Ambergris Caye Vacation Rentals in 2023

Ambergris Caye has been the epicenter of Belize tourism for years and remains the country’s top tourism destination. Ambergris Caye and San Pedro Town have already seen 53.2% of Belize overnight tourism in 2024. In 2023, Ambergris Caye tourism saw substantial growth and is now at all-time highs! This has led to growth in the investment in Ambergris Caye real estate.

Ambergris Caye luckily has something we like to call “Island Economics.” When investing in an island, there is only so much land available. The limitations on available land create scarcity, which is a value to real estate investors. There is only so much land on an island. Island economics means that you see greater property appreciation on an island due to scarcity of property and limitations on how much can be built.

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields on vacation rental properties on Ambergris Caye. Ambergris Caye and San Pedro Town (the municipality on the island of Ambergris Caye) are by far the top destinations in Belize. Below, we look at the updated tourism data and vacation rental data for Ambergris Caye in 2023!

Belize Tourism & Flight Data 2024


Ambergris Caye Tourism

Ambergris Caye has seen tourism hitting all-time highs year-over-year as we become a globally recognized destination. From 2010 to 2023 (13 years), Ambergris Caye overnight tourism (people booking rental units) has grown at an annual compounded rate of 18.7% per year increase, with overnight tourism over doubling as it is up 145.1% from 2010 to 2024.

Ambergris Caye and San Pedro Town are the top destination for overnight tourism in Belize. With 53.2% of the Overnight Tourists coming to Ambergris Caye.





Belize Overnight Tourism Year-Over-Year



Belize Tourism Q1 2024


Belize Quarterly Tourism Arrivals

Belize Tourism Board Overnight Arrivals


Ambergris Caye Vacation Rental Inventory

Even though tourism is growing, the total rooms for rentals have stayed stagnant, with limited new losing inventory and often even a decline in inventory. Tourism is growing, and this usually correlates to added supply; that said, Ambergris Caye, Belize, is at the perfect time for investment as we have unique market conditions that have led to increased demand and a decrease in supply inventory.

Rental Inventory on Ambergris Caye has dropped by -4% from 2022 to 2023. Also dropped -13.9% over the last 3 years. This is largely due to the influx of people moving to Belize and the growing expat community and people who can work remotely.


Ambergris Caye Vacation Rental Lodging Inventory


For lodging, as a point of reference, Ambergris Caye saw -4% from last year. Lodging inventory for vacation rentals on Ambergris Caye has seen a -13.9% decrease over the last 3 years.

Ambergris Caye has had a compounded annual tourism growth over 12 years at an average of 14.8% per year (2010 to 2023). With Q1 2024, the annual tourism growth rate jumped to 18.7% per year (2010 to 2024).

As you can see, the 3-year trend has been consistent, with many quarters witnessing a dip in rental inventory (even with an increase in demand). This creates a unique opportunity for investors. With the shortage in supply and increase in demand, there is a need for more lodging and rentals.


Increase in Demand + Decrease in Supply = Increase in Price & Rent




Many industry experts predict Ambergris Caye real estate prices and nightly rental rates will continue to increase with the continued growth in tourism and higher volume of direct international flights. This will lead to greater equity appreciation and a higher cash-flow yield.

Even though demand is on the rise, the supply has remained stagnant. With increased awareness comes increased demand, but the lodging and vacation rental inventory supply does not meet the demand growth.

This has led to higher nightly rental rates and higher occupancy for vacation rentals.



Ambergris Caye Occupancy



In 2022, Ambergris Caye had an average vacation rental occupancy of 54.8%. In 2023, the average occupancy of vacation rentals was 61.13%.







Ambergris Caye Monthly Occupancy



Ambergris Caye Nightly Rental Rates

In 2023, Ambergris Caye saw vacation rental Nightly Rental Rates (ADR) increase by +15% from 2022. The increase in ADR (Nightly Rental Rates) led to increased revenue. In 2023, the average nightly rental rate on Ambergris Caye  was $274 USD per night, which is up from $262 USD per night in 2022.


Rates in $ USD



Rates in $ USD



Rates in $ USD


Rates in $ USD



Ambergris Caye Investment Revenue

The increase in tourism has led to higher occupancy and higher nightly rental rates (ADR). The increased occupancy and ADR have resulted in higher revenues. On Ambergris Caye, vacation rental gross revenue is up 30% in 2023 (from 2022).


Annual Average Rental Revenue

Revenue in $ USD



Monthly Rental Income Ambergris Caye


Revenue in $ USD


Revenue in $ USD



Home vs Condo Vacation Rentals

What is fascinating is the renal income for detached homes over condos (and the % annual growth).


Condo & House Rental Revenue




Detached homes on Ambergris Caye had an average annual gross revenue of $58,950 USD in 2023 (Airbnb income). Compared to condos, which saw an average gross yearly earnings of $33,200 USD.

For more information on investing in Belize and Ambergris Caye rental income investment opportunities, contact us at RE/MAX Belize!



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