“Whenever Canadians invest offshore, it’s always tougher to get mortgage conditions,” Dayan says. “It’s difficult because if they default on their loan, the bank have no choice but to go after the property.”
Belize’s mortgage rules differ from those in Canada. “You’re looking at about 60 to 65 per cent LTV for Belize,”
Dayan explains. “The interest rates are high, and can be anywhere from nine to 11 per cent and the amortization rates are only between five and 10 years maximum.”
As more foreign buyers begin to discover Belize, the market is expected to respond accordingly. Several new projects are in the works, a direct effect of the growing demand from those looking for retirement homes.
“Baby boomers are looking for a place where prices are affordable and they can feel comfortable and safe,” says Dayan. “Over the next 10 years, Belize is going to have a huge capital gain as a result of more people entering and leaving the market.”
This article was published in the October 2013 issue of CREW magazine.
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