Belize Market Trends – What You Should Know!
Belize, as an emerging Real Estate market, has seen significant growth over the last 5 years. As overnight tourism numbers continue to surge quarterly so has interest for properties. Ambergris Caye has undoubtedly become the most sought after hot spot.
Highest Property Demand
Of all these websites and social media leads coming in from all corners of North America, 7 out of 10 inquire and request more information about beachfront condominiums on the island. Whether it’s for investment, personal use or both the beachfront condo has become a great option for first-time buyers as well as for seasoned investors. This is due to the low maintenance and high rental capacity and demand that a beachfront condominium offers.
Days On Market
Between 2018 and 2019 RE/MAX Island Real Estate listed 128 properties. The time a property remains on the market depends on many variables including the type of property that has been listed. For example, land listings tend to stay on the market a little longer than a condominium. Beachfront homes usually list at a higher price point and would have a higher listing life than the latter. On average, a property that has been priced to market may remain on the market for 45 to 60 days. Although different than one would expect in other countries like the US or Canada it’s not indicative of a slow market. Actually it is quite the contrary.
We use preferred title companies and/or attorneys situated on Ambergris Caye and with the data provided by their offices we can share that in 2019 there were over 300 real estate transactions that closed successfully. This is incredible if you take into consideration that our market is an all-cash market. Unfortunately, we don’t have banks that you can go to and get a mortgage loan in USD.
A new area of interest that saw a spike in sales for 2019 was the Secret Beach & West Coast area of Ambergris Caye. The average transaction price point for a West Coast beachfront property was between $125,000 and $175,000. Those same beachfront properties were selling for significantly less only 6 years ago. They continue to climb in value as the area continues to gain popularity.
Real Estate Predictions
Moving forward and gauging from closed sales and inquiries from half of the first quarter of 2020 (Pre COVID19 lockdown) we predict an even more active Belize Real Estate market. We will see a lull while the borders remain closed and it may take a few months post reopening. Therefore, all indications point towards the market returning to normal and besting 2018 and 2019 numbers in the latter part of 2020.
Some early indicators. Bookings are up 200 percent over last year. Carnival cruise lines has seen an increase of 600 percent in bookings.. and we expect this trend to continue as the world makes its way back to normality.
Don’t miss this ideal time to invest. There are many great deals to be found right now. Reach out and let one of our RE/MAX investment specialists assist you! You’ll be glad you did!