Dock in San Pedro Town, Belize.
Belize is not only a popular vacation destination. It has long been a popular retirement and second-home destination, too. The fact that it’s a strong favorite among celebrities and tech billionaires who can pick any place on Earth speaks for itself. Why Belize, you ask? Well, who wouldn’t enjoy stunning Caribbean beaches with crystal-clear waters combined with tropical weather year-round? In addition, English is the primary language here, which makes the transition easier for expats. Most importantly, the country has an open-arms attitude toward foreigners who move here or open a business. If you are interested in investing in Belize real estate, getting familiar with the latest Belize real estate market trends is a great first step and this article can be a starting point in your search.
Real estate is still considered the best investment you can make and Belize has something for every type of investor. Finding a property for sale in Belize isn’t hard. However, finding the right place, one where you would enjoy living and one where you can make good capital gains or rental returns is a little more complicated. With that in mind, if you are looking for a value-driven real estate market, this is a perfect country to consider.
Location is one of the most important factors to take into consideration if you want to leave the States and settle down in this country. Some of the best places to invest in Belize real estate in 2020 include Placencia, Cayo, Ambergris Caye, Caye Caulker, and Cerros Sands.
The Impact of the Global Health Crisis on the Job Market
Tourism is a major source of income in Belize. Given the current situation, business volumes are lessened across many sectors. Temporarily closing the borders was one of the measures introduced to minimize health risks and reduce the number of coronavirus infections. Whether the hotels, restaurants and similar businesses will be able to keep their staff and stay afloat is a question that is still unanswered.
The Impact of COVID-19 on Belize Real Estate Market
Unfortunately, the coronavirus pandemic has affected the entire world leading to economic changes with long-lasting consequences. Even areas with relatively few cases are feeling the impact of the global pandemic. Belize is no exception. Last year’s predictions for 2020 are no longer relevant -properties are being sold below their market value. Here are some thoughts on how Belize real estate market is expected to function in the months to come.
Belize real estate market is feeling the impact of COVID-19.
Commercial Real Estate Market in Belize
The owners of commercial real estate are still making money, especially if the businesses operating on their properties are still open, but they are definitely feeling the crisis. In the coming months, some commercial properties are expected to hit the market. The value of some properties will be lower than the market value estimated at the beginning of the year as many owners facing financial hardships choose to lower the price.
Residential Real Estate Market in Belize
Owners of residential real estate are also struggling. Some of them no longer work and are using their savings and the aid of unemployment funds to make ends meet. Therefore, many people are having trouble paying their mortgages or rental fees. Homeowners who can’t pay the mortgage are deciding to sell their properties and put the mortgage to rest to reduce their monthly expenses.
Should You Invest in Belize Real Estate
There is no one right answer to this question. Yes, it seems like a perfect opportunity to buy real estate while it’s cheaper. Investing in Belize real estate will boost the country’s economy, as the new mortgages will be financed through a bank present in Belize. However, some properties will not be sold at a loss. In some desirable areas such as Ambergris Caye, the demand is still high. In fact, those properties are more likely to increase in value than decrease.
If you are willing to invest in a popular location and accept the short-term loss, your investment will pay off in the future. If not, it would be best to invest in a less popular area or wait for the market value of properties to increase again after the pandemic.
A tropical home.
Buying a Property in Belize Remotely
Visiting the properties you’re interested in before deciding to purchase is always a good idea. Luckily, it’s not mandatory for buyers to be physically present in Belize. If you’re in a good place financially to move ahead with the purchase, you should work with a trustworthy agent and an attorney. Video conferencing and virtual tours make it easier to find, review, and ultimately purchase real estate without jeopardizing your health and the health of others. With the help of technology, you can meet with owners, attorneys, agents, and lenders as if you were physically present in the country.
The time frame for closing has not changed much due to the pandemic. In just a few weeks or months, the property could be yours. If you need a real estate loan, review the options banks in Belize offer and see which one works best for you. If this is something you want but the timing is not right at the moment, monitor Belize real estate market trends because the situation might change in your favor before the end of 2020.
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ECI Development delivers affordable luxury residence and resort communities in Central America, providing our clients with various premier lifestyle options from the Caribbean to the Pacific. ECI delivers inspired residences for adventurous souls.
Coupled with over 20 years of inherent corporate social responsibility in the communities where we work, ECI Development is building a sustainable business that is going to be around for the next 100+ years.