Jaco Ocean $263
59 Vista Mar Residences Costa Rica Jaco Ocean $260
60 Diamante del Sol Costa Rica Jaco Ocean $256
61 Leora Pacifico Costa Rica Costa Rica Tamarindo Ocean $255
62 Peninsula Playa Langosta Costa Rica Tamarindo Ocean $255
63 Vista del Mar Panama Panama City Urban $255
64 Tres Regalos Costa Rica Jaco Ocean $253
65 Bella Maya Resort and Residences Belize Placencia Ocean $251
66 Oceanaire Panama Panama City Urban $251
67 Palmetto Bay Maya Beach Belize Belize Placencia Ocean $250
68 Grand Villa Suites at Roberts Grove Belize Placencia Ocean $249
69 La Perla Condominiums Costa Rica Tamarindo Ocean $249
70 San Buena Golf Costa Rica Southern Pacific Ocean $247
71 Dupont Tower Panama Panama City Urban $246
72 Las Palmas Condominiums Nicaragua San Juan del Sur Ocean $245
73 Sittee Point Belize Hopkins Ocean $244
74 Asia Tower Panama Panama City Urban $241
75 Sarkiki Reef Resort Belize Hopkins Ocean $240
76 Brightwaters Beach Resort Belize Ambergris Caye Ocean $237
77 Pearl at the Sea Panama Panama City Urban $236
78 Alegria Costa Rica Costa Rica Flamingo Ocean $235
79 Milagro del Mar Nicaragua Central Pacific Nicaragua Ocean $234
80 Go Go Beach Tower Panama Gorgona Ocean $232
81 Cerro Fresco Costa Rica Jaco Ocean $230
82 Sapphire Beach Resort Belize Ambergris Caye Ocean $230
83 Seahorse Tropics Nicaragua San Juan del Sur Ocean $223
84 Rio Mar Panama Rio Mar Ocean $222
85 The Phoenix Belize Ambergris Caye Ocean $222
86 Hacienda Matapalo Costa Rica Costa Rica Matapalo Ocean $221
87 Sky Residences Panama Bay Panama Panama City Urban $220
88 Hacienda Pinilla Costa Rica Tamarindo Ocean $216
89 Terrazas at Playa Blanca Beach Resort Panama San Carlos Ocean $215
90 Villas Venado Condos at Guacmaya lodge Costa Rica Playa Venado Ocean $215
91 Piedras y Olas a Pelican Eyes Resort Nicaragua San Juan del Sur Ocean $212
92 Red Frog Beach Panama Bocas del Toro Ocean $212
93 Costa Paraiso Nicaragua South of San Juan del Sur Ocean $211
94 Pacific Village & Marina Panama Panama City Urban $211
95 Hermosa del Mar Costa Rica Playa Hermosa Ocean $209
96 Laguna Reef Resort Panama Bocas del Toro Ocean $209
97 Lora Hills Costa Rica Costa Rica Playa Ostional Ocean $209
98 Q Tower Panama City Panama Panama City Urban $208
99 The Villas at Contadora Panama Isla Contadora Ocean $205
100 Coronado Bay Tower Panama Coronado Ocean $204
101 Los Porticos Belize Placencia Ocean $204
102 Talanguera Condominiums Nicaragua San Juan del Sur Ocean $204
103 Franklin Pointe Vista Del Mar Belize Belize City Ocean $200
104 Ocean Breeze at Hermosa Costa Rica Playa Hermosa Ocean $200
105 Moon Tower Panama City Panama Panama City Urban $198
106 Gran Pacifica Nicaragua Central Pacific Nicaragua Ocean $197
107 Los Delfines Golf & Country Club Costa Rica Tambor (Nicoya Peninsula) Ocean $195
108 Ocean at Playa Blanca Beach Resort Panama Farallon Ocean $195
109 Rancho Santana Nicaragua Tola Ocean $195
110 Hermosa Highlands Costa Rica Jaco Ocean $194
111 Serenity at the Bay Panama Panama City Urban $194
112 Grand Baymen Belize Ambergris Caye Ocean $191
113 Manuel Antonio Estates Costa Rica Quepos/Manuel Antonio Ocean $191
114 Bahia Resort Panama Panama Gorgona Ocean $187
115 Buena Vista Surf Club Nicaragua Marsella / Maderas Ocean $187
116 Water View Tower Panama Panama City Urban $187
117 Pelican at Coronado Golf Panama Coronado Ocean $184
118 Pacific Palms Jaco Costa Rica Jaco Ocean $183
119 Hacienda El Dorado Costa Rica Central Valley Highlands $180
120 Harmony Tower Panama Panama Panama City Urban $179
121 Icon Tower Panama Panama City Urban $178
122 Le Mare Coco del Mar Panama Panama City Urban $177
123 Sandpiper Punta Chame Panama Punta Chame Ocean $176
124 Island Oasis Resort Belize Caye Caulker Ocean $174
125 Landmark Punta Patilla Panama Panama City Urban $174
126 Nautica Coco del Mar Panama Panama City Urban $173
127 Bahia del Sol Villas and Condos Nicaragua San Juan del Sur Ocean $171
128 Playa Coco Nicaragua Nicaragua South of San Juan del Sur Ocean $170
129 Montecristo Beach and Golf Resort Nicaragua Central Pacific Nicaragua Ocean $169
130 Casa Grande Bambito Panama Chiriqui Highlands Highlands $168
131 Ara Macao Resort and Marina Belize Placencia Ocean $165
132 La Reserve Condominums Costa Rica Herradura / Jaco Ocean $165
133 The Village at Aqua Nicaragua Tola Ocean $165
134 Joy Tower San Francisco Panama Panama City Urban $164
135 Coronado Escapes Panama Coronado Ocean $163
136 Isla Saboga Panama Isla Saboga Ocean $162
137 El Alcazar de Coronado Panama Coronado Ocean $161
138 Lake View Estates Panama Cumbres Lake Lake/river/lagoon $159
139 Royal Decameron Villas Panama Farallon Ocean $158
140 Vista Boquete Condominiums Panama Boquete Highlands $153
141 Pacific Sun Estates Costa Rica Herradura / Jaco Ocean $148
142 Cala Azul Nicaragua San Juan del Sur Ocean $147
143 Starfish Reef Panama Bocas del Toro Ocean $146
144 Xalteva Condominiums Nicaragua Granada Urban $144
145 El Club del Mar Nicaragua South of San Juan del Sur Ocean $143
146 Reef Village Belize Belize Ambergris Caye Ocean $143
147 Iguana Golf Condominiums Nicaragua Tola Ocean $142
148 Sevilla Costa del Este Panama Panama City Urban $142
149 Congo Hills Nicaragua San Juan del Sur Ocean $141
150 Consejo Shores Belize Belize Corozal Ocean $138
151 Cuesta del Sol Condominiums Panama David Urban $138
152 Orchid Bay Belize Corozal Ocean $138
153 Mango Rosa Nicaragua Marsella / Maderas Ocean $137
154 Paraiso de Amelia Nicaragua San Juan del Sur Ocean $137
155 Agua de Lechuga Costa Rica Playas del Coco Ocean $136
156 Big World Villas Panama Santa Catalina Ocean $135
157 Hacienda Los Molinos Panama Boquete Highlands $130
158 El Valle Las Nubes Panama El Valle Highlands $129
159 Boquete Country Club Panama Boquete Highlands $128
160 Secret Cove Nicaragua South of San Juan del Sur Ocean $128
161 Valle Escondido Panama Boquete Highlands $125
162 Valle del Rio Panama Boquete Highlands $121
163 Altos de Maria Panama Chame Highlands $117
164 Camino Del Rio Belize Belmopan Lake/river/lagoon $117
165 Turtle Cove Lake and Yacht Club Costa Rica Arenal Lake/river/lagoon $117
166 El Camino del Sol Nicaragua San Juan del Sur Ocean $115
167 Brisas del Lago Nicaragua Granada Lake/river/lagoon $111
168 Club Vistalagos Nicaragua Laguna de Apoyo Lake/river/lagoon $107
169 Villas Cabo Vela Costa Rica Playa Grande Ocean $105
170 Villa Lagos Nicaragua Granada Lake/river/lagoon $99
171 Rancho Los Suenos Panama Espave Pastoral $98
172 Villas de Palermo Nicaragua San Juan del Sur Ocean $97
173 Rancho Las Lomas Costa Rica Parrita Ocean $95
174 Apanas Lake Estates Nicaragua Matagalpa and Jinotega Lake/river/lagoon $92
175 Villa Davina Panama David Lake/river/lagoon $82
176 Bosques del Mar Nicaragua Marsella / Maderas Ocean $77
177 Condominiums Montemar Nicaragua San Juan del Sur Ocean $77
178 Boquete Meadows Panama Boquete Highlands $75
179 Montanas de Caldera Panama Boquete Highlands $73
180 Belize Reserve Belize Cayo Pastoral $61

* Average of the median asking price for condos and single family homes for each real estate development. Data collected July to September 2009. More information on the data.

That’s it. Any questions, niggles or comments, just write back. Our goal is to be comprehensive - while keeping things simple - and to provide a useful resource.

From Reveal Real Estate - charting overseas property trends in Central America.

Infographic revealing data on international real estate in Central America

October 12th, 2009

The real estate data for 2009 is in.  It covers master-planned communities in Costa Rica, Belize, Panama and Nicaragua and we’ve put it together into a picture of what is going on in the markets.

international-real-estate-ca-infographic

The images for each country in the infographic come from each of the Tourist Boards. I’d say that the strap-lines vary in effectiveness. Costa Rica’s “No Artificial Ingredients” fit’s with Costa Rica’s eco-theme and works better than Nicaragua’s “Unique … Original” which could apply to practically any country. The same for Panama’s “It stays with you.” It does not feel specific to Panama. But the slogan for Belize “Mother Nature’s Best Kept Secret” works. Belize is a tiny country, often overlooked by world travelers despite having the largest barrier reef in the western hemisphere. Hence the secret.

As we’re on the subject of vacations, a solid piece of advice for property investors is to visit the country first on a vacation. So we thought we’d link up some travel sites for those of you mulling over whether Central America is right for you. Check out 1costaricalink.com for travel guides and hotels in Costa Rica or costaricantrails.com for vacation packages. In Panama, panamatrails.com has a selection of vacations and tours for you to review. Or here’s a broader overview of travel in Latin America. Happy traveling!

From Reveal Real Estate - charting overseas property trends in Central America.

The current state of international real estate in Costa Rica

October 6th, 2009

costa-rica-real-estate

Between 2005 to mid-2008, property developers in Costa Rica witnessed enormous increases in property launches and sales as vacant land on the ocean and in the highlands was developed into second homes for North Americans and Europeans.

There were three key factors supporting the boom:

  • Political stability – Costa Rica has had over half a century of uninterrupted democracy, making it one of the most stable countries in the region.
  • Its long-standing as an eco-tourism destination – Costa Rica’s express commitment to environmental conservation and it’s rich biodiversity have enabled it to develop a unique “eco” travel product.
  • US retiree haven status – With more US citizens venturing abroad, Costa Rica has benefited enormously from its retiree haven status.

The morning after

But since the global economic collapse the Costa Rica real estate landscape has changed.  Large scale, ultra leveraged properties have suspended operations, others have stalled or cut-back on the more ambitious aspects of the master plan, and prices have been cut for the first time since the boom.

Still, asking prices in the luxury end of the housing market (ie: master-planned communities, resort developments and condo projects catering to the international buyer) have held up relatively well compared with the sharper declines experienced in the developed world.  Our year-on-year numbers to September 2009 show relatively modest fall of 8.75% for serviced lots, 3.73% for condos and 8.92% for single-family homes across the main master-planned communities.

So what are the takeaways from this?

Optimists will find some solace in the fact that Costa Rica property has been shielded somewhat from the collapse in house prices witnessed in the developed world. It’s relatively underdeveloped mortgage market, formerly considered a weakness, has meant that it has avoided the rampant foreclosures that have tugged at the bottom of the market in the US.

But property pessimists will doubtless point to the high profile project suspensions such as the St Regis Project, the Rosewood Residences at Costa Carmel and La Punta Papagayo in Gunacaste. They may also insist that with re-sales (sales from end-user to end-user) continuing to undercut developer direct prices, the data under-reports the extent of the decline and there are more falls to come.

We’d love to hear your views. Leave a comment below or write a review on one of Costa Rica’s overseas property hotspots.

From Reveal Real Estate - charting overseas property trends in Central America.

Revealed: The state of the international real estate market in Belize

September 22nd, 2009

One of the frustrating things about investing in real estate in Belize (or elsewhere in Central America for that matter) is the difficulty of getting hold of objective market data. There are no easily accessible central databases or comprehensive Multiple Listing Systems to research.  Buyers are often left with information they receive from real estate vendors and promoters and not much else.

Our goal is to try and fill this data gap for Belize real estate and provide an additional layer of information to buyers to help them with their decision making.  Our focus is the overseas property sector - essentially the ‘luxury’ sector of the market - comprising master planned communities, resort real estate and condo projects in Belize.

We’ve identified the major real estate developments active in Belize and aggregated listing prices across the main real estate categories (e.g. serviced lots, condos and single family homes).  Then, with our baseline collected in 2008, we’re able to determine a year-on-year price trend.

So what’s the international real estate market in Belize looking like in 2009?

belize-real-estate-2009

  • As you would expect, any type of water view property commands a premium. Beachfront single family homes are the most expensive property type followed by beachfront condos (this holds for both median price and median price per square foot).
  • In order to purchase prime real estate in prime areas, you’ll need to spend over $200 a square foot.
  • But there is also a market-share in ‘affordable international real estate’ that’s evident as soon as you leave the prime zones such as Placencia, Ambergris Caye (and to a lesser extent Hopkins). Here the per square foot price for property falls considerably.

Belize real estate at the high end

top-ten-belize-real-estate

  • Six of the top 10 most expensive master planned communities in Belize by median price/sqft are located in Ambergris Caye. The Caye is also the most visited tourism destination in the country - a fact that points to the close link between tourism and real estate activity in Belize.

Looking at the year-on-year trend

belize-real-estate-year-trend

  • Belize has seen some price falls across the main real estate categories. The market for Belize condos is the most active in the international real estate scene, has the most data-points, and is the one to look at most closely if you’re trying to read the market.
  • Although there are no double digit falls (like we have grown accustomed to seeing in many areas of the US for example), there is also a sense that few people are buying.
  • Developers are holding their ‘official’ prices relatively firm but may be offering other forms of incentives and ‘discounts’ without showing price falls.
  • Re-sales (i.e. sales from end-user to end-user) are not included in our figures but do in some instances undercut developer direct prices where sellers are highly motivated.

In later posts, we’ll compare the Belize property market against Panama, Costa Rica and Nicaragua to see how it stands up. But, no question, it’s still a buyers market out there, with great deals to be had if you’re willing to spend the time seeking out the opportunities.

From Reveal Real Estate - charting overseas property trends in Central America.

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