There’s something special about a seaside community. The best ones have dream homes, locally-owned boutiques and seafood dives you can walk to — plus an extra measure of coastal heart and soul.
Ambergris Caye, San Pedro real estate Belize. The town’s main draw is its unique situation alongside the impossibly turquoise blue waters of the world’s largest living Barrier Reef.
Location
San Pedro, the largest city on Ambergris Caye, is a Caribbean destination popular with Americans, Canadians and Britons. In addition to enjoying tropical breezes and warm, clear water, they love the culture of the area.
San Pedrito’s lively culture is reflected in its bustling street life, beach bars and live music scene. The town is also known for its proximity to the Belize Barrier Reef, which boasts an incredible variety of marine life.
Residents can enjoy dining from casual taco stands to upscale restaurants featuring sophisticated international cuisine and polished service. The local population includes families with school-aged children and a wide range of professionals, including those working in tourism and other business. Those interested in purchasing homes on the island can find everything from beachfront abodes to tidy cottages tucked away to offer privacy. Many new property developments in Belize offer luxury amenities like private beaches, fitness centers and spas. Some feature marinas and vacation rental opportunities with management.
Price
As the main town on Ambergris Caye, San Pedro is a bustling destination with beautiful beaches and a lively culture. Its proximity to the Belize Barrier Reef, which offers a rich array of marine life, is also a major draw for visitors.
There are many opportunities to invest in property in the area, with homes for sale ranging from affordable beachside condos to luxurious single-family estates. These homes often generate income through rental opportunities for tourists.
Ms Waight said that prices in San Pedro start at US$295,000 for a two-bedroom, two-bathroom home in a development, while single-family homes are typically priced higher.
In addition to the lower price points, Ms Waight pointed out that Belize has a low cost of living, with prices significantly less than in the United States. Additionally, there are no capital gains taxes in Belize. These factors make the country an attractive investment for those looking to enjoy a tropical lifestyle in one of the most emerging destinations in the Caribbean.
Taxes
The development of Belize real estate is ongoing and especially rapid in the area of San Pedro on Ambergris Caye. The area is a high tourist traffic area due to the abundance of water activities and tropical beauty.
One of the biggest benefits to purchasing property in Belize is that there is no capital gains tax. This is an attractive feature to those that plan on selling their property at a profit and also for those that want to rent their property out to tourists for short or long-term stays.
Foreigners buying property in Belize can use a variety of financing options to complete their purchase, including loans from international banks or local banks in Belize. However, financing for properties in Belize is limited for non-residents and it is highly recommended that a foreign buyer makes at least one trip to see the property they are considering buying before turning over their hard-earned money.
Appraisal
San Pedro is the powerhouse of tourism in Belize, balancing a quaint island culture with some of the most luxurious residential/resort communities and properties in the country. This includes Mahogany Bay Resort and Beach Club where you can own a custom-crafted villa in a sustainable resort community that offers both lifestyle and investment opportunities.Local and international banks offer mortgage loans for purchasing real estate in Belize. The process typically requires a property appraisal and legal, due diligence processes to ensure that the loan is secure. However, it is much less expensive and more efficient to property for sale in Belize because it reduces the risk of a REACTIVE market (where interest rates and inflation are prominent dictators of property value) that can cause many American and Canadian investors to lose money on their investments. Buying a cash-sale property also gives you greater control over your investment, especially as it matures. Many foreign buyers choose to utilize seller or vendor financing for this reason.