Belize: Overview
In Depth
- Overview
- Price History
- Rental Yields
- Taxes and Costs
- Buying Guide
- Landlord and Tenant
- Inheritance
- Living There
- Useful Links
- Country Statistics
Find Property
Directory
Global Statistics
Regional Statistics
- Sq. M. Prices
- Price/GDP per Cap
- Buy/Sell Costs
- Rental Income Tax
- Capital Gains Tax
- Landlord & Tenant Law
- GDP Per Capita
- GDP/Cap Growth 1 yr
- GDP/Cap Growth 5 yrs
- Economic Freedom
- Ec. Freedom 5 yrs
- Property Rights Index
- Currency +/- Value
An abrupt pause for
Belize housing market
After sharp house price increases in the past years, the Belize housing market suddenly stalled in 2008 due to the contagious impact of the global financial meltdown.
While some local real estate agents claim that house prices barely fell in 2008, the Coldwell Banker House Price Comparison Index (HPCI) suggests that in 2008 the average price of four-bedroom houses in San Pedro, Ambergris Caye, dropped 50% to BZ$694,454 (US$349,000) from a year earlier.
Belize’s real estate market grew rapidly from 2000 to 2007, fuelled by the passage of the Retired Person Incentive Act (RPIA) in September 1999 and the boom in tourism and construction in mid-2000s.
Prices of inland residential properties rose by about 15% annually from 2003 to 2007, according to local real estate agents. In coastal and tourist areas, property prices have risen by as much as 30% every year over the same period.
Restrictions on foreigners buying property are minimal, though non-nationals must obtain from the Minister of Natural Resources license to purchase or hold land in excess of half an acre in the cities or towns, or ten acres outside cities or towns.
RENTAL YIELDS
Last Updated: Feb 18, 2009
2 bedroom apartment in
Belize start at US$200,000
Prices of beachfront houses in Ambergris Caye start at around US$200,000 for two bedrooms and reach until US$690,000 for five bedrooms or more.
2009 rental yields are unavailable for Belize, because of the difficulty of finding ‘for rent’ data..
TAXES AND COSTS
Last Updated: Jan 19, 2009
Belize has low income tax
Rental Income: Rental income is considered as business income, and is taxed gross at a flat rate of 3%.
Property Tax: Property tax is levied between 1% and 1.5% of the property value.
Residents: Residents are taxed at progressive rates on their employment income. Income from other sources is subject to business tax, wherein the applicable tax rate depends on the classification of the income.
BUYING GUIDE
Last Updated: Apr 04, 2008
Buying costs are moderate in Belize
Roundtrip transaction costs are around 14% to 19% of the property value. The stamp duty is 5% with the first BZD20,000 tax-exempt. Real estatae broker's commission is typically 7% for houses and 10% for land.
Sale of new properties is subject to 10% General Sales Tax.
LANDLORD AND TENANT
Last Updated: Jun 06, 2006
Belize's rental law is pro-landlord
Rent: The initial rent can freely negotiated. The Rent Restriction Act, however, limits rent increases to 10% annually or at a level mandated by the district Rent Assessment Board.
Tenant Security: Non-payment of rent and sub-letting without the landlord’s knowledge are grounds for eviction. Landlords, through a court order, can forcibly enter to reclaim the property from tenants, and claim compensation for damages and unpaid rent.
ECONOMIC GROWTH
Last Updated: Mar 19, 2009
Caribbean paradise in mainland America
Physically, Belize is in Central America but has more in common with the Caribbean despite its dominant second language being English, not Spanish or Portuguese. Formerly known as British Honduras, it is UK’s last colony on American mainland. It has a population of 314,300 and GDP per capita of US$4,108.
The economy has experienced strong growth since 1996, with an average of 5.64% GDP growth per year from 1997 to 2007. In 2009, economic growth is expected to slow to 2.5%. Tourism, fisheries, agriculture, and manufacturing dominate the economy.
As an ecological paradise, tourists flock each year to marvel at the pristine beaches, great dive sites and virgin forests of Belize. There were 774,558 visitors in 2008, of which 236,926 stayed over.
RESIDENTIAL PROPERTY AROUND THE WORLD
Asia & Pacific
Looming housing slump in China
America & Caribbean
The great U.S. housing market crash
 |
|
 |
|
| RESIDENTIAL PROPERTY FACTS | |
| Price (sq.m): $1,479 For a 200 sq. m. property, usually an apartment. | Rental Yield: n.a. |
| Rent/month: n.a. | Income Tax: 3.00% Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income. |
|
Roundtrip Cost:
15.8%
The total cost of buying and then reselling an apartment. Includes: * all transaction taxes and charges: * lawyers' and notaries' fees * agents' fees Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000. |
Cap Gains Tax: 0.0 Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation. |
| Landlord & Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice. | |
JULY 2008
- Former British colony poised for growth when Euro flights arrive - Property Wire
MAY 2008
AUGUST 2007
NOVEMBER 2006
- Central America is more than Costa Rica - San Francisco Chroni
Subscribe to our Newsletter!
Enter your email address to sign up.
RSS
