4 Neighbors You Should Know When Buying Property in Belize
Editor’s Note: This story appeared on Live and Invest Overseas.
Ambergris Caye is the number one tourist destination in Belize and it’s easy to understand why … Warm weather, friendly locals, beautiful beaches … Also, English is spoken and easy to get to from North America.
Running 25 miles to the south, and just two miles across at its widest point from east to west, it is the largest and most populated island in Belize. As a result, demand for real estate—and prices—can be high. However, if you are after a stay in the Caribbean, it is one of the most affordable options and bargains to be found if you know where to look.
I see the market as four distinct sectors: South of Town, Town Core, North of the Bridge, and Secret Beach.
Prices for everything in Belize are quoted in Belize dollars except for real estate – they are always in US dollars. There isn’t really a “zone” per se, so every part of town will have shops next to homes next to bars next to resorts.
South of the city
You will get an equal amount of vacant land if you wish to build your home. Existing homes range from shelters to custom homes, but most single-family homes and condos are up to North American standards and were built in the last 20 years.
Most of this area is on the electricity and water grid. Expats tend to live along the river south of town, although new homes are being built in an area called Tarpon Bay on the lagoon/leeward side of the island. If you have school going children, most schools are in the south of the city.
The tarmac road goes a bit past the entrance to Mahogany Bay, and after that, it’s dirt, so it can be a challenge to drive a golf cart (the most common mode of transportation on the island) in bad weather.
City Core
This area has very old buildings and is very densely populated. Most mobile, the property here is mostly apartments and condos.
It also has many restaurants and activities and because of its vibrant life it can be noisy here, especially during holidays and festivals. It has a small expat population, so if you desire an authentic Belizean experience, Town Core is for you!
North of the Bridge
Yes, there is only one bridge! There is also a large amount of vacant land if you choose to build your dream home. The city water only extends about one mile north of the bridge. After that, you rely on the rainwater storage area and, in the dry season, the delivery of water by tanker trucks.
Electric service extends further north, stopping between 14 and 15 miles north of Central Park. If you choose to live in a condo, they will usually be on the beach or on the road (and only one road goes north, until the island is expanded with a quarry).
Single family homes range from tiny houses to custom mansions as well. The road is only paved up to about 3 km, so north of that, driving can be tricky in bad weather.
A secret beach
This is a place to live off the grid. The roads here are unpaved and difficult to pass in heavy rains. It has a hippie vibe.
The process of buying real estate in Belize is similar to the US in some ways. The contracts are in English, you pay an earnest money deposit when your offer is accepted, and you can own the property with the same rights as a Belizean citizen.
The main difference is that the mortgage is not available to a non-Belizean, which means you will have to pay in cash or broker’s fees when offered.
Be advised, anyone can claim to be a real estate agent in Belize. There is no need for a license or background check and the potentially huge commissions can tempt unscrupulous people to promote themselves as an agent.
Research any person you intend to work with, even if they are under a real estate franchise you know. Have a real estate attorney handle your escrow and closing; they can apply for your land certificate (the Belizean version of the title) with the Department of Land. There is an 8% stamp duty due on the sale price, under the first $10,000.
Long-term rentals are a little harder to find in Ambergris as many property managers have up-to-date websites, and many landlords have switched to short-term rentals to increase their income. It’s also rare to find a rental property that allows pets.
Make sure that any destination you are considering is registered with the Belize Tourism Board, at least until you become a permanent resident. This is required for those using a tourist visa.
The most reliable way on Ambergris Caye to find a long term rental property is through word of mouth. Book a short-term rental for a month or two, go out into town, talk to your server, other diners at the restaurant, or the people working at the community gate… they will know about available units. Facebook groups will have occasional posts.
Prices will vary greatly depending on location and standards. For a cozy, one-bedroom apartment with basic appliances, air conditioning in the room, and water included, expect to pay $1,400 to $1,700 per month for a one-year lease.
In a new building with high ceilings, air conditioning throughout, and private parking, expect a monthly average of $2,600 to $3,000 in annual rent, excluding utilities.
