resale market look in Ambergris Caye real estate
The resale market in Ambergris Caye real estate continues to flourish due to tourism and a growing number of people looking for their own slice of paradise. Several new hotels and residential projects are currently under construction. Marriott’s Autograph Collection brand is expanding to Belize with Alaia, a boutique resort on Ambergris Caye. Four Seasons is opening on Caye Chapel in 2021. Other new developments include a number of private homes, lots for custom homes and overwater bungalows.
There is a wide variety of resale properties on the island including condos and single-family homes that offer incredible coastal views. The average oceanfront condominium is priced in the US$200,000 to $400,000 range while a family-style oceanfront home can be in the range of $300,000 to $1 million. The northern part of the island where Secret Beach and the West Coast is located is less developed but there are still a number of great opportunities in that area as well.
The most popular areas for foreign homebuyers are on Ambergris Caye Real Estate and the southern Belize destination of Placencia. Both locations are experiencing rapid growth in tourist arrivals and the demand for income property is outpacing the supply. The fact that Ambergris Caye is an island means there is a scarcity of available property which works to the investors’ advantage for rental income and equity appreciation.
How does the resale market look in Ambergris Caye real estate?
While prices are rising on the island it is still significantly less expensive than most overseas destinations. According to Kathleen Peddicord who edits the famous email newsletter about living abroad in Belize, an expat can expect to pay about half as much on a home for sale in Ambergris Caye compared to what it would cost in the US or Europe.
Investing in Belize property has never been easier since the country’s Constitution now allows non-residents to purchase properties under a freehold contract. This allows them to live in the home, lease it out or even sell it as they wish.
In addition, the current 2:1 exchange rate with the US Dollar makes it very affordable to own property in Belize and then use that investment to make money renting it out to tourists or reselling it. Those who are interested in investing in Belize property should visit RE/MAX Island Real Estate to find the right property for them.
The team at RE/MAX Island Real Estate has a vast selection of properties for sale in Belize, from waterfront lots and homes to luxury condos. Contact the office today to learn more about how you can take advantage of this emerging market. They can also answer your questions about living in Belize and how the local economy is doing. With more than 100 agents and offices throughout the country, RE/MAX is the largest real estate franchise in Belize. You can trust the experienced team at RE/MAX to help you find the perfect property for your needs in Belize.
