Belize: The Preferred Destination For Second Home Buyers
When the recession was on, the segment of industry that suffered the most was the real estate market. That is why for some years now even those people who could afford a second home, have held back. But that period seems to be over now; according to the latest 2010 Second Home Trend Report, a whopping 45% people are in the market for a second home! From the remaining percentage, 79% of them will be thinking about buying a second home in the coming year or two.
But there is a distinct change in the nature of why they want a second home. If investment was the primary reason before, it is now leisure and vacation that drives people to look for a new home. That is why properties in popular vacation spots, especially those near water ways or those offering mountain activities, are becoming very popular with second-time home buyers. Also, many of these buyers are looking at foreign locations that are within 1000 miles from their home. They are not averse to spending anything between $200,000 to $400,000 to get a property according to their needs in a beautiful foreign location, one preferably with ocean view or fantastic shoreline.
That is why Belize is poised to become a booming real estate market in the coming five years. In fact, it is already a preferred destination for second-time home buyers looking for a property where they can vacation. Then there are those buyers who think of buying properties as investment. They too are looking at the Belize market as they have a good chance of getting a good return for their money. There is another segment of buyers, the people who are retiring or are in their retirement years. Belize, for them, is also an attractive market and many are seen moving to the country to spend their golden years in peace.
Why are people so interested in Belize? For starters, this is the only Central American country that has an English-speaking population! Plus the beauty of the country, from its picturesque beaches to its lush green tropical forests, is just breathtaking. The country is just 2 ½ hours from Miami, by air, and being a democratic country, it has a very stable and secure economy. There is no capital gains tax on selling your property here (which attracts those who want to invest in real estate) and Belize offers tax exemptions to those settling here (which is perfect for retirement communities). The country has very modern and up-to-date medical and educational facilities and Belizeans are very friendly and helpful. So when people move here, for part of each year or for longer periods, they don’t have to make much change in their lifestyle to start fresh. These are the key reasons why Belize is fast becoming the country of choice for second-home buyers.