I have a friend who owns a condo on Ambergris Caye. Excellent place. It's an island that's MUCH closer to the barrier reef than mainland Belize. From the bar to the dive spot just past the reef was seven minutes! It can take an hour from mainland Belize.
Rarely, but occasionally, a hurricane will flip south of the Yucatan Peninsula instead of north. Belize gets SLAMMED. The condo building I was in is made of concrete, quite thick. Lesser buildings don't do so well. My friend's wife is from Belize, so if only nationals can own property, that's how they did it.
Nice place. I really enjoyed it.