Former British Colony Poised for Growth when Euro Flights Arrive

Property Wire - July 5, 2008

Direct flights from Europe to Belize from next year are expected to boost the value of property on the former British colony.

Real estate agents report impressive increases in property prices and growing interest from American and Canadian investors in this Central American country.

'Property price increases are averaging about 20% a year across the board. If you get into some beach lots, for instance, they're going up about 25% minimum per year,' Patrick Doyle, of Caribbean Property Consultants (CPC) Real Estate Solutions.

Current exchange rates are making prices even more attractive, especially to Canadian and Americans but also to Europeans, according to Ricardo Cardenas of RE/MAX Latin America and Caribbean. Tourists and those interested in buying a retirement home are also increasing.

'More Canadians and Europeans are investing in our part of the world than ever before,' he confirmed.

Direct flights from Europe are anticipated within the next year. 'When Europeans can fly over and back for $700 to $800 they're going to look and buy,' added Doyle. Several cities in the US including Atlanta, Dallas, Miami and New York already offer direct flights to Belize.

Foreign citizens receive the same property rights as Belizean citizens and there are no restrictions placed on foreign buyers. The system is based on British property law and there are no capital gains taxes or inheritance taxes in Belize.

All transactions and documents are in English, the official language, which simplifies the negotiation process for American and other English-speaking investors. However, it is still recommended that investors seek the help of a reputable agent and lawyer as land disputes between Belize and Guatemala continue. In 2005, both countries signed a Framework for Negotiation and Confidence Building Measures, under which they continue to meet regularly in efforts to end the dispute.

Real estate agents are not regulated. Expats, hoteliers and taxi drivers all dabble in the property business. Cardenas said he would not recommend anyone buying property in Belize without seeing it first.