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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$61.56m.
  • Looking ahead, it is anticipated that the market will continue to expand at an annual growth rate (CAGR 2024-2029) of 4.87%.
  • As a result, the market volume is forecasted to reach US$78.07m by 2029.
  • The residential real estate market in Belize is experiencing a surge in foreign investment due to its attractive tax incentives and stunning coastal properties.

Definition:

Residential real estate transactions refer to the buying, selling, or transfer of ownership of residential properties such as single-family homes, condominiums, townhouses, and apartments. These transactions involve a number of steps and parties, including buyers, sellers, real estate agents, attorneys, lenders, and title companies.

Additional information:

The KPIs covered in this market are the real estate transactions revenue and the average revenue transaction value.

In-Scope

  • Overall revenue generated by residential real estate transactions

Out-Of-Scope

  • Commercial real estate transactions
  • Revenue of real estate agencies
  • Revenue of construction companies
Real Estate

Real Estate

Related markets:
Residential Real Estate: market data & analysis - Cover

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Residential Real Estate: market data & analysis

Study Details
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    Volume

    Most recent update: Jul 2024

    Source: Statista Market Insights

    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.

    Transaction Value

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Living Space

    Most recent update: Jul 2024

    Source: Statista Market Insights

    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.

    Financial

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    Residential Real Estate: market data & analysis - BackgroundResidential Real Estate: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Global housing market - statistics & facts

    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.
    More data on the topic
    Country with the largest value of residential real estate transactions
    U.S.
    Share of ultra high net worth individuals (UHNWIs) who bought a new home
    17%
    City with the highest risk of a property bubble
    Miami

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    Residential real estate in Europe - statistics & facts

    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?
    More data on the topic
    Homeownership rate in Europe
    69%
    Country with the most housing completions per 1,000 citizens
    Ireland
    Average transaction price of new housing in Austria
    4.92k EUR per sq m

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    Residential real estate in India - statistics and facts

    Generally considered the third key pillar of the food, clothing, and shelter trinity popularized in India over generations, owning a home is still prioritized as a measure of financial security by a vast majority of the Indian population. The COVID-19 pandemic with its successive lockdowns and restrictions to stay within the confines of one’s home, further reinforced this vision. India’s growing urban population, rising household incomes, and decade-long low-interest rates have been propelling the demand for residential units, driving up the sales volume. Even though the residential real estate sector was severely hit in 2020, it marked a strong recovery in consecutive years, crossing pre-COVID sales figures.
    More data on the topic
    Estimated market size of Indian real estate industry for 2030
    1tr USD
    Most affordable metropolitan city
    Ahmedabad
    Leading housing finance company by market capitalization
    HUDCO

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