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Residential Real Estate Leases - Belize

Belize

The Residential Real Estate Leases market market in Belize is expected to witness significant growth in the coming years.
According to projections, the revenue of this market is estimated to reach US$298.40m in 2024.
In terms of market dominance, House Leases are expected to hold a substantial share, with a projected market volume of US$244.10m in 2024.
Furthermore, the revenue of the Residential Real Estate Leases market market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 7.53% from 2024 to 2028.
This growth trajectory is expected to result in a market volume of US$399.00m by 2028.
Belize's residential real estate lease market is experiencing a surge in demand from international retirees seeking affordable beachfront properties.

Key regions: France, United Kingdom, Australia, Japan, China

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Analyst Opinion

The Residential Real Estate Leases market in Belize has been experiencing significant growth in recent years. Customer preferences have been shifting towards renting rather than buying properties, leading to an increase in demand for residential real estate leases. This trend can be attributed to several factors, including changing lifestyles, economic considerations, and local special circumstances.

Customer preferences: One of the main reasons for the growing demand for residential real estate leases in Belize is changing customer preferences. Many people are opting to rent rather than buy properties due to the flexibility and convenience it offers. Renting allows individuals to have more flexibility in terms of location and housing options, as they are not tied down to a specific property. Additionally, renting eliminates the need for a large upfront investment, making it more affordable for individuals who may not have the financial means to purchase a property.

Trends in the market: The residential real estate lease market in Belize has been witnessing a steady increase in rental prices. This trend can be attributed to the growing demand for rental properties and limited supply. As more people opt to rent rather than buy, the competition for rental properties has increased, leading to higher rental prices. Landlords are taking advantage of this trend by increasing rental prices to maximize their profits. Another trend in the market is the rise of short-term rentals, such as vacation rentals and Airbnb properties. Belize is a popular tourist destination, attracting a large number of visitors each year. This has created a demand for short-term rental properties, especially in tourist hotspots. Many property owners are capitalizing on this trend by renting out their properties on a short-term basis, generating additional income.

Local special circumstances: Belize is known for its natural beauty and vibrant culture, making it an attractive destination for tourists and expatriates. The country offers a wide range of recreational activities, including diving, snorkeling, and exploring ancient Mayan ruins. This has led to an influx of tourists and expatriates, driving up the demand for residential real estate leases. Additionally, Belize has a relatively low cost of living compared to other countries in the region. This affordability factor has attracted individuals who are looking for a cost-effective place to live or retire. Many retirees from North America and Europe are choosing to settle in Belize due to its favorable climate, affordable housing options, and relaxed lifestyle.

Underlying macroeconomic factors: The growth of the residential real estate lease market in Belize can also be attributed to underlying macroeconomic factors. The country has experienced stable economic growth in recent years, leading to an increase in disposable income. This has allowed more individuals to afford rental properties, driving up demand in the market. Furthermore, the government of Belize has implemented policies to attract foreign investment and promote economic development. These policies have resulted in increased foreign direct investment, which has had a positive impact on the real estate market. Foreign investors are purchasing properties for rental purposes, further contributing to the growth of the residential real estate lease market. In conclusion, the Residential Real Estate Leases market in Belize is experiencing significant growth due to changing customer preferences, including the preference for renting over buying. The market is also influenced by trends such as increasing rental prices and the rise of short-term rentals. Local special circumstances, such as Belize's natural beauty and affordability, contribute to the growing demand for residential real estate leases. Underlying macroeconomic factors, including stable economic growth and government policies, further support the development of the market.

Methodology

Data coverage:

Figures are based on total and average revenue of residential apartment leases.

Modeling approach:

Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.