FREQUENTLY ASKED QUESTIONS
Naia Residences FAQs
Where is Naia?
Naia Resort and Residences is located in the Stann Creek District at mile 17.5 on the Placencia Road. The 224-acre real estate development runs from sea to lagoon and encompasses the widest part of the 13-mile long peninsula.
How do I get to Naia Residences?
You can take a scheduled flight from the international airport in Belize City to the Placencia airstrip or you can drive down. If you fly, Naia is 5 miles north of the airstrip. Driving from Belize City—over fully paved roads–usually takes about 3 hours.
When did you break ground on the development?
Earthworks commenced in January 2006, with roads and utility infrastructure completed in 2008. As of 2020, some 57 home sites have been sold with 23 homes completed or under construction. An 11-acre condominium site at the south end of the property was sold to a separate developer in late 2006 and they have constructed and sold a number of units. Construction of Naia Resort and Spa commenced in February of 2015 and opened to its first guests in October of 2016. Naia has quickly gained a reputation as one of Belize’s most highly acclaimed resorts.
Is the infrastructure for water and electricity already in place?
Yes, water and electricity are already installed. Both are run underground.
Do I have to build within a certain time frame once I purchase land?
There is no time limit to build once you have purchased property in Naia Residences.
Are there restrictive covenants that govern what I can do with my land?
Yes, there is a common sense set of covenants that are registered and run with the title. They deal with basic things like setbacks, height limits and upkeep of your property. They are designed to protect owners from anything that may hurt property values but do not impose any type of uniformity of style or colors. The full set of covenants is available on request.
When I purchase a lot at Naia what kind of title do I get?
Naia Residences is part of a registered land area which means that the titling system is extremely secure and easy to understand. Our laws are modelled after English Common Law and your title is in fee simple absolute. Your title is lodged in the computerized Lands Registry in Belmopan and you also receive a land certificate with raised government seal that guarantees your ownership.
What is the tax situation regarding property in Belize?
Property on the peninsula is taxed at a very low rate of US$50 per acre, per year. When you purchase your land, you pay a one-time transfer tax of 8% of the purchase price (Belizeans pay 5%). This tax is levied on the net purchase price (after the 12.5% General Sales Tax paid by the developer is deducted) and there is no transfer tax paid on the first US$10,000 of value. So if you purchased a lot for US$200,000 you would pay 8% of the net purchase price (US$177,777.77) less the first US$10,000. Eight percent of US$167,777.77 is US$13,422.22 in transfer tax.
Are there HOA fees? And if so, what do they cover and what is the cost?
There are yearly HOA fees that cover the maintenance of all common areas, including road right of ways, parks and forest/lagoon reserves as well as 24-hour security. When you purchase a lot in Naia you are issued 2 shares in the Owners Association. Each share attracts an annual fee of US$250 payable each January. When you build a house, each bedroom requires an additional share. So a two-bedroom home would pay an annual fee of US$1,000 plus 12.5% government tax. Additionally, beach front lots pay a beach cleaning fee of US $500 per year. This is a special assessment not included in the covenants to deal with the growing issue of sargassum (seaweed) that has over the last five years plagued virtually every country in the Caribbean as well as the U.S. Gulf Coast.
What financing options are available?
Financing is available on all non-beachfront home sites. The standard terms are 20% down with the balance financed at 9.9% over ten years, though we are willing to offer a lower interest rate if a buyer is willing to make a larger down payment. There are no prepayment penalties.
What are average construction costs on the Placencia Peninsula?
Construction costs on the peninsula vary from contractor to contractor. Expect to pay between US$130 – US$150 per square foot for a finely finished concrete block home.
Do you do custom home construction?
We do not build custom homes, but we will gladly provide you with a list of reputable building contractors.
How long can I expect construction of my home to take?
Home construction usually takes anywhere from 8-16 months, depending on the size and complexity of the house.
Is there on-site security?
Yes, there is a 24-hour security presence that encompasses both the resort and residences. During the times your home is unoccupied a security guard will check your home regularly both day and night and physically check doors and windows. When you are in residence, the guard will keep a discreet distance but check for any anomalies. Our head of security and senior supervisor live on the site to deal with any incident requiring a rapid response. There is always a guard manning the booth at the entrance to the development as well as multiple officers on patrol.
What is the financial strength of the corporation that owns Naia?
Naia’s parent company is owned by a group of Belizean citizens and residents whose joint investments date back to 1982. The company has very little bank debt and none of its lots for sale are mortgaged or encumbered. The investors have consistently taken the long view in all their endeavors; this approach has proved successful both for themselves and their clients.
Still have questions? Feel free to contact us and we will be happy to discuss.