Language(s): English (Official)
Population: Abt. 328,000
Total Area: 22,966 km2
GDP (PPP): 2012 estimate
Total: $2.999 billion
Per capita: $8,753)
Currency: Belizean dollar (BZD)
Belize is a country located on the northeastern coast of Central America. It is the only country in the area where English is the official language, although Kriol and Spanish are more commonly spoken.
House prices in Belize are picking up, after plunging in 2008 in the aftermath of the global financial crisis. The Coldwell Banker HPCI is an annual snapshot study, which evaluates the average sales price of 2,200 sq. ft., four-bedroom, and 2.5 bath single-family dwellings in corporate middle management suburbs in different markets, mostly in the US.
The first step to purchasing property in Belize is to hire an agent and a lawyer. It is very important to have legal representation because there is no regulation on the real estate industry in Belize. Agents are not required to have any certification or license. Moreover, real estate agents in Belize are not required by law to disclose valuable information about the property.
Be aware of "Deed Restrictions". These are intrinsic to the property title, which means, while there are no restrictions mandated by law, there are restrictions that go with the property owner's rights and obligations. These restrictions outline how the property can be used. The lawyer can be helpful in making sure the "Deed Restrictions" of a title are legal. Also, it is important to ascertain the property's zoning. This specifies how high the dwelling/building must be, how many rooms it can contain, etc.