It can be overwhelming to invest in and buy the best foreign real property. There are many places you could invest in, and it can be overwhelming to see which areas are at their peak or which ones are on the rise.
It is not hard to understand why South and Central America are so popular. There are many benefits to Belize, including beautiful beaches and a pleasant climate. Many foreign investors are beginning to realize that Belize still has a lot of potential.
Here are five reasons to invest in Belizean real estate.
- Tourism is experiencing a meteoric rise
There are many reasons to buy Belize Real Estate. Buyers sometimes just want their own piece of paradise. A condo or vacation home in Belize is a good investment. It allows you to spend time there throughout the year and can also be used as a retirement destination.
Many buyers also want to buy real estate in order to make a profit. It is important to choose a location where tourism is booming if you are looking to make your real estate an income-generating asset.
The tourism numbers for Belize have increased by 5% in 2019 compared to the previous year. This is based on a monthly comparison. Visitors are coming to Belize via cruises and the airport have increased in number. This can partly be attributed to strong investments made by the Government of Belize as well as the private sector in infrastructure development projects within the region.
There are more people wanting to spend time in Belize. If you own property, this means that there is a growing market for people who want to rent a condo or vacation home.
A booming tourism industry is not only for people who want to make a living, but also for those who are looking to increase their annual revenue. It’s also ideal for people who want to increase the value of their property or who intend to sell it one day.
- The property will be owned by the buyer
One of the risks associated with overseas real estate investments is confusion around ownership rights. Some countries require citizenship or residency to be able to purchase your property. This can lead to less security, more headaches and complications for foreign investors.
Another issue is that Ambergris Caye Real Estate can be considered a leasehold for a certain number of years. This can be again a problem if you intend to leave the property to your dependents.
These issues are not present in Belize real estate. There are rarely any disputes about land ownership in Belize. Foreign investors as well as anyone can buy property in Belize. Real estate sales are even better because the buyer can purchase the property in full ownership. Leaseholds are almost non-existent. This will give you more security and peace of mind.
- Currency fluctuations are minimal
Property value retention is another concern that I hear often from foreign buyers of real estate. This is a legitimate concern, especially if the currency in the country you are interested in purchasing is different from your home currency.
Currency fluctuations in Belize are very rare. The Belize Dollar is pegged against the United States Dollar. Two Belize Dollars equal exactly one US dollar. Converting currencies is easy and straightforward. However, this also means you won’t notice a drop in the value your property because the market fluctuates.
This is an advantage, especially if your business involves US Dollars. While property values will fluctuate with the market over time, they won’t fall drastically due to currency issues.
- Property taxes are low
Everybody who has owned property knows there are ongoing expenses to be aware of. Property taxes and maintenance can be costly. This is true even in affordable locations, as well as many beachfront areas where buyers are willing to pay more for a home.
However, property taxes in Belize are quite low. Real estate taxes are calculated based on the land’s undeveloped value. This means it does not take into account the home’s size and value. The property tax rate is 1.5 percent of that undeveloped value, which is extremely affordable.
The result is that Belize property ownership is less expensive than many other comparable destinations. This keeps costs low and increases your profits.
