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Buying a Property in Belize

Property in Belize: Investment potential

Property growth in Belize between 2000 and 2007 was good, stable and reasonably reliable, but has now suffered from the contagious effects of the global recession, bringing prices down sharply in most areas.

Tourism is growing, and the government has been careful to keep the natural beauty of the coastline and rainforest as intact as possible while still allowing development to take place. With all of this growth, property prices remain somewhat below the levels you might expect, and can be 50 per cent below the prices that are found nearby in the Bahamas.

Once direct flights from Europe begin in the coming years, expect prices to recover well and tourism to continue growing.

The last elections in Belize were held in 2008, but there has been some recent tension with neighbouring Guatemala over a border dispute. The main tasks for the new government are tackling high levels of poverty and reducing the unsustainable foreign debt of the country, as well as reducing urban crime.

One note of caution however, is that property outside of the major destinations might be difficult to reach at the present time. The issue with transport in the provinces of Belize is that road transport can be quite sketchy at times. Try to buy in the vicinity of regional airports that will at least give you options for access while the infrastructure of the country is brought up to higher standards.

Healthcare

Primary healthcare in Belize is covered by a government-sponsored system, and nine per cent of the income raised by taxation in the country is spent on the health service. Patients have to pay for some services, but again, much of this is subsidised at least in part by the government. Doctors are routinely trained in other countries, but the standard of their education is generally good.

Transport

Internal transport links in Belize are somewhat rudimentary, but investment is being put in place to make sure this improves in the near future, but for now you would be well advised to stick to some of the more well-known areas to avoid feeling cut off and isolated when you are in Belize. There are a number of regional airports and landing strips from which you are able to access the main international airport outside of Belize City.

Internationally, most flights are through the cities of the southern part of the US, which is an easy hop from the UK through a variety of different carriers from airports around the country.

And finally...

The countries of Central and South America have enjoyed a recent increase in coverage and potential as overseas property destinations. This leads to a number of different markets and advantages appearing for each of the destinations. Given the tax advantages of residency for those approaching retirement age, it may be that Belize is the destination that proves to be the most popular with those looking for a more permanent home to which to relocate in the future.

Furthermore, the fact that the scuba diving and beachfront living opportunities offered by the coastline of the Caribbean Sea will attract those who are keen on an island lifestyle at a cheaper price.

Be aware of the high levels of poverty in Belize and the current fragility of the property market before you buy, and you may find a great retirement destination waiting for you in unspoilt rainforest.

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More pages

Page 1: Why Belize?
Page 2: The property buying process
Page 3: Property in Belize: Investment potential

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