is belize property recovering
News Posted On: 17 June 2011
It looks as if the property in Belize is recovering after prices dropped in 2008, but as there is no official house price index in the country it's difficult to ascertain exactly what's happening. According to the 2009 Coldwell Banker House Price Comparison Index, the average price of the four-bedroom property in San Pedro, Ambergris Caye, fell by 30% in 2008, and according to the same index, prices in 2009 fell by a further 50%.
This house price index has prices increasing by 14.3% between February and August in 2010, but these figures probably don't give a very accurate picture of what's really happening. Prices of property in Belize increased quite rapidly between 2000 and 2007, which was due to the tourism and construction boom.
The construction boom was also partly prompted by the Retired Person Incentive Act, passed in 1999. It is rated as the second top place in the world to retire by the American Association of Retired Persons, based partly on the fact that the country is English speaking and partly on its reputation for safety, not to mention the beautiful scenery.
Property here is still cheaper than other parts of the Caribbean with house prices ranging from US$150,000 to US$1.1 million, while condominiums costs from US$143,000 to about US$400,000. Ambergris Caye is an exclusive area which is one of the most popular areas for holiday homes, and as such there have been a number of new property developments here in recent years. There is even an area jokingly called the Costa del Sol.
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Written by Les Calvert
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