By The Real Deal
Belize is an under-the-radar bargain in the market for Caribbean real estate, according to a new report by an affiliate of Christie’s International Real Estate. Christie’s affiliate Sancas Realty suggests in its report that Belize has the potential to become a leading destination for wealthy buyers of luxury villas and beachfront homes.
The report detailed several lures of luxury homes in Belize. For starters, the fixed exchange rate of the Belizean dollar against the U.S. dollar is two-to-one. Gil Castillo, president of Sancas Realty, said in the report, “American buyers can be assured that their investment in Belize real estate will continue to appreciate on pace with the U.S. dollar.” Luxury homes in Belize have an average price under $1 million. Starting prices for luxury homes in markets worldwide average $2 million, according to Christie’s, which relies on local standards to define properties as luxury homes.
Infrastructure upgrades and low property taxes in Belize also have supported the development of luxury homes there. Major air carriers have added flights to Belize from hub cities including Panama City, Panama, as well as Los Angeles and Houston.
Sancas Realty also reported that foreign nationals already account for 95 percent or more of the luxury-home purchases in Belize in beachfront locations.