Caribbean Tourism & Market Data
Global international tourism grew 86% in Q1 2023 compared to the same period in 2022. Overall, international travel reached 80% of pre-pandemic levels in Q1 of 2023. With an estimated 235 million tourists traveled internationally in the first three months, more than double the same period of 2022.
Belize & Caribbean Tourism Recovery
There are many reasons why investors turn to overseas real estate; one of the major reasons is seeking a haven from the economic volatility of domestic markets. The Caribbean not only offers tax advantages and investment incentives but there is also the passive income potential from the booming tourism sector and vacation rental market.
Belize has become increasingly popular for investors and people looking to relocate to a warm tropical climate. Let’s take a look at how the Caribbean performs compared to other global markets and the opportunity for investment in Ambergris Caye.
This data is from the World Travel & Tourism Council and the Caribbean Hotel & Tourism Association.
The Caribbean Market took data and performance from 33 different destinations in the region (Cancun, Quintana Roo, and the Caribbean). One of the key destinations is Belize and how it compares to regional and international tourism markets.
Including;
- Anguilla
- Antigua & Barbuda
- Aruba
- Barbados
- Bahamas
- Belize
- Cancun
- The British Virgin Islands
- Bonaire
- Bermuda
- Cayman Islands
- Curacao
- Dominican Republic
- Dominicana
- Grenada
- Guadeloupe
- Guyana
- Haiti
- Jamaica
- La Martinique
- Puerto Rico
- St. Maarten
- Saint Lucia
- St. Kitts & Nevis
- St. Martin
- Turks & Caicos
- US Virgin Islands
- and more!
Key Takeaways
- The Belize Region, with the Caribbean & Central America (33 Destinations), outperforms the average tourism recovery trends of the Americas, Europe, and Asia Pacific, with only -1% below 2019 (Total Global International Traffic down -31%).
- The Caribbean outperforms the average recovery trends for the Americas, Europe, APAC, and the Middle East.
- The Region outperformed the global market regarding Revenue & Profit in the tourism (short-term rental) market.
- Caribbean Regional Revenue (from tourism and vacation rentals) Increased by 32.5% from 2019 to 2023. Outpacing the global markets.
- >Caribbean Regional Profit (from tourism and vacation rentals) Increased by 32% from 2019 to 2023. Outpacing the global markets.
Key Takeaways
- The Belize Region, with the Caribbean & Central America (33 Destinations), outperforms the average tourism recovery trends of the Americas, Europe, and Asia Pacific. With only -1% below 2019 (Total Global International Traffic down -31%).
- The Region outperformed the global market regarding Revenue & Profit in the tourism (short-term rental) market.
- The Caribbean & Central America Region is expected to have an annual tourism GDP growth rate of 5.5% to 6.7% between now and 2030.
Tourism Recovery by Destination
Belize & Caribbean Vacation Rental Market Investment
Within the region of the Caribbean (33 countries) are Belize and the island of Ambergris Caye, which outpaced global tourism recovery and regional tourism recovery, which has led to increased revenue from vacation rentals.
The region far exceeded vacation rental ROI in Western Markets (USA, Canada, and Mexico). This is due to a higher Nightly Rental Rate (ADR) and higher occupancy.
Vacation Rental Occupancy
From 2019 to 2023 Q1, the regional occupancy has decreased by -1.5% and is still recovering to post-pandemic levels. At the same time, Ambergris Caye Vacation Rental Occupancy has Increased by 10.3% from 2019 to 2023.
Regional Occupancy (2019 vs. 2023)
Ambergris Caye Occupancy (2019 vs. 2023)
Vacation Rental Nightly Income
From 2019 to 2023 Q1, the regional ADR (Nightly Rental Rate) increased by 29%. At the same time, Ambergris Caye Vacation Rental ADR (Nightly Rental Rate) has Increased by 36% from 2019 to 2023.
Regional Nightly Rental Rate ADR (2019 vs .2023)
Regional Caribbean Q1 2023 average ADR was $384 per night.
Ambergris Caye Nightly Rental Rate ADR (2019 vs. 2023)
Ambergris Caye Q1 2023 average ADR was $287 per night.
Revenue & ROI
Key Takeaways
- Ambergris Caye Tourism Outpaced the Regional Average in Tourism Growth.
- The Caribbean & Central America Region (including Belize) has a higher ADR and Occupancy than other Western Hemisphere markets like Mexico, Canada & USA.
- Ambergris Caye Occupancy is on pace with the rest of the region. However, Regional Occupancy (33 destinations) is still recovering in tourism (-1.5% of pre-COVID).
- Ambergris Caye Occupancy is exceeding pre-COVID (10.3% growth from pre-COVID).
- Ambergris Caye ADR growth has exceeded regional growth at a 36% increase in nightly rental rate from 2019 to 2023 (regional average of 29%).
- Ambergris Caye Outperformed in Vacation Rental Revenue when compared to the regional average.
- Ambergris Caye’s Gross Rental Revenue exceeded regional growth as well as international growth (a 37.8% increase).
If you are looking at investing in Belize and learning more about Belize investment opportunities, contact us! We are here to help with your Belize Real Estate search and purchase of Ambergris Caye Real Estate.
Key Caribbean & Belize Data Points
