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Belize to be Bangin this Winter
June 8, 2010Article by Ray Withers
Belize property is to see increased demand from British buyers this winter season, as its “real strengths” the 40%-50% reduction in prices, and the economic recovery, combine with the cold British winter — which is traditionally responsible for an upsurge in overseas property sales — to bring back the buyers.
Director of the firm David Cox said in a recent press release:
“Belize has a real chance of seeing some strong activity from British buyers this winter. Belize property prices in areas that are popular with foreigners have fallen by between 40 and 50% according to realtors on the ground. Thus, property in Belize is now among the cheapest in the growth hotspot of Latin America.
But the real strengths lie in the environment and value for money. In Belize you can currently buy a luxury 1 bedroom villa in a new boutique development within a tropical rainforest nature reserve setting for just £72,000. That price also buys you rental management and servicing as part of the eco-boutique hotel.
As for the environment, English is the first language of Belize, so all property contracts are in English. This is because it is a former British colony, which also gives it an established judicial infrastructure and a first rate healthcare system. Things like that are going to prove very important with the new savvier wave of overseas property buyers.”
The release then went on to describe the Belize property Cox is talking about, which is rightly a noteworthy development. The Cayo District Nature Reserve is a development of villas built round a boutique hotel within a nature reserve, with land plots from £20k and 1 bedroom villas from £72,500 and those who build get free rental management as part of the hotel.
An attractive investment product indeed, especially given that boutique hotels are the in thing right now, with Marriott International having just entered the sector with its Edition chain in partnership with Ian Schrager — credited as the man who popularised the boutique hotel concept — with 2 initial new hotels, firstly in Waikiki, Hawai in October, and then a second in Istanbul in December. The low price is also a draw, with such properties costing twice that in mid-2008.
Belize property has already proven itself as capable of becoming very popular with foreign buyers, with prices rising at approximately 30% per year during the recent boom. With prices now down at such low levels, it will certainly attract the attention of those buyers looking for a tropical location on a shoestring budget.