House prices in Belize are picking up, after plunging in 2008 in the aftermath of the global financial crisis.
There are no official house prices in Belize, so it is difficult to measure how house prices have changed. However, according to the 2009 Coldwell Banker House Price Comparison Index (HCPI), the average price of four-bedroom houses in San Pedro, Ambergris Caye declined by 30% to BZ$478,830 (US$244,300) in 2009, after a 50% drop in 2008. Coldwell Banker’s 2010 Home Listing Report shows the San Pedro average listing price for houses (February to August 2010) 14.3% up to BZ$547,431 (US$279,300) on 2009 average prices.
The Coldwell Banker HPCI is an annual snapshot study, which evaluates the average sales price of 2,200 sq. ft., four-bedroom, and 2.5 bath single-family dwellings in corporate middle management suburbs in different markets, mostly in the US.
Belize real estate prices rose rapidly from 2000 to 2007, with the help of the tourism and construction boom, which in turn was assisted by the Retired Person Incentive Act (RPIA), passed in September 1999.
Prices of inland residential properties rose by about 15% annually from 2003 to 2007. In coastal and tourist areas, property prices rose as much as 30% every year over the same period.
There are no official house prices in Belize, so it is difficult to measure how house prices have changed. However, according to the 2009 Coldwell Banker House Price Comparison Index (HCPI), the average price of four-bedroom houses in San Pedro, Ambergris Caye declined by 30% to BZ$478,830 (US$244,300) in 2009, after a 50% drop in 2008. Coldwell Banker’s 2010 Home Listing Report shows the San Pedro average listing price for houses (February to August 2010) 14.3% up to BZ$547,431 (US$279,300) on 2009 average prices.
The Coldwell Banker HPCI is an annual snapshot study, which evaluates the average sales price of 2,200 sq. ft., four-bedroom, and 2.5 bath single-family dwellings in corporate middle management suburbs in different markets, mostly in the US.
Belize real estate prices rose rapidly from 2000 to 2007, with the help of the tourism and construction boom, which in turn was assisted by the Retired Person Incentive Act (RPIA), passed in September 1999.
Prices of inland residential properties rose by about 15% annually from 2003 to 2007. In coastal and tourist areas, property prices rose as much as 30% every year over the same period.
Analysis of Belize Residential Property Market »
RENTAL YIELDS
Last Updated: Feb 20, 2012
House prices in Ambergris Caye remain stable, with an average selling price of US$450,000. Last year houses sold for an average of US$ 420,000.
This year, included condos in our research. Condos in Ambergris Caye sell for US$2,660 to US$3,330 per square metre.
This year, included condos in our research. Condos in Ambergris Caye sell for US$2,660 to US$3,330 per square metre.
TAXES AND COSTS
Last Updated: Nov 29, 2011
Rental Income: Rental income is considered as business income, and is taxed gross at a flat rate of 3%.
Capital Gains: There is no capital gains tax in Belize.
Inheritance: There is no inheritance tax in Belize.
Residents: Residents are taxed at a flat rate of 25% on their employment income. Income from other sources is subject to business tax, wherein the applicable tax rate depends on the classification of the income.
Capital Gains: There is no capital gains tax in Belize.
Inheritance: There is no inheritance tax in Belize.
Residents: Residents are taxed at a flat rate of 25% on their employment income. Income from other sources is subject to business tax, wherein the applicable tax rate depends on the classification of the income.
BUYING GUIDE
Last Updated: Apr 04, 2008
Roundtrip transaction costs are around 14% to 19% of the property value. The stamp duty is 5% with the first BZD20,000 tax-exempt. Real estatae broker's commission is typically 7% for houses and 10% for land.
Sale of new properties is subject to 10% General Sales Tax.
Sale of new properties is subject to 10% General Sales Tax.
LANDLORD AND TENANT
Last Updated: Jun 06, 2006
Rent: The initial rent can freely negotiated. The Rent Restriction Act, however, limits rent increases to 10% annually or at a level mandated by the district Rent Assessment Board.Tenant Security: Non-payment of rent and sub-letting without the landlord’s knowledge are grounds for eviction. Landlords, through a court order, can forcibly enter to reclaim the property from tenants, and claim compensation for damages and unpaid rent.
ECONOMIC GROWTH
Last Updated: Jun 09, 2011
High unemployment
Belize’s economy has experienced strong growth since 1996, with 5.64% p.a. average GDP growth from 1997 to 2007, but shrunk 0.03% in the crisis year 2009, growing 2% in 2010.Nevertheless unemployment has worsened, rising to 23.1%, from 20.3% in 2000, according to the 2010 census. Unemployment is high among young people, with 50% unemployment rate in the 14 to 19 age bracket. Belize is a former British colony, and won full independence in 1981. In February 2008, the left-leaning United Democratic Party (UDP), which had led the country to independence, won the general election, unseating the centre-right People's United Party (PUP), which had been in power for 10 years and had been rocked by allegations of corruption. The UDP’s leader Dean Barrow is Belize’s first black prime minister.
Belize is a low income country (GNP per capital US$3,740). Tourism, fisheries, agriculture, and manufacturing dominate the economy. Violent crime can be a problem.
An ecological paradise, tourists flock each year to Belize to marvel at the pristine beaches, great dive sites and virgin forests. There were 937,466 visitors in 2009, of which 232,247 stayed over.
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