Apart from the turquoise waters, beautiful coral beaches and lush tropical forests, the low cost of housing is an important factor that draws investors from across the world to Ambergris Caye. While the prices of luxury properties in prime areas run into hundreds of thousands of dollars, you can still find raw land and charming condos at prices unheard of since the 60s.
Legal documentation in English, few restrictions on real estate purchase by foreigners, simple purchase process and close similarities with English laws further increase the overall appeal of Ambergris Caye condos.
Similarities Between the Purchase of Property in Belize and the U.S.
Whether you are purchasing a property in Belize or the U.S., the basics remain the same.
- The more you research, the better prices you will be able to get. Expats staying in Ambergris Caye condosÂ often say that the second property they purchase on the island is usually half the cost and twice as big as the first.
- Negotiation skills are a huge asset. In Belize property prizes tend to vary greatly based on how well you negotiate. It is advisable not to jump at the first property you come across. Shopping around will help you find good deals. In real estate you make money on purchase rather than sale.
- Demand and location are the key drivers of property prices. For instance, the prices of beachfront properties are likely to be the highest. You are likely to get similar inland Ambergris Caye condos at much affordable prices
- Just like everywhere else, buyer beware or caveat emptor applies in Belize as well. Make sure you are working with a licensed real estate agent in the event you need to get your money back even if all the details are not disclosed by the agent. While there are many great deals in the market, it is important to make your choice with care.
In Belize, a majority of properties are rented or sold by the word of mouth. Most properties are sold by owners themselves. This can make it difficult to get an idea about average real estate prices in the market.
You should also avoid paying exorbitantly high prices by conducting thorough research and getting an idea about average prices before negotiating. One way of getting around this problem is finding out the Belizean price of the desired property with the help of a local friend.