Revealed: The state of the international real estate market in Belize
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?
- 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
- 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 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.
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Bob Hazard
Oct 12, 2009
One development worth a mention here is Orchid Bay in northern Belize. I do not have the median prices, but at a glance, Orchid Bay appears to be considerably more affordable than the other developments mentioned.
Orchid Bay is a master planned “new urban” development near Corozal.
revealrealestate
Oct 12, 2009
Thank you Bob for the comment. Please feel free to leave a review against any of the Belize Hotspots – and Corozal for Orchid Bay.
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[...] start with international real estate investing in Belize, a tiny country located in the north of Central America bordering Mexico, that is often overlooked [...]