Belize Real Estate - Inevitable Growth?

The headline on the International Living Magazine in December 2007 is straight forward: 'Belize: buy before the Europeans!'

Amongst the financial crises triggered by the real estate market woos in the US caution is advisable over such a bullish statement. So, what are the reasons for such a headline?

Direct flights from Europe to Belize City will be launched by late 2008. This is major news for Belize and its real estate market. Europeans, armed with their strong currency, will most likely start to travel to this English speaking country in greater numbers. Transit though the U.S will no longer be required for European visitors.

They will come for the classic Caribbean experience, the world class diving, the jungles and rainforests, the Mayan ruins, the waterfalls and rivers. And some will want to stay or retire here; hence real estate dollars are likely to follow close behind.

We could observe this effect of new flight routes on real estate markets before. Wherever Ryanair (Ryaniar is a major European low cost airline) has started flying, the Irish and the British have followed and real estate markets have prospered. This is now called the 'Ryanair effect'.

Rumor has it that direct flights to Belize from Canada might also start soon.

Real estate is all about timing and right now could be the time to focus in on this stunning country in the Caribbean. Property prices are still well below regional benchmarks.

Let's look at some of Belize's characteristics to further elaborate whether the above proposed demand really is valid:

The country is a parliamentary democracy and a member of the Commonwealth of Nations and is located between two rivers. The Belize River flows through the middle of the country. With a Caribbean coastline, the Belize Barrier Reef and the Maya Mountains, there is a diverse countryside with plenty of outdoor recreation. Widespread savannas and wetlands provide a great biodiversity, both marine and terrestrial. The longest living barrier reef in the western hemisphere attracts divers from all around the world to Belize.

This Central American country is a former British Colony also known as British Honduras and has adopted English as native language.

Retirees in Belize can apply for a special status that provides tax breaks on retirement income and extends easy import of household items and furnishings.

The gross domestic product of Belize has grown for the last 30 years. Agriculture, services and manufacturing are the major sectors of this expanding economy.

Belize has the lowest population density in the Central American Region, and one of the lowest in the world. There is room for many people in Belize.

Adding to Belize's attractions is the cultural and ethnic diversity. There appears to be almost no friction between the harmoniously blended cultures and races. Belize is home to a wide range of ethnicities including Mennonites, Chinese, Mayan, Spanish, Lebanese, and East Indian. There is a great religious tolerance among people in Belize with Christians and Roman Catholics, Taoists, Buddhists, Hinduists and Jehovaha's Witnesses coexisting harmoniously.

Culture, economy and geography make Belize a desirable place to live. With this Caribbean country becoming more accessible through air travel it seems to be positioned well for significant growth in its economy, in general travel, and eventually, its real estate market.