Buying a Condo in Belize – The Ultimate Guide
We put together this guide for investors considering buying a condo in beautiful Belize.
Whether you have been toying around with the idea of buying a condo to relocate, to retire in Belize, for use as a vacation home or as an investment offering high income-generating potential, this guide is designed to cover all aspects of buying an apartment from finding condos for sale in Belize through to the various steps involved in the purchase process.
Is Buying a Condo in Belize a Good Idea?
How Much Does it Cost to Buy a Condo in Belize?
Can Foreigners Own Condos in Belize?
Where are the Best Places to Buy a Condo in Belize?
How Do you Buy a Condo in Belize?
Getting a Mortgage in Belize
Investment Opportunities – Explore Condos for Sale in Belize
Buying a condo in Belize offers investors the opportunity to own property in one of the world’s most rapidly developing real estate markets and a dream destination for beach and nature lovers.
For buyers looking for a heavenly hideaway home surrounded by tropical beauty, Belize is the perfect choice. The country is covered in lush rainforest which is home to an incredible variety of flora and fauna including rare jaguars, monkeys and macaws. The greenery hides the fascinating ruins of over 900 ancient Mayan sites. The country’s eastern shore is fringed by spectacular white sand beaches and the turquoise waters of the Caribbean Sea. Just a short boat ride away is the second longest barrier reef in the world and world-famous dive sites such as the Blue Hole. All this and more has made Belize one of the fastest growing tourism destinations in the world and one of the hottest places in the world to buy property.
For buyers looking for investment properties in Belize offering the potential to generate a strong Return on Investment, this breathtaking Central American country also makes a lot of sense. The surge in overseas visitor arrivals has created huge demand for accommodation which has created the ideal opportunity for investors to earn significant income via the vacation rental market.
Whether you are considering buying a condominium for personal use or as an investment, the Belize real estate market is currently booming. While prices have been rising considerably in the most desirable areas, for the time being they remain very attractive compared to similar real estate in Central America. With prices expected to continue to rise, investors are set to benefit from tremendous capital appreciation over the medium term.
The cost of condos in Belize varies according to several factors such as location, size and perceived value.
Prices range from approximately US £150,000 to US £200,000 for a smaller 1 bedroom re-sale unit within a resort by the beach up to approximately US $1 million for a newly built luxury 3 bedroom penthouse residence at the top end of the market.
Yes, foreign nationals can buy condos in Belize and the Government of the country welcomes foreign investment.
There are no restrictions on foreign buyers acquiring real estate in Belize and, unlike in other destinations in the Caribbean and Central America, foreign buyers do not need to apply for any kind of license or permit to purchase property.
Property can be purchased in the name of an individual or corporation which can be more tax efficient and allow for a speedy resale.
That depends very much on your personal preferences and objectives.
Traditionally, condos for sale in Ambergris Caye, in particular condos for sale in San Pedro – the largest settlement on the island – have been the most popular choice for overseas buyers. Both re-sale and new construction units are available, including stunning new condos in internationally branded luxury beach resorts.
However, for those looking for somewhere quieter with beaches which are just as beautiful, condos for sale in Placencia are also popular choices with buyers.
Read more: Best Places to Buy Property in Belize
Buying a condo in Belize is a relatively straight-forward process. Below we have outlined the typical process for a new construction condominium unit.
Firstly, once a preferred unit has been selected, the buyer will typically need to sign a purchase and sales agreement and pay a deposit (e.g. 15%) which will be held in an escrow account.
The buyer will then need to make a series of stage payments (e.g. 4 payments of 15% each) upon completion of each phase of construction (such as completion of the ceiling/exterior walls).
The balance of the purchase price (e.g. the final 25%) should be transferred upon verified completion of construction and ownership of the unit will be transferred to the buyer.
For more detail on the purchase process, please see our guide to buying property in Belize.
It is possible to buy a condo in Belize with cash or a mortgage.
Both local and international institutions offer financing options to residents and foreign buyers alike for the purchase of residential property.
In the case of non-residents, up to 50% to 60% financing is typically available, which would therefore require a minimum down payment of 40% to 50%.
As you would expect at home, upon receipt of your application the financial institution will conduct typical checks to assess your suitability for a mortgage.
Should your application be approved, you should expect interest rates to be a little higher than in the USA, Canada or Europe. Mortgage terms tend to be in the region of up to 10 to 15 years.
Ready to begin your search for condos for sale in Belize?
To find investment opportunities from across the country from brand new branded residences in San Pedro in Ambergris Caye to beachfront condos on the Placencia Peninsula, explore condos for sale in Belize on our website.
Please note that our website only showcases a sample of the condos and apartments available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of investment opportunities in Belize.