There are two expat-oriented, developing areas in the country of Belize: Ambergris Caye in the north (with San Pedro as the main town on the island), and Placencia (which is a peninsula) on the mainland. Together, when considering the price of a home, condo or apartment in Belize, those two areas are quite a bit different than all the other places in the country.
You can buy a piece of jungle land for BZ $10,000 (US $5,000), but what are you going to do there? You will be in the middle of dirt roads where there is no water or power around. In contrast, when you buy in Placencia, you will have access to a paved road to get you all the amenities, along with Ambergris Caye, Placencia is one of just two locations in the whole country that have that.
If you buy in a nice area in Placencia, an average residential lot on the beachfront is in the US $200,000 price range. A waterfront lot on the lagoon side would be about $100,000. A beachfront house would go anywhere from $600,000 to $1 million. A lagoon-front home will be anywhere from $250,000 to $500,000. A condo unit ranges from $200,000 to $900,000, depending on how many rooms there are in the unit. These condos are all beachfront. The price of the condos would only differ depending on the finishing, the view, and how close it is to the ocean. These prices are for average-sized residential lots, with are about 75 to 100 feet of waterfront and 100 to 200 feet deep, which gives you an average of a quarter to a third of an acre lots, on the waterfront. There is a subdivision ruling in Belize that all waterfront lots should be a quarter of an acre at the minimum.
Placencia is a very young area so most of the properties are brand new or were just constructed within the last 3 to 4 years. Most of the time, people build the full package, like 2 or 3-bedroom homes and most of them build up to hurricane proof standards. They have a pool and a nice landscaped yard with tiled floors, air-conditioning, granite countertops, etc. A $600,000 house would be up to 3,000 square feet, including the garage and the back.
A house on the lagoon side for $250,000 would be 1 to 2-bedrooms. It would not have a pool, but it would be a nicely finished house. Most people in the lagoon area build 2 floors; the bottom floors are built with concrete on a concrete foundation and then they put a wooden floor on top of it, with 1 or 2 bedrooms and an open kitchen area. Downstairs, they have a garage, a storage room, and eventually a guest room or a caretaker’s room. The house would be about 1,500 square feet.
A condo for $250,000 would have 2 bedrooms and 1 bathroom. It would have the same finishing as the $350,000 or $450,000 condo, but the difference would be the location. What is common is to have a V shaped project, right on the beachfront. The description of the average condo on the beachfront on the peninsula is that they are all from 1,000 to 1,800 square feet. Most of them are 2 and 3 bedrooms, with substantial outdoor living area because that is very important in a country like Belize. Most houses have a nice outdoor area because the weather allows you to live outdoors.
All of these would be constructed to good standards; concrete buildings with insulated glass windows, granite counter tops, stainless steel appliances, nice tiles, nice walk-in showers, and a bathtub, and that’s fully furnished. They use a lot of hardwood here because hardwood is a local product of Belize, so it is readily accessible and there’s a lot of local knowledge on how to use hardwood. They have nice hardwood ceilings, kitchens, etc. If you have the V-shaped project, for all the units right in front of the beach, the price would be in the $450,000 to $500,000 range. The ones in the middle of the project would be $300,000 to $350,000 and the ones farthest away from the water would be $250,000 to $300,000.