According to a study released this week, there has never been a better time for Americans to consider retiring in the Caribbean and Central America.
As a consequence of various events around the world such as housing bubbles and debt crises in Europe which have led to a reduction in house prices and, simultaneously, a strengthening of the US Dollar, American retirees have increased purchasing power. And, with many locations in the region also benefiting from an expanding middle class and growing rental demand, the appeal of spending your retirement in the Caribbean, Mexico or Central America is higher than ever.
So, which are the best Caribbean islands to retire to? Which are the best places to retire in Central America?
Well, the results of the 2016 Retire Overseas Index are in. This study analyzes the average price per square meter of a 75 to 100 square meter, 2 bedroom apartment in destinations around the world with particular appeal for living and retiring overseas. Each of the locations is then ranked from A to F with an Affordability Grade.
So, here is a snapshot of the results of the survey and the 7 best places to retire in the Caribbean and Central America according to the Retire Overseas Index…
1. Granada, Nicaragua
According to the Retire Overseas Index, the colonial city of Granada in Nicaragua is the cheapest place to retire in Central America. The survey gave Granada an Affordability Grade of A and revealed that the average cost of purchasing a 2 bed apartment is $900 USD per square meter – lower than any other retirement location in the Caribbean, Mexico or Central America.
If you are considering retiring to Central America, there are plenty of options for you in terms of Nicaragua real estate and not just in Granada. Nicaragua’s Emerald Coast is known for its beaches and golf – what better way to spend your retirement? The area is also world renowned for surfing – ideal for visiting family and friends.
For example, this 3 bedroom oceanfront condo for sale in Hacienda Iguana is offered at $319,000 USD and is ideal for a retirement in Nicaragua:
2. Cayo, Belize
Coming in second place is the district of Cayo in Belize. According to the research, Cayo in Belize has an Affordability Grade of A and the average cost of a 2 bed apartment is $1,076 USD per square meter.
While in theory Cayo, Belize may be a low cost option for retiring to Central America, we actually feel that Ambergris Caye is one of the best places to retire in Belize. Ambergris Caye was also included in the Index’s top 10 best locations to retire in the region, coming in 8th position with an Affordability Grade of C and an average cost of a 2 bedroom apartment of $2,800 USD per square meter. There are a lot more options for buyers in terms of Ambergris Caye real estate compared to Cayo real estate. And, while Cayo is located inland, Ambergris Caye is located on Belize’s Caribbean Sea coastline close to the stunning Belize Barrier Reef. So, whether you are looking for an active retirement diving and snorkeling or a more relaxed retirement by the pool or on the beach, Ambergris Caye could be ideal.
Affordable real estate in Ambergris Caye is also available with plenty of high quality amenities and services. For example, these 2 bedroom condos for sale in Ambergris Caye (just half a mile from San Pedro) are offered at $269,900 and are footsteps from the beach, pool and fitness centre:
3. Puerto Vallarta, Mexico
Rounding off the top 3 is Puerto Vallarta in the state of Jalisco on Mexico’s Pacific Coast. With its beaches, restaurants, cafes, shops and art galleries, Puerto Vallarta is a really popular place to retire in Mexico. According to the survey, Puerto Vallarta has an Affordability Grade of B and the average cost of a 2 bed apartment is $1,600 USD per square meter. If you are thinking of retiring in Puerto Vallarta, take a look at these listings of Puerto Vallarta real estate.
This 3 bedroom beachfront apartment for sale in Puerto Vallarta, for example, is offered at $389,000 USD. Located right on the beach this apartment would be ideal for retirement or as an income-generating rental property:
4. Roatan, Honduras
Roatan, which is situated in the Bay Islands just off the coast of Honduras in the Caribbean Sea, is the first island to make it on to the Retire Overseas Index 2016, making it, for some, the best Caribbean island to retire to. According to the research, Roatan has an Affordability Grade of B and a 2 bed apartment is available for $1,800 USD per square meter.
Spanning less than 50 square miles, Roatan is small, easily accessible via direct international flights from North America and ideal for beach, snorkeling and golfing lovers.
5. Las Terrenas, Dominican Republic
The small town of Las Terrenas in the Dominican Republic comes in fifth place with an Affordability Grade of B. According to the study, the average cost of a 2 bedroom apartment is $2,100 USD per square meter.
If you are thinking of retiring to the Dominican Republic, we would certainly agree that Las Terrenas could be perfect. There are plenty of beach bars, cafes and restaurants serving inexpensive but extremely fresh locally caught fish and seafood lining the beach and Las Terrenas real estate offers some great options. There are condos and homes for sale just set back from the beaches, which are some of the most beautiful beaches in the Caribbean.
These 1 bedroom apartments for sale in Las Terrenas are offered at £251,750 USD. Just set back from a pristine white sand beach, everything you could possible wish for is on hand: beach club, pool and restaurants:
6. Pedasi, Panama
Next on the list is Pedasi in Panama. Located at the tip of the Azuero Peninsula in the province of Los Santos, Pedasi has, in recent years, emerged as an increasingly popular place to retire in Panama. According to this study, Pedasi has an Affordability Grade of B- and a 2 bedroom apartment is available for an average of $2,170 USD per square meter.
Pedasi is however not the only option to consider. For those looking to get away from it all Bocas del Toro real estate could be a great option. The Bocas del Toro archipelago offers stunning beaches, beautiful reefs and pristine rainforest.
These condos for sale in Bocas del Toro, for example, are priced from $399,000 and located in a beachfront resort with restaurants, marina and access to great snorkeling and 5 beaches:
7. Playa del Carmen, Mexico
Rounding off the list of best places to retire in the Caribbean, Mexico and Central America is the coastal town of Playa del Carmen on the Riviera Maya in Mexico’s Yucatan Peninsula. According to the 2016 Retire Overseas Index, Playa del Carmen has an Affordability Grade of C and a 2 bedroom apartment is available at $2,300 USD per square meter.
Playa del Carmen has recently benefited from a huge surge in investment and all the benefits that come from being a leading destination in one of the world’s top tourist hot spots.
Playa del Carmen real estate ranges from the affordable to the super luxury. These 2 bedroom condos for sale in Playa del Carmen, are available from $399,000 USD for example. The condos are located in a beachfront resort with a very wide range of amenities available from beach club, pools and spa to tennis courts, restaurants and fitness center:
Advice on Retiring to the Caribbean, Mexico & Central America
So, if you’re thinking about retiring in the Caribbean, Mexico or Central America, you have plenty of options to consider.
To discuss your options further, please contact 7th Heaven Properties.