Belize might be the best-kept secret in the Caribbean real estate market, according to a new report. The report from Sancas Realty, an affiliate of Christie’s International Real Estate in Belize, suggests the country could become a premier destination for affluent buyers seeking an upscale villa or a beachfront home. The report points to several factors that make Belize appealing: - The average price for a luxury home in Belize is less than $1 million. The average starting price for a luxury home across all markets is $2 million, according to Christie’s. Christie's uses local standards to determine which properties qualify as luxury homes. - Luxury buyers from the U.S. are well positioned to benefit from a strong dollar, considering the Belizean dollar is fixed at a 2-to-1 ratio to the greenback. “American buyers can be assured that their investment in Belize real estate will continue to appreciate on pace with the U.S. dollar,” Gil Castillo, president of Sancas Realty, said in the report. - Low property taxes combined with government incentive programs are attracting more wealthy buyers. - Infrastructure improvements in Belize have helped grow its inventory of luxury properties. Additionally, major airlines have added direct flights from hubs such as Los Angeles, Houston, and Panama City, Panama. Foreign nationals already represent 95% or more of luxury buyers in key beachfront areas, according to the report. These areas, along with mountain estates, command some of the highest premiums in the country. Read the full report here.
Related: The Siren Song of Central America Write to Gina Faridniya at gina.faridniya@dowjones.com