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Belize
Belize has unique advantages over every other country in Latin America. Belize property is 70% less expensive than comparable U.S. real estate and is the only English-speaking country in the region.
Costa Rica was the first to capitalize on boomer trend and as a result real estate prices have tripled in the past three years—early investors made incredible returns. Boomers are priced out of Costa Rica. They need an English-speaking country with familiar customs and reasonable home prices. Because Belize offers all this, it is open to a much larger market segment than its Latin neighbors.
Belize is an English-speaking democracy with a peaceful history. It is a British Commonwealth with the strongest property rights in Central America. The Belize dollar is pegged 2:1 with the U.S. dollar. This controls inflation and allows U.S. home buyers and investors to buy property without making a currency bet. Direct flights to Belize are available from 7 cities in the U.S. and can be accessed in less than 2 hours from Miami.
Advantage of Belize when Selecting a Central American Vacation Home
- English is Belize’s official language
- British-based legal system.
- Currency is pegged to U.S. dollar.
- Nonstop flights from 7 major cities in the U.S..
- Peaceful history and stable government with no war since the 1798.
- Major U.S. government investment in new embassy in 2006.
- Property titles are fee simple with title insurance available.
- Largest coral reef in Americas and second largest in world.
- No citizenship requirements for land ownership.
- Tax incentive programs for retiree expatriates.
- Belize City Airport expanded in 2007 to accept direct flights from Europe.
Buying Power
Buying power in Belize is nearly double that in the U.S. This is an excellent ratio because money goes farther and also indicates that the average Belizean is well-off, literate, and employed. Belizean unemployment is among the lowest in Central America allowing the boomer to feel secure in knowing that he can have a strong relationship with local Belizeans. In fact, because Belize is English-speaking it has the highest rates of U.S. educated citizens in Central America. Foreign investment in Belize has increased dramatically in the past 10 years with very large investments occurring in 1999, 2001, 2004, and 2005. These investments have centered on tourism and also the recent oil boom in central Belize.
The 2007 Moon Handbook - an award-winning travel guide - notes, "Belize is the only country within the Caribbean to experience consistent increases with respect to overall tourist arrivals since 1998." This trend is expanding into the luxury end of tourism and is helped by a number of celebrity real estate purchases in the country.
Latin America Real Estate Market
According to RREEF Research, a global property management and investment company, the scale of development activity and the maturing of real estate markets mean that emerging markets are set to grow the most over the next five years. This is particularly the case in Latin America, where the market is expected to grow by 120%. The growth rates for the mature markets range from 20% in Western Europe and North America to 40% in Asia. The Latin America Real Estate Market is expected to grow from $200 billion in 2006 to $450 billion in 2011.