Caribbean Investment Increases and Travel Remains Popular!

The Caribbean continues to draw a luxury crowd. Everyday people are making their way here from around the world to bask in the sunshine and cool Caribbean waters with palms swaying in the wind.

The Caribbean used to be a prime location for only the most luxurious of holiday getaways. Royalty spent their time here to get away from everyday hassles. Today, with new travel packages available, and more flights into and out of the countries, it has become increasingly easy for tourists to enjoy all that the area has to offer.

Belize, Barbados, Antigua, Jamaica, Trinidad and Tobago among other Caribbean countries have become locations filled with hotels, guest houses, bed and breakfasts with multiple tourist destinations.

The demand for second homes in the Caribbean has grown dramatically and continues to demand more attention. Many of the property prices in the Caribbean are still low, which signals an opportunity for everyone to become part of the Caribbean lifestyle. In some areas, property prices have risen by a wide margin, especially on the largest and most developed of locations. People will forever love the atmosphere and intrigue, so much so, that the number of tourists make many rental opportunities ideal. Investors have realized the opportunity and have been buying rental properties and seeking companies like Platinum International Real Estate and Investments in Belize to manage their rentals.

You can see where each country ranks in price in the following article:
Buying a Piece of the Caribbean.

How to Buy Real Estate in Belize

On the eastern coastline of Central America with a mainland and over 200 islands, Belize is a popular tourist destination. It offers many natural attractions with rainforests, sandy beaches, Mayan ruins and tropical climate. Belize is affordable and has a lower cost of living than Europe, Canada and the United States. There are no restrictions on foreign ownership, and the country is politically and economically stable. The difficulty of buying property in Belize is: Moderately Challenging.

Instructions
1. Step 1
Spend time in Belize and ask any Platinum International Real Estate and Investment Agent for properties. There are a few real estate listings, but a large amount are for sale by owner and usually there are no signs posted. We have an inventory on those inside listings that are to the benefit of our clients. We should be prepared to hunt for your piece of real estate to call home.
2. Step 2
Pay cash or get financing on your assets back home. Mortgage financing is not readily available for foreign buyers. We have a few possible options but we would need to find out what your needs and wants are.
3. Step 3
We will negotiate your price. There are two prices, one for locals and one for foreigners. Unfortunately that’s the way it is but we will do your research and have our Belizean agents find out the local prices just for you. You will get a better price with Platinum International Real Estate and Investments having more knowledge of the real estate market in Belize.
4. Step 4
Hire a lawyer. The attorney fee is normally two percent of the purchase price. If you don’t know of any we have a few we could suggest to you. That decision is ultimately yours to make.
5. Step 5
Research and learn the real estate market. Know the fees and costs of purchase. Your Land Title Transfer fee, called a stamp tax, is 12 percent. The property taxes vary based on the assessed value of your property. We will make the process as easy as possible and take the hassle out of buying or selling real estate in Belize by providing a breakdown of costs and fees up front.
6. Step 6
Apply for a Title Transfer and receive a Certificate of Title under the Registered Land Act System. This is the most common purchase agreement. There is also the Conveyance System involving a title search usually done by an attorney, and the Torrens System involving a First Certificate of Title.
7. Step 7
Moving into your home after the transaction is complete.
Platinum International Real Estate and Investments will ensure that you have adapted and will continue to check with you to make sure everything is going smoothly. The only other reason would be because we have forged a lasting relationship with you, our client.

Buying a piece of the Caribbean

The Caribbean, the playground of the rich and famous, has been getting more affordable. The depreciation of the US dollar against major currencies such as the British pound and the euro, has made Caribbean properties more attractive from a European point of view.

More affordable… but still not cheap! Property prices in more popular and developed islands can easily reach over one million US dollars for a house and lot near the beach.

In its latest survey of Caribbean property prices, the Global Property Guide finds that in Bermuda, the average price of a three bedroom house and lot is around US$1.5 million.
In Grand Bahama, Bahamas, a similar property costs around US$1.4 million, according to Global Property Guide figures.

Property prices in highly-developed areas such as Bermuda and Bahamas exceed US$7,000 per sq. m.

Coastal properties in Barbados are also expensive, at around US$6,700 per sq. m. In the British Virgin Islands (BVI), the US Virgin Islands (USVI), real estate prices are around US$5,000 per sq. m. Saint Maarten also has expensive properties at around US$5,300 per sq. m.

Property prices in St. Kitts and Nevis, Puerto Rico, Martinique, St. Lucia and Antigua and Barbuda range from US$3,170 per sq. m. to US$4,500 per sq. m.

The cheapest Caribbean properties are found in Belize, Jamaica, Aruba and Dominican Republic, with prices ranging from US$1,300 per sq. m to US$1,500 per sq. m for houses near the beach.

For apartment buyers, Bermuda and Turks and Caicos Islands (TCI) are among the most expensive with prices at around US$5,000 to US$8,000 per sq. m. A two bedroom apartment costs around US$841,000 in Bermuda and US$670,000 in TCI.

Despite these high prices, Caribbean properties are now considerably cheaper than coastal properties in Mediterranean Europe.

Risks and Restrictions

Property buyers, however, should take note that some islands impose restrictions on foreigners or “non-belongers” intending to purchase properties. These restrictions are quite strict in Bermuda, BVI and Tobago. Antigua and Barbuda, Bahamas, Barbados, St. Kitts and Nevis and St. Lucia require a permit or license, and this adds costs.

Thanks to a system based on British Common Law, Belizean law places almost no restrictions on foreign ownership of real estate. As a result, buying property in Belize is far easier than it is in many other Caribbean countries.

Andrew Zimmern from Bizarre Foods films in Belize

World Famous Andrew Zimmern, a food writer, TV personality, chef, teacher and host of Travel Channel’s Bizarre Foods, was in the country filming the first episode for his new TV Show Bizarre Worlds. The show will feature different aspects of the countries he visits and Zimmern’s piece on Belize will showcase art, Mayan sites, caves, cayes and of course, food.

Andrew arrived in Belize on Monday, April 6, and was filming throughout the week. “This is our first show in the Bizarre World series. So it is a really a momentous occasion for us and we’re just thrilled to be able to kick it off in Belize,” commented Zimmern to 7News. “Bizarre World allows me to cover stories that aren’t about food. The show will be about half food and allows me to do things like this, art installation stories which is certainly unusual. It is a provocative idea. It is something we believe belongs in this show about Belize.”

According to Zimmern he had wanted to visit Belize for the past 15 years but was unable to do so because of his hectic work schedule and was extremely pleased to finally visit the country and to film his show here.

“There are more than just ancient Mayan cultures and beaches here. Now we are exploring both of those because we think there are interesting stories for folks who will never make it here but we also want to talk about the Creole population,” commented Zimmern. “We also want to talk about the indigenous food; we want to take our cameras into the art parks, connect people in the rest of the world, it shows in 70 countries.” The show airs in 70 countries that will see the people of Belize and show what really makes Belize tick.

Andrew arrived in San Pedro on Thursday, April 9, and was at Azul Resort filming with Chef Jeff Spiegel at Rojo Lounge. “It was a pleasure having Andrew at the resort,” commented Spiegel of Azul Resort. “Andrew has a great sense of humor and during his visit we prepared several dishes of which I wish not to name so that we don’t spoil the fun before it actually airs. But we did use several local ingredients in an interesting and unusual way, of course.”

Bizarre World plans to venture into Cuba, which according to Zimmern, no other show has been able to do. Belize will be the first episode of Bizarre World, which premiers on Tuesday, September 8, 2009. Be sure to mark your calendars and tune into the Travel Channel at 10:00 p.m. eastern time.

Why do we Leave Out Central America and The Northern Coast of South America When We think of the Caribbean?

When we think of the Caribbean, most of us think of only Islands. Countries like the Bahamas, Barbados, Bermuda, Puerto Rico, The Cayman Islands, Jamaica, The Virgin Islands, etc. come to mind.

But what about Central American Countries Like Belize, Nicaragua, Panama, Costa Rica, etc., and South American Countries such as Colombia, Venezuela, French Guiana, etc.???
These are also part of the beautiful Caribbean. We just don’t think of them as such. Yes, the Caribbean is mostly made up of Island Nations and Territories but the following Continental Countries also have Caribbean Coasts and Islands within the Caribbean:

Belize
Colombia
Costa Rica
French Guiana
Guatemala
Guyana
Honduras
Mexico
Nicaragua
Panama
Suriname
Venezuela

So the next time that you are thinking about embarking on a Caribbean Journey, why not look toward some of these places as well. You’ll find the same tropical climate and beautiful beaches you’ll obviously find in the island setting and you’ll also find access to a vast new continental territory.

Call Platinum International Real Estate and Investments Today!

platinumhomesbelize@gmail.com

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