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Some who visit Ambergris Caye like it so much they want to live here. Under Belize law, foreign nationals can own property on the island in fee simple, including property on the ocean. There are no capital gains taxes or inheritance taxes, and real estate taxes are low. Documents are in English and English common law prevails.
While the bargains in real estate are long gone, prices for beachfront or beach view property here remain far lower than on popular islands in the "main" Caribbean and considerably lower than in Florida or elsewhere in the U.S. One bedroom condos near the sea start at around US$75,000 but most are over US$100,000. Condos on the lagoon are less. Two-bedroom condos range from around US$125,000 to $250,000. Buildable lots not on the water may sell for US$10,000 to $25,000. Beachfront property, when available, goes for around US$1,000 per front foot. High-ground 100 feet x 200 feet beachfront lots on North Ambergris might go for around US$100,000. Freestanding homes start under US$100,000 and go well over half a million. Some owner or developer financing may be available, but your chance of getting a mortgage from a Belize bank are slim to none.
A number of older resorts, including Captain Morgan's and the Playador, are joining existing condotels by converting to a condo structure, with units being managed for individual owners and rented to hotel guests. Talk to existing owners to see what income they actually are receiving from such deals.
While real estate agents talk about the rapid appreciation of prices on the island, other locals note that it may take a long time to sell property and that motivated sellers often cut prices steeply.
If you're serious about buying, check back issues of BELIZE FIRST for candid details on living/retiring in Belize, and spend some time on the island first. Talk with expats to find their views on the cons as well as the pros. And with hurricanes in mind, don't forget insurance!
Here are some of the real estate agents who on the island. Keep in mind that U.S.- or Canada-style licensing and training requirements for real estate brokers in Belize does not exist. This is not a complete list; inclusion here does not necessarily imply a recommendation, nor does a lack of listing mean that the firm is not recommended. The Ambergris Caye Realtors Association has a multiple listing service.
Sunrise Realty, P.O. Box 80, San Pedro, tel. 501-2-63737, fax 2-63379, e-mail sunrise@btl.net.
Southwind Properties, P.O. Box 1, San Pedro, tel.501-2-62005, fax 2-62331, e-mail southwind@btl.net.
Triton Properties, Barrier Reef Drive, San Pedro, tel. 501-2-63783, fax 2-62403, e-mail triton@btl.net.
Belize Real Estate, P.O. Box 15, San Pedro, tel. 501-2-62090, fax 2-62245, e-mail bzreal@btl.net.
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