Real Estate - Belize | Statista Market Forecast

The Real Estate market market in Belize is expected to reach a value of US$10.26bn in 2024.
Among the different segments, Residential Real Estate is projected to dominate the market with a market volume of US$8.14bn in the same year.
This segment is anticipated to grow at an annual rate of 4.12% from 2024 to 2029, resulting in a market volume of US$12.56bn by 2029.
In comparison to other countries, United States is expected to generate the highest value in the Real Estate market market, reaching US$132.0tn in 2024.
The real estate market in Belize is experiencing a surge in demand for beachfront properties due to the country's stunning coastline and growing tourism industry.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Real Estate market in Belize has been experiencing a steady growth in recent years, driven by several factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Belizean Real Estate market have been shifting towards sustainable and eco-friendly properties. With its pristine beaches, lush jungles, and diverse wildlife, Belize has become a popular destination for eco-tourism. As a result, there is a growing demand for properties that are built with sustainable materials, utilize renewable energy sources, and incorporate eco-friendly designs. Customers are also seeking properties that offer proximity to natural attractions and outdoor activities, such as snorkeling, scuba diving, and hiking. Trends in the market indicate a rise in the development of luxury properties and gated communities. Belize has seen an influx of high-net-worth individuals and retirees from North America and Europe who are looking for exclusive and secure living environments. Developers are capitalizing on this trend by constructing luxury homes, condominiums, and private communities that offer amenities such as private beaches, golf courses, and marinas. These properties cater to the demand for upscale living and provide a sense of exclusivity and privacy. Local special circumstances in Belize contribute to the development of the Real Estate market. The country's government has implemented incentives and programs to attract foreign investment in the Real Estate sector. These include tax breaks, residency programs, and simplified procedures for property acquisition. Additionally, Belize has a stable political environment and a legal system that protects property rights, which instills confidence in both local and foreign investors. Underlying macroeconomic factors also play a role in the growth of the Real Estate market in Belize. The country's economy has been expanding, driven by sectors such as tourism, agriculture, and offshore financial services. This economic growth has led to an increase in disposable income and purchasing power, allowing more individuals to invest in Real Estate. Furthermore, low interest rates and favorable mortgage options have made property ownership more accessible, encouraging both locals and foreigners to enter the market. In conclusion, the Real Estate market in Belize is developing in response to customer preferences for sustainable and luxury properties, trends in the market such as the rise of gated communities, local special circumstances including government incentives, and underlying macroeconomic factors such as economic growth and favorable financing options. These factors contribute to the overall growth and attractiveness of the Belizean Real Estate market.

Data coverage:

Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, 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:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Japan is a country with very limited space for buildings, as mountains make up about three-quarters of its landmass. The country’s fairly large population is concentrated in major cities. The metropolitan area of Tokyo, home to a staggering one-third of the population, is the center of economic and political activity. As such, it boasts the highest property prices across the country. Driven by the weak yen, a tourism boom, and global investment, property and land prices surged in 2023 and 2024. Even some rural regions, which are generally confronted with economic stagnation and depopulation tendencies, have been affected by this trend.

The real estate market all around the world has been affected by the global pandemic. This historic event has changed the way we live, consume, and work. The real estate market in the Asia-Pacific region has experienced some turbulent and diverse changes depending on the sector, property type, and location. The commercial real estate segment, which includes offices, retail outlets, logistics centers, and many more, had to adapt to new conditions and demands. Furthermore, residential real estate suffered decreases in rental and capital values in some areas, with the exception of prime real estate, which experienced healthy growth in most locations.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Real Estate - Belize

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