What’s the price of a home, condo or apartment in Belize?

There are two expat-oriented, developing areas in the country of Belize: Ambergris Caye in the north (with San Pedro as the main town on the island), and Placencia (which is a peninsula) on the mainland. Together, when considering the price of a home, condo or apartment in Belize, those two areas are quite a bit different than all the other places in the country.

 

You can buy a piece of jungle land for BZ $10,000 (US $5,000), but what are you going to do...

There are two expat-oriented, developing areas in the country of Belize: Ambergris Caye in the north (with San Pedro as the main town on the island), and Placencia (which is a peninsula) on the mainland. Together, when considering the price of a home, condo or apartment in Belize, those two areas are quite a bit different than all the other places in the country.

 

You can buy a piece of jungle land for BZ $10,000 (US $5,000), but what are you going to do there? You will be in the middle of dirt roads where there is no water or power around. In contrast, when you buy in Placencia, you will have access to a paved road to get you all the amenities, along with Ambergris Caye, Placencia is one of just two locations in the whole country that have that.

 

If you buy in a nice area in Placencia, an average residential lot on the beachfront is in the US $200,000 price range. A waterfront lot on the lagoon side would be about $100,000. A beachfront house would go anywhere from $600,000 to $1 million. A lagoon-front home will be anywhere from $250,000 to $500,000. A condo unit ranges from $200,000 to $900,000, depending on how many rooms there are in the unit. These condos are all beachfront. The price of the condos would only differ depending on the finishing, the view, and how close it is to the ocean. These prices are for average-sized residential lots, with are about 75 to 100 feet of waterfront and 100 to 200 feet deep, which gives you an average of a quarter to a third of an acre lots, on the waterfront. There is a subdivision ruling in Belize that all waterfront lots should be a quarter of an acre at the minimum.

 

Placencia is a very young area so most of the properties are brand new or were just constructed within the last 3 to 4 years. Most of the time, people build the full package, like 2 or 3-bedroom homes and most of them build up to hurricane proof standards. They have a pool and a nice landscaped yard with tiled floors, air-conditioning, granite countertops, etc. A $600,000 house would be up to 3,000 square feet, including the garage and the back.

 

A house on the lagoon side for $250,000 would be 1 to 2-bedrooms. It would not have a pool, but it would be a nicely finished house. Most people in the lagoon area build 2 floors; the bottom floors are built with concrete on a concrete foundation and then they put a wooden floor on top of it, with 1 or 2 bedrooms and an open kitchen area. Downstairs, they have a garage, a storage room, and eventually a guest room or a caretaker’s room. The house would be about 1,500 square feet.

 

A condo for $250,000 would have 2 bedrooms and 1 bathroom. It would have the same finishing as the $350,000 or $450,000 condo, but the difference would be the location. What is common is to have a V shaped project, right on the beachfront. The description of the average condo on the beachfront on the peninsula is that they are all from 1,000 to 1,800 square feet. Most of them are 2 and 3 bedrooms, with substantial outdoor living area because that is very important in a country like Belize. Most houses have a nice outdoor area because the weather allows you to live outdoors.

 

All of these would be constructed to good standards; concrete buildings with insulated glass windows, granite counter tops, stainless steel appliances, nice tiles, nice walk-in showers, and a bathtub, and that’s fully furnished. They use a lot of hardwood here because hardwood is a local product of Belize, so it is readily accessible and there’s a lot of local knowledge on how to use hardwood. They have nice hardwood ceilings, kitchens, etc. If you have the V-shaped project, for all the units right in front of the beach, the price would be in the $450,000 to $500,000 range. The ones in the middle of the project would be $300,000 to $350,000 and the ones farthest away from the water would be $250,000 to $300,000.

A small studio type unit in a decent area in Belize costs from about US $120,000 up to any amount. You just have to find out what you want. Do you want to be by the ocean or do you want to be in the jungle? Do you want a farm, where there are a lot of fruits and vegetables? It is a lot cheaper on the mainland than it is on Ambergris Caye, but then again you get greater return on your investment on Ambergris Caye due to the tourism.

 

You can buy a plot of...

A small studio type unit in a decent area in Belize costs from about US $120,000 up to any amount. You just have to find out what you want. Do you want to be by the ocean or do you want to be in the jungle? Do you want a farm, where there are a lot of fruits and vegetables? It is a lot cheaper on the mainland than it is on Ambergris Caye, but then again you get greater return on your investment on Ambergris Caye due to the tourism.

 

You can buy a plot of land for $60,000 to $100,000 and build rental apartments on it. Each would sell for $100,000 to $150,000 maybe generate between $700 to $1,100 a month, each. A lot of people I meet come here and say, “I am looking for something that’s going to pay for itself and hopefully increase in value and then in three or four years’ time I’m going to live in it while I find my dream home.” Some people just want to find a home to just live in right now and not rent it out. You have the opportunity here in Ambergris Caye to do either.

 

For $120,000, you can get a small studio type unit on the island. There are some little hotels that were built some time ago that are still in quite good condition with small 400 or 500 square foot units. You can get a studio unit with a bedroom, a kitchen, and a tiny bathroom. There are some in the Grand Baymen development that we work with for which we have pre-approved financing. They sell the properties from $120,000 to $130,000 and the properties are about 412 square feet.

 

I live in Ambergris Caye. It is an island only 25 miles long and a mile wide at its widest point. So wherever you are on Ambergris Caye, you are only 2 minutes away from the water. In two minutes, you will be at the salt lagoon or the ocean.  Everywhere is not “on the water” but everywhere is literally less than a two-minute walk to it. The other island towns are Caye Caulker, which is close by.  We also have the seaside town of Placencia, which is on the water as well but is a peninsula attached to the mainland. There are some lovely places on the mainland. There is a farmland in San Ignacio, the Orange Walk area, and lots of other wonderful developments. 

This question is quite difficult to answer because of the wide range of variables presented in the question.  The various areas of Belize have different prices and in some areas you can't get apartments or condos, only houses.  Prices in the more developed, touristy areas such as Ambergris Caye and Placencia are higher than inland in the San Ignacio area in the west or the Punta Gorda area in the south (pictured).  And even in the cost of homes you will find a...

This question is quite difficult to answer because of the wide range of variables presented in the question.  The various areas of Belize have different prices and in some areas you can't get apartments or condos, only houses.  Prices in the more developed, touristy areas such as Ambergris Caye and Placencia are higher than inland in the San Ignacio area in the west or the Punta Gorda area in the south (pictured).  And even in the cost of homes you will find a wide range of prices depending on location.  Prices overall are increasing throughout most of the country.

The prime factor that determines the cost to buy a home, apartment or condo in Belize is location. Where do you want to be in Belize? Do you want to be on an island or along the coast or do you want to be on the mainland?

 

When you’re looking at a house inland, the cost of living could be more affordable there as opposed to the price of the same house on the coast or on an island.  For example, a 1,500 square foot home with three bedrooms and two...

The prime factor that determines the cost to buy a home, apartment or condo in Belize is location. Where do you want to be in Belize? Do you want to be on an island or along the coast or do you want to be on the mainland?

 

When you’re looking at a house inland, the cost of living could be more affordable there as opposed to the price of the same house on the coast or on an island.  For example, a 1,500 square foot home with three bedrooms and two bathrooms with a fenced in lot of between a quarter to half an acre would cost between US $150,000 to $250,000 inland. The same house on an island or along the cost would be considerably more—from $300,000 and upwards up to $400,000.

Other considerations aside from location, include amenities and where is it located relative to town. Will you have easy access to amenities such as banks and stores? Is it on the grid or off the grid? These are the factors that will determine pricing. It could be a huge difference when you’re looking inland or on the Cayes or along the coast.

Other factors that influence the price of the house include the finishings. Does it have granite countertops?  What is the attention to detail, how many hours did it take to do, and how many skillful employees were used. These are the factors that could increase the price.

 

Whether or not the home is constructed out of concrete or wood probably wouldn’t matter because concrete and wood are about the same cost to build per square foot. However, the price can still go up due to other factors, such as the quantity and placement of electrical outlets, if the house has closets, high ceilings, granite countertops, a dishwasher or a tub in the bathroom.

These are little things. Sometimes you walk into the house and you may notice that one or more of these little things are there and you think it’s not a big deal. However, a few months down the road, you wish that you had the tub or more closet space. If you want these types of items, you have to pay for it.

While there are condos and apartments at the coast and on the cayes (islands), there aren’t many condos or apartments inland. These are just starting to get off the ground. I’ve heard of a couple of places that will start building $275,000 to $300,000 condos that are 1,000 square feet and have 2-bedrooms and 2-bathrooms. These aren’t huge. These condos are brand new and come with a pool, parking, a store, a pharmacy and a tennis court. They will be a high end luxury apartments or condos.  

They have condos and apartments on the island (like Ambergris Caye) and along the shore. There are lots of condos, villas and apartments for sale on the island. These could be older constructions or new constructions. There’s more variety on the islands and along the coast in places like Placencia. The prices would be about the same on Ambergris Caye and Placencia. For a condo of between 1,000 to 1,200 square feet, if you’re looking at older construction, the price range is $275,000 to $300,000. If you’re looking at new construction, the price range is $300,000 to $450,000.

But keep in mind, on the island, particularly in the town of San Pedro on Ambergris Caye, there’s a wide range in size, what is standard, what’s available, and the amenities. These are factors that determine pricing of the houses, condos and apartments in Belize. If you’re further north from San Pedro on Ambergris Caye, you’re not close to the banks, restaurants and stores, so it may be a little bit cheaper. If you’re in the downtown area, it can be a bit higher.

 

(Oceanfront house in Hopkins, Belize, pictured.)

 

At the low end, a small, one-bedroom condo in Ambergris Caye can cost US $100,000 to $135,000. Depending on the condo’s location, single bedroom luxury condos for a single bedroom, cost up to $200,000. A condo with two bedrooms and two bathrooms will run from $250,000 to $500,000. There are some beachfront luxury condominiums that will be $485,000 to $490,000 with two bedrooms and two bathrooms. Off the waterfront, you will be looking at $100,000 to $150,000 for a one-bedroom,...

At the low end, a small, one-bedroom condo in Ambergris Caye can cost US $100,000 to $135,000. Depending on the condo’s location, single bedroom luxury condos for a single bedroom, cost up to $200,000. A condo with two bedrooms and two bathrooms will run from $250,000 to $500,000. There are some beachfront luxury condominiums that will be $485,000 to $490,000 with two bedrooms and two bathrooms. Off the waterfront, you will be looking at $100,000 to $150,000 for a one-bedroom, one-bathroom apartment.

 

The prices for houses very much depend on whether they are on the water or off the water. If it’s off the water, a house will be around $175,000 to $250,000.  On the water, you can find houses that go all the way up to $2 million to $3 million.

 

Typically, the houses in the $175,000 to $250,000 range are small - around 1,000 to 1,500 square feet with two bedrooms and one bathroom or two bedrooms and two bathrooms, and are off the water. You don’t have communities of homes on the water so you will be on the “local market” segment for that.

 

There is no real zoning on the island. The only thing you will find typical of zoning will be within a development. You might find some houses next to more local, older, wooden structures that are a little bit older. You may find a golf cart repair place next to a couple of residential houses. So when you are talking about the local market, you are talking about the places where the people live who are supporting the tourism industry, which are in the less desirable areas.

 

Ambergris Caye has two sides. The east side of the island faces the barrier reef, which has the higher prices.  The west side of the island faces the lagoon. As the east side fills up and becomes less available, you will start to see a revival of the west side of the island, which is where, now, you will find some of the more local communities with houses in the $175,000 to $250,000 range.

 

If you want a nice 2,000 square foot house, with three bedrooms, and two bathrooms on the water, it will be in the $450,000 range. Off the water, you are going to be looking at $200,000 and up.

 

(The Belize Barrier Reef  off Ambergris Caye, Belize, pictured.)

A condo with 2 to 3 bedrooms on the Cayes or in Placencia would cost around US $300,000; that’s the starting price.  There are more expensive developments or projects, so there are condos available for as much as US $500,000, US $800,000 or even US $1,000,000.   It depends on the developer.

 

The reason why we immediately think of condos out on the Cayes or Placencia is because they tend to have condos there and not so much in the city or...

A condo with 2 to 3 bedrooms on the Cayes or in Placencia would cost around US $300,000; that’s the starting price.  There are more expensive developments or projects, so there are condos available for as much as US $500,000, US $800,000 or even US $1,000,000.   It depends on the developer.

 

The reason why we immediately think of condos out on the Cayes or Placencia is because they tend to have condos there and not so much in the city or anywhere in Cayo.  The houses are pretty much on the mainland, but there are more condos on places like the Cayes or Placencia.

 

 A 3-bedroom, 2-bath home in a 75 feet by 50 foot lot in Belize City would cost about US $200, 000. 

 

Compared to Belize City, a house in San Ignacio area in Cayo costs less.  It will be around US$150,000 for a 3-bedroom, 2-bath home in a fairly safe neighborhood.   You'll also get more land than what you would get in Belize City--- I would say about an acre of land. That’s a huge difference in size.

 

In Belize, we don’t usually measure the house by square feet. It's pretty much maybe a standard size that we're used to.  When someone says we have an available 3 bedrooms and 2 baths, we expect it to be of decent size. Nothing small, it wouldn’t be anything very large but it’s fair.  We base the size on how many rooms and bathrooms there are.  

 

(Inside a home in Belize.)