CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's fortnightly email newsletter.


Login - for registered users

Forgot Password?
Explore destinations
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 


Financial Overview

Directory

Property Search

Global Statistics

Regional Statistics






Last Updated: May 15, 2013




Belize’s real estate market saw significant improvement in 2012, after slow sales in 2010 and 2011 as a continued reaction to the financial situation in the US. Despite problems selling their homes in the US, Americans found ways of purchasing property in Belize.

This trend will continue through 2013, believes John Acott,  Association of Real Estate Brokers of Belize (AREBB)’s director of the board and RE/MAX Property Center’s real estate agent.  He expects prices to rise at least in line with inflation.

Belize has one of the highest-priced real estate markets in Central America, according to the 2012 Central America House Price Snapshot prepared by revealrealestate.com, in coordination with Global Property Guide, which covers Belize, Nicaragua, Costa Rica and Panama. But by international standards prices are low.  The most expensive “typical house” – three-bedroom single family homes – are in Placencia Peninsula, priced at around US$ 575,000. A typical house in Ambergris Caye might cost US$ 295,000, while one in San Ignacio would cost US$ 255,000.

It is difficult to say how much house prices have changed in Belize recently, as there are no official house price figures. They declined by as much as 25% to 30% after the global economic crisis in 2008, according to M.H. Chebat & Company’s Michel Chebat. Older resale condos comprised most of the sales in 2009 and 2010, with condos priced below BZ$ 200,000 being more popular. In 2010, buyers began to consider properties with an upper limit of BZ$ 300,000. However in 2011, realtors were able to sell a number of condos and homes in the price range from BZ$ 400,000 to BZ$ 600,000.

Outside interest in Belize expanded rapidly from 2000 to 2007, partly due to the passage of the Retired Person Incentive Act (RPIA) in September 1999, and to the tourism boom.  Tourists flocked to Belize’s natural wonders - beautiful beaches and tropical forests, plus ancient Mayan temples. From 2003 to 2007, property prices in coastal and tourist areas rose by as much as 30% annually, while prices of inland properties rose by around 15% annually, according to local real estate agents.

Belize’s natural attractions

A combination of natural factors – climate, the Belize Barrier Reef, a Caribbean flavor, as well as the Maya ruins make Belize truly Mother Nature’s best kept secret. Bordered to the north by Mexico, to the west and south by Guatemala and to the east by the Caribbean, Belize considers itself to be both Caribbean and Central American.

Belize has the world’s second largest reef barrier, and its Blue Hole can be seen from outer space. Three of the Western hemisphere’s most breath-taking coral atolls are off the coast of Belize. There are numerous varieties of wildlife shelter in the inlands. Bird watching, nature trailing, and water sports are popular in Belize.

Belize prides itself on being the seat of Mayan civilization. The Caracol, Lamanai and Xunantunich  archeological sites are well-preserved, and easily accessible to tourists.

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.

Read Rental Yields  »



TAXES AND COSTS
Last Updated: Oct 22, 2014



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.

Read Taxes and Costs  »



BUYING GUIDE
Last Updated: Oct 22, 2014



Roundtrip transaction costs are around 14% to 19% of the property value. The stamp duty is 5% with the first BZD20,000 (US$10,100) tax-exempt. Real estate broker's commission is typically 6% to 7% for houses and 10% for land.

Sale of new properties is subject to 10% General Sales Tax.

Read Buying Guide  »



LANDLORD AND TENANT
Last Updated: Jun 06, 2006



Belize luxury beachfront vacationhomesRent: 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.

Read Landlord and Tenant  »



ECONOMIC GROWTH
Last Updated: May 15, 2013


Strong GDP, high unemployment

Belize beachfront houses propertiesIn 2012, Belize’s GDP grew by 5.3%, an improvement from 1.9% growth in 2011 and around 2% growth in 2010 – and higher than in any Latin American country, and also higher than the Caribbean Region’s estimated average of 3.0%, according to the Central Bank of Belize.

In March 2013, Prime Minister Dean Barrow noted that “brisk activity in agriculture, agro-manufacturing, tourism, construction and telecommunications, which more than compensated for the sharp downturn in petroleum extraction, domestic electricity generation and cruise-ship disembarkations,” was the main reason for the sharp economic expansion in 2012. However, he also projected a deceleration of GDP growth to around 3% in 2013.

Before experiencing recession in 2009, Belize’s economy has experienced strong growth since 1996, with 5.64% p.a. average GDP growth from 1997 to 2007.

Yet Belize is a low income country (GDP per capita US$ 4,536), and a high birth-rate. Tourism, fisheries, agriculture, and manufacturing dominate the economy. Violent crime can be a problem. Despite strong economic growth, unemployment in the country has worsened. In September 2012, unemployment in reached its 14-year high of 16.1%, according to the Statistical Institute of Belize (SIB). Young people aged 14-24 have an unemployment rate of 30%.

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.

In the latest May 2012 elections, Barrow retained his post as Belize’s Prime Minister, and his UDP party was re-elected. However, the UDP lost eight seats in the House of Representatives to the PUP, and now has only a one-seat majority.

In 2012, Belize had around 917,870 total visitors, 277,136 of which were stay-over visitors.







  • Very low rental income tax
  • Pro-landlord rental market
  • Very high transaction costs
  • Low yields in Ambergris Caye
  • Border dispute w/ Guatemala
RESIDENTIAL PROPERTY FACTS
Price (sq.m): $2,322 For a 120 sq. m. property, usually an apartment.
Rental Yield: n.a. For a 120 sq. m. property, usually an apartment.
Rent/month: n.a. For a 120 sq. m. property.
Income Tax: 3.00% Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: 19.00% The total cost of buying and then reselling an apartment. Includes:

* all transaction taxes and charges:
* lawyers' and notaries' fees
* agents' fees

Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.
Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord and Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice.




Free Newsletter

Fortnightly updates from the global property arena directly to your inbox.


Email Address:





Connect to professional advice in Belize





PROPERTY RECOMMENDATIONS

 
Download free Global Property Guide reports

Our Newsletter

 
Fortnightly updates from the global property arena directly to your inbox.

Manage subscriptions
Chinese property buyers and Asian buyers, there is great property for high net worth Chinese buyers on Juwai.com

Which parts of the world are most attractive for property investment today?

Click here to download our FREE Property Recommendations Reports!

Close Me