Ambergris Caye is Getting a High-End Bump With New Resorts Opening
The area is Belize’s most exclusive, and attracts many second-home buyers from the U.S. and Canada
All eyes are on Belize this year. This may have a lot to do with the fact that Leonardo DiCaprio’s eco-resort Blackadore Caye, on an 104-acre island just west of Ambergris Caye, is expected to launch later in 2018, complete with a hotel and 36 luxury villas available to buy.
But that’s not all that’s happening in the Central American country with raved-about Caribbean beaches, Mayan ruins tangled in jungle, and the world’s second biggest reef after the great barrier reef.
“High-net-worth buyers see that Belize is developing, and they see the opportunities to get invested before the prices become outrageous,” said Debbie Wade, broker at Sancas Realty, an affiliate of Christie’s International Real Estate. Ms. Wade reports growing interest among high-net-worth owners keen to buy a second home in Ambergris Caye, the most exclusive part of Belize.
The largest island offers proximity to a 180-mile long reef, beautiful crystal clear blue water, world-class fishing, diving and snorkeling as well as the best amenities, luxury properties and the best service staff in Belize, according to Ms. Wade.
“You can get a similar property that you would find in Turks and Caicos for a third of the price in Ambergris Caye, and everything is improving on the island, from the upgraded airports and water taxi terminals, to the streets which were once all sand that are now cobblestone," Ms. Wade said. "The quality of building and the product and the amenities are becoming more luxurious.”
Brands have arrived in Belize, too, reassuring investors. In the past five months, after years of not having any branded hotels on Ambergris Caye, there is now a Hilton, two Marriotts opening and a Four Seasons on an island adjacent to Ambergris Caye.
Real Estate Snapshot
Ambergris offers a wide variety of different homes, from villas and condominiums to individual estates on multiple acres. Modern, Spanish, Mediterranean and Colonial architecture all appear throughout the island.
There is increased demand for upscale properties that offer distinct spaces that accommodate the needs of the entire family, according to Ms. Wade. This may include separate guest houses or cottages for adult children and grandparents, as well as ample play space for children.
New resorts are arriving offering branded hotels and residences, too.
Andrew Ashcroft is a third generation Belizean and the former managing director of British Caribbean Bank. He is now developer of the new Alaia project, partnered with Marriott International. The Autograph collection hotel in San Pedro will be one of the largest master-planned waterfront resorts and residential properties spanning over 20 acres and the first in San Pedro to sit on more than 1,000 feet of beach. Residents will have access to an exclusive beach club, a rooftop suspended pool, a full-service spa, a fitness center, a kids club, a dive ship and an art gallery.The property will feature 56 two-bedroom condominiums and eight oceanfront villas with prices ranging from US$349,000 to US$1.3 million.
A typical oceanfront house in Ambergris Caye, with between two to four bedrooms, costs about US$1 million and upward. A typical two-bed condo goes for about US$500,000.
Prices are rising all the time, though. In June 2007 a two-bedroom condo was being sold for US$324,500; that same unit is now being resold for US$475,000. A three-bedroom beachfront condo in an adjacent development was selling for US$544,500 in January 2010 and is now selling for US$825,000, Ms. Wade said.
And many homes go for much more. Sancas Realty is selling Casa Pisces, a 6,000-square-foot three-bedroom home set across three villas with 25-foot ceilings and 300 feet of direct beachfront, seven miles north of San Pedro town, for US$7.2 million
Attracting Buyers From Everywhere
“Belize is a true melting pot of cultures with a long history of welcoming people with a genuine hospitality, friendliness and warmth," Mr. Ashcroft said. "As the market continues to grow, the country is offering a number of incentives to expats, including one of the world’s best retirement programs, minimal property taxes, a stable government and a growing economy."
The retirement plan, known as the Qualified Retired Persons Program, gives retirees an exemption from taxes on all income derived from sources outside Belize. Additionally, qualifying individuals can import all of their personal goods and household goods as well as a car, boat, and plane tax-free. The plan imposes a minimum of just one month in the country per year.
Then there is the tropical paradise beauty of Belize's 450 cayes. National parks and reserves make up nearly 40%of the country—which are home to its national bird, the toucan.
Also, Belize, which was a British colony until 1981, is the only central American country with English as its official language. Now, its tiny population of 360,000 is ethnically diverse, comprising people of Creole, Maya, Mestizo, Spanish, Chinese and Mennonite descent. It has one foot in the Caribbean and another in central America, sandwiched between Mexico and Guatemala.
It’s also a two- to four-hour flight from most major cities in the U.S. so 75% of buyers Sancas Realty sees in Ambergris are from the U.S. and Canada, another 1% are from Mexico, 1% are from South America and 12% from Europe.
The largest demographic is baby boomers looking for retirement properties and vacation homes, according to Ms. Wade, but there are more “higher-net-worth buyers interested in Belize. She added: “That trend will continue to increase with the addition of the branded hotels and developments coming to Ambergris Caye.”
Belize has one of the fastest growing tourism rates in the Caribbean, and it is expected that major airlines will increase the number of direct international flights over the next few years.
