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Residential Real Estate Transactions - Belize

Belize

In Belize, the market segment of Residential Real Estate Transactions market is expected to witness significant growth in the coming years.
By 2024, the transaction value of this market is projected to reach US$64.02m.
Looking ahead, it is anticipated that the market will continue to expand at an annual growth rate (CAGR 2024-2028) of 4.46%.
As a result, the market volume is forecasted to reach US$76.22m by 2028.
The residential real estate market in Belize is experiencing a surge in foreign investment due to its attractive tax incentives and stunning coastal properties.

Key regions: Asia, Japan, China, Europe, Germany

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Analyst Opinion

The Residential Real Estate Transactions market in Belize is experiencing significant growth and development.

Customer preferences: Customers in Belize are increasingly interested in investing in residential real estate. This is due to several factors, including the desire for a secure and stable investment, the potential for rental income, and the attractiveness of Belize as a vacation destination. Many customers are attracted to the natural beauty and unique culture of Belize, making it an appealing location for a second home or retirement property. Additionally, the low cost of living and favorable tax environment in Belize make it an attractive option for both local and international buyers.

Trends in the market: One major trend in the residential real estate market in Belize is the increasing demand for luxury properties. High-end homes and luxury condominiums are in high demand, particularly in popular tourist areas such as Ambergris Caye and Placencia. This trend is driven by both local buyers looking for upscale properties and international buyers seeking a vacation home or investment property. Developers are responding to this demand by constructing more luxury properties and offering amenities such as private pools, beach access, and concierge services. Another trend in the market is the growing popularity of eco-friendly and sustainable homes. Belize is known for its commitment to environmental conservation, and many buyers are seeking properties that align with their values. This includes homes with solar power, rainwater harvesting systems, and other eco-friendly features. Developers and real estate agents are catering to this demand by promoting sustainable properties and incorporating green building practices into new construction projects.

Local special circumstances: Belize has a unique geography and natural environment that influences the residential real estate market. The country is home to stunning beaches, lush rainforests, and the second-largest barrier reef in the world. This natural beauty attracts buyers who are looking for a tropical paradise. Additionally, Belize has a large expatriate community, particularly from the United States and Canada, who are drawn to the country's warm climate, low cost of living, and friendly locals.

Underlying macroeconomic factors: Several macroeconomic factors are contributing to the growth of the residential real estate market in Belize. The country's strong economic growth, stable political environment, and favorable tax policies make it an attractive destination for investment. Additionally, the government of Belize has implemented policies to encourage foreign investment in real estate, including the establishment of a Qualified Retired Persons (QRP) program that offers incentives to retirees who purchase property in Belize. These factors, combined with the country's natural beauty and unique culture, are driving the growth of the residential real estate market in Belize.

Methodology

Data coverage:

Figures are based on total and average revenue of residential real estate transactions (sales).

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.