Real Estate in Belize recovering as Tourism increases
Article by Casacayo Real Estate
An increase in tourism, fair home prices and generous retirement incentives is driving a recovery in the Belize real estate sector. Tourism accounts for more than 24% of the country’s GDP, with attractions like the Maya temples and pristine beaches luring overseas dollars. Retirees appreciate Belize’s low barriers to entry, tax incentives and business opportunities, which have resulted in a second-place rating as a foreign retirement location by the American Association of Retired Persons.
Belize properties for sale are picking up, after dipping in 2008 in the aftermath of the global financial crisis. Belize real estate prices rose steadily in the 2000s, with the help of the tourism and construction boom, particularly Island real estate on Ambergris Caye.
As of the first quarter of 2011, Belize’s tourism sector is seeing positive indications that an industry recovery is finally underway. The overnight sector witnessed the largest overall growth in January and seems to be trending with the UN World Tourism Organization’s global prediction for 2011, which has forecasted a 4% increase in global tourism arrivals. Belize’s overnight sector is expected to see somewhere between 2 and 3% growth. Overnight Tourist Arrivals in March 2012 reached 29,000, the highest level since 2008 and up from only 26,000 in 2009.
Beach propertyon the island of Ambergris Caye remains in high demand. Richard McMinimy, owner of Barrier Reef Realty in San Pedro, attributes this demand to the existence of a number of high-end real estate developments such as Indigo Belize. Indigo is an exclusive collection of three-bedroom condominium island-homes. Beautifully situated on a white sand beach on Ambergris Caye, Indigo embraces forever views of the Belize Barrier Reef, footsteps from the water’s edge.
A founding member of MLS Ambergris Caye, and a long standing member of The Association of Real Estate Brokers of Belize (AREBB), and the San Pedro Business Association (SPBA), Barrier Reef Realty provides a full range of services to it’s clients, including incorporation, relocation, banking, and all aspects of purchasing, project planning, building, and relocating to a new country.
Casa Cayo Real Estate Ltd. will now be operating as Barrier Reef Realty. After 10 years of operation in San Pedro, Ambergris Caye, Belize the time has come to more closely identify with the magnificent Barrier Reef located a few hundred yards from our office. Belize Real Estate is still the best investment in the Caribbean.