Ambergris Caye 2023 Vacation Rental Data

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!

 

 

Belize Tourism & International Flight Data Q1 2024

Belize Tourism & International Flights

2024 has been a record-breaking year for Belize tourism! In Q1 2024, Belize has seen record-breaking tourism arrivals (January to March 2024).

This indicates that year-to-date, Belize Overnight Tourism has had a record-breaking numbers and the highest volume in the countries tourism history.

 

 

Record Breaking Tourism in Q1 2024

 

Belize Overnight Tourism Arrivals in 2024

 

January 2024 Overnight Tourists: 57,628

February 2024 Overnight Tourists: 59,067

March 2024 Overnight Tourists: 69,202

 

Total Q1 2024 Overnight Tourists: 185,897

 

February was record breaking with 59,067. But March saw an all-time high and new record with 69,202 arrivals. March 2024 first time Belize has had over 60,000 overnight tourism arrivals (with 69,202 overnight arrivals in the month).

Both of the record breaking months (February & March) have made Q1 2024 the highest ever quarter for overnight tourism in Belize! Total Overnight Tourists for Q1 in 2024 was 185,897.

 

Belize Monthly Tourism Arrivals

 

2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally).

February 2024 was a record-setting month for Belize tourism. This record-setting tourism month was quickly superseded by March 2024 which saw an impressive 69,202 overnight tourists arrive in Belize!

March 2024 has now became the highest single month for overnight tourism in Belize at 69,202 tourists. The prior single-month record (before 2024) was in March 2019 at 57,697 overnight tourists.

Total Overnight Tourists for Q1 in 2024 was 185,897. This is 27.9% higher than in 2023 (last year Q1) and 17.5% higher than the prior record set in 2019.

 

Belize Overnight Tourism

Overnight tоurіѕm arrivals to Belize increased bу оvеr 27.9% іn Q1 2024 (Јаnuаrу to March), compared tо the ѕаmе реrіоd lаѕt уеаr (2023). The trend in Belize tourism is expected to have continued growth, this is seen by the 17.5% increase in overnight tourism from 2019 (Q1). This is expected to result in an оvеrаll 11% estimated growth fоr the Belize tоurіѕm ѕесtоr іn 2024.

Belize Tourism rebounded strongly in 2023 and has continued in 2024. The stats from the early months of 2024 signal that the year 2024 will be a record-breaking year for inbound tourism to Belize!

 

 

 

 

 

 

 

 

 

 

 

 

 

International Flight at Belize BZE

The largest factor to the growth in Belize tourism has been the increased air transport and increase in direct international flights to Belize. In March 2024, there were 511 international flights landing at BZE (Philip S.W. Goldson International Airport in Belize City). 

 

BZE International Flights in 2024

Average of 71 International Flights a Day
Daily Range of 42 to 153 International Flights

 

 

 

Non-Stop Direct Flights to Belize

 

 

 

Direct Flights New York (JFK) to Belize (BZE) with JetBlue

JetBlue New York (JFK) to Belize (BZE)

  • Monday
  • Wednesday
  • Saturday

 

 

JetBlue Starts Direct Flights from New York JFK

JetBlue Announces Direct Flights to Belize from New York JFK

Scheduled flight times are the following (all times are local):

  • JFK to BZE: Departs at 8:29 a.m. and arrives at 12:14 p.m.
  • BZE to JFK: Departs at 1:30 p.m. and arrives at 7:00 p.m.

JetBlue Belize Flight Deals

 

Ambergris Caye & San Pedro Tourism

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.

In March 2024, the San Pedro Airport had over 2,000 inbound and outbound flights. Peak is Saturday, with an average of 180 flights.

Monthly Average of 58 Departures Daily (6:30 am to 17:00 pm)
Monthly Average of 66 Arrivals Daily (7:20 am to 19:45 pm)

 

 

Belize Investment Opportunities

The Belize tоurіѕm ѕесtоr rеmаіnѕ роіѕеd fоr further growth with more development and improved accessibility! This has industry experts орtіmіѕtіс and bullish on Belize as a destination (for tourists and investors).

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields for real estate and investment properties in Belize. Ambergris Caye remains the the top destinations in Belize for overnight tourists.

Additional Links:

Q1 2024 Belize Record Breaking Tourism

Record-Breaking Tourism Prompt Airport Upgrades

Latin America & South America Growth Opportunities for Belize

Belize Tourism January & February 2024

Ambergris & Belize Tourism Data 2023

Caribbean & Regional Tourism 2023

If you are looking to learn more about Belize tourism and Belize real estate, contact us!

 

 

Mayor Wally Nunez Discusses Transforming San Pedro, Belize

San Pedro Belize Mayor Wally Nunez

We sit down with the Mayor of San Pedro Town Wally Nunez and discuss what is happening round San Pedro and the future of Ambergris Caye, Belize.

Wally Nunez and his team recently won reelection in San Pedro Town. He took the time to sit down with us and explains his past and passion for Belize and the future vision for San Pedro.

If you’re wondering what is happening in San Pedro and around Ambergris Caye, Belize, check out this video. As we sit down with Mayor Wally Nunez to discuss everything that has recently happened as well as the future plans on the island of Ambergris Caye.

We get Wally’s insight into the Finance & Revenue Collections, Infrastructure Plans, Current Development, Planned Development, Tourism, Local Economic Development, Foreign Relations, Traffic Management, Human Resources, Staff Development Training, Trade & Investment!

Check out the latest video below;

Transforming San Pedro Belize with Mayor Wally Nunez

 

Wally takes the time to share ideas on the island as well as discuss his past term as Mayor and his vision for San Pedro. If you’re interested in Belize real estate and the future of Ambergris Caye, Belize, you want to miss this!

Contact us to learn more about Ambergris Caye & Belize!

 

Belize Tourism Q1 2024: All-Time High & Record-Breaking Tourism

Belize Tourism Q1 2024

 

Record-breaking numbers for the first quarter in Belize’s overnight arrivals!

2024 has been a record-breaking year for Belize tourism! In Q1 2024, Belize has seen record-breaking tourism arrivals (January to March 2024).

This indicates that year-to-date, Belize Overnight Tourism has had a record-breaking numbers and the highest volume in the countries tourism history.

 

 

Belize Overnight Tourism Arrivals in 2024

 

January 2024 Overnight Tourists: 57,628

February 2024 Overnight Tourists: 59,067

March 2024 Overnight Tourists: 69,202

 

Total Q1 2024 Overnight Tourists: 185,897

 

February was record breaking with 59,067. But March saw an all-time high and new record with 69,202 arrivals. March 2024 first time Belize has had over 60,000 overnight tourism arrivals (with 69,202 overnight arrivals in the month).

Both of the record breaking months (February & March) have made Q1 2024 the highest ever quarter for overnight tourism in Belize! Total Overnight Tourists for Q1 in 2024 was 185,897.

 

 

 

Belize Monthly Tourism Arrivals

 

2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally).

February 2024 was a record-setting month for Belize tourism. This record-setting tourism month was quickly superseded by March 2024 which saw an impressive 69,202 overnight tourists arrive in Belize!

March 2024 has now became the highest single month for overnight tourism in Belize at 69,202 tourists. The prior single-month record (before 2024) was in March 2019 at 57,697 overnight tourists.

Total Overnight Tourists for Q1 in 2024 was 185,897. This is 27.9% higher than in 2023 (last year Q1) and 17.5% higher than the prior record set in 2019.

 

January to March Belize Tourism Arrivals

 

 

 

Belize Tourism Growth

 

Q1 2024 saw a 27.9% increase in overnight tourism arrivals from Q1 2023.

Q1 2024 was a 17.5% increase from Q1 in prior peak year of 2019.

 

Annual Q1 Belize Tourism Arrivals

 

 

 

Overnight tоurіѕm arrivals to Belize increased bу оvеr 27.9% іn Q1 2024 (Јаnuаrу to March), compared tо the ѕаmе реrіоd lаѕt уеаr (2023). The trend in Belize tourism is expected to have continued growth, this is seen by the 17.5% increase in overnight tourism from 2019 (Q1). This is expected to result in an оvеrаll 11% estimated growth fоr the Belize tоurіѕm ѕесtоr іn 2024.

Belize Tourism rebounded strongly in 2023 and has continued in 2024. The stats from the early months of 2024 signal that the year 2024 will be a record-breaking year for inbound tourism to Belize!

 

 

 

Веlіzе’ѕ tоurіѕm industry іѕ booming, as seen in Q1 of 2024 and the first few mоnthѕ оf the year setting all-time highs and hіѕtоrіс rесоrd-breaking numbers in overnight tourism. The tourism growth (the largest sector in Belizean economy) is estimated tо gеnеrаtе аn unprecedented $1.4 bіllіоn іn rеvеnuе in 2024, this was announced by Minister of Тоurіѕm Аnthоnу Маhlеr.

 

Belize Tourism Q1 Arrivals 2017 to 2024 (January to March)

Below is the overnight tourism trend from 2017 to 2024 for January to March (Q1 of each year);

Belize Tourism Board Data

 

 

Increased International Flights to Belize

The largest factor to the growth in Belize tourism has been the increased air transport and increase in direct international flights to Belize. In March 2024, there were 511 international flights landing at BZE (Philip S.W. Goldson International Airport in Belize City). 

PGIA Philip S.W. Goldson International Airport BZE

 

Direct Flights to Belize 2024

 

 

 

Direct Flights Washington DC & Baltimore (BWI) to Belize (BZE) with Southwest Airlines

SouthWest Airlines started direct flights from BWI to Belize on March 9, 2024

SouthWest Airlines BWI to BZE

 

Direct Flights New York (JFK) to Belize (BZE) with JetBlue

JetBlue Starts Direct Flights from New York JFK

JetBlue Announces Direct Flights to Belize from New York JFK

JetBlue New York (JFK) to Belize (BZE)

  • Monday
  • Wednesday
  • Saturday

Scheduled flight times are the following (all times are local):

  • JFK to BZE: Departs at 8:29 a.m. and arrives at 12:14 p.m.
  • BZE to JFK: Departs at 1:30 p.m. and arrives at 7:00 p.m.

JetBlue Belize Flight Deals

 

 

Ambergris Caye & San Pedro

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.

 

 

Record-Breaking Tourism Leads to Airport Upgrades

The month of March 2024 was record-breaking for Belize tourism. Increased visitors to Belize means an increased demand for the facilities at the BZE Philip Goldson International Airport (PGIA). To address that need there is an ongoing, long-term project for the upgrade of the PGIA. Belize along with the BTB (Belize Tourism Board) are increasing the marketing efforts attracting regional tourism and tourism from Latin American markets.

With the Mayan Train in Mexico and increased travel and tourism from Latin America and South America. That said, the airport upgrades are important since the United States represents the largest percentage of overnight tourism arrivals.

Currently Americans (from the US) make up 69.3% of Belize tourism in 2024.

Record Breaking Tourism Prompts Airport Upgrades

 

 

Future Outlook on Regional Tourism

Belize has shown impressive tourism numbers through 2023 and now record breaking in 2024 due to quick and clever travel regulations and practices put into place. Belize has also improved the accessibility with more non-stop direct flights and increased number of airlines (and destinations).

“The success of the recovery is a testament to the power of collaboration. Tourism leaders, businesses, governments, organizations, airlines, and our hospitality professionals have achieved impressive results by working together. We are grateful for the hard work and close partnerships that continue to allow us to recover and soar to new heights,” says Nicola Madden-Greig, President of, the Caribbean Hotel and Tourism Association (CHTA).

 

The rise and power of the South American market in the region.

 

Tourism in Belize is growing, and the competition is getting stronger now that we can look at the pre-pandemic and post-pandemic trends. Diversifying the attraction and marketing of Belize by widening the net is pivotal. The 2023 data by ForwardKeys shows there is a real potential to convert more international arrivals from Latin America, specifically Colombia and Argentina.

“Through our air ticketing data, we are observing a significant leap from the Latin Markets into the Caribbean and Belize, especially from Central America, Colombia, and Argentina. Even more encouraging is that they are flying in premium-class cabins, more than before the pandemic. A worthy market to tap into,” says Olivier Ponti, VP of Insights at ForwardKeys.

Beyond the main traditional markets, the US and Canada, there are tourism opportunities to be found in the neighboring countries. Latin American markets represent an exciting opportunity for Belize and the Caribbean.

Travel demand for Belize as a destination quickly gained momentum after most regional countries dropped travel requirements. The strong pent-up demand has been propelling visitor arrivals from Latin America beyond pre-pandemic levels, up by 14% in 2023, and with greater growth potential. The best-performing markets in the region are Colombia, Peru, and Argentina.

 

 

Flight Connectivity

 

The restoration of air connectivity is one of the key factors driving post-COVID-19 travel demand recovery, and Latin America is no exception. After years of limited travel activity, now Latin American travelers have fewer options to get to their desired Caribbean vacation. Fewer direct flights, and lower flight frequencies, make it harder and more costly to travel. In this scenario, connections with gateway airports are fundamental to remaining competitive.

Panama City (PTY) has emerged as a key gateway hub for Latin America, particularly, for connecting this region to the Caribbean. This is a result of a decided and successful strategy to transform Panama’s Tocumen International Airport into an intra-regional airport hub. Panama has become the first choice when transitioning to the Caribbean, gaining a share over other regional airports, such as Bogota, Lima and Miami.

While it is not always feasible to develop direct flight connections with emerging markets, establishing regular and frequent connections with the right network airports is fundamental for reaching a more diverse travel audience.

 

 

 

Belize Real Estate & Investment Opportunities

The Belize tоurіѕm ѕесtоr rеmаіnѕ роіѕеd fоr further growth with more development and improved accessibility! This has industry experts орtіmіѕtіс and bullish on Belize as a destination (for tourists and investors).

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields for real estate and investment properties in Belize. Ambergris Caye remains the the top destinations in Belize for overnight tourists.

Additional Links:

Belize Tourism January & February 2024

Ambergris & Belize Tourism Data 2023

Caribbean & Regional Tourism 2023

If you are looking to learn more about Belize tourism and Belize real estate, contact us!

 

 

 

New Ferry & Water Taxi Route Connects Ambergris Caye Belize to Mexico

Ambergris Caye Belize & Chetumal Mexico Water Taxi

 

New Ferry Route Connects Ambergris Caye, Belize, to Chetumal, Mexico. This latest route is sure to be a Boost for Tourism and Trade between Belize & Mexico!

San Pedro Belize (Ambergris Caye) introduces a new ferry service, revolutionizing travel between Belize and Mexico.

On February 24th, a new means of transportation between Ambergris Caye (San Pedro Town) and Mexico was announced. San Pedro Belize Express unveiled its latest addition, the Three Star Voyager vessel, marking a significant milestone in the connectivity between Belize & Mexico and expanding its service offerings.

This inaugural trip from San Pedro Town, Ambergris Caye, to Chetumal, Quintana Roo, Mexico, signifies a new era in regional transportation. The new vessel enhances connectivity and convenience for residents and tourists visiting the Belize island of Ambergris Caye. This route fills a long-standing gap in direct travel options between Belize and Mexico.

The Three Star Voyager vessel is designed with passenger comfort and safety in mind; the 58-foot Catamaran boasts cushioned seats and bathrooms/restrooms with an advanced septic system. The Three Star Voyager has the capacity to accommodate 104 passengers and offers a comfortable and safe means of travel.

The ferry and water taxi schedule is strategically planned to cater to the needs of both local residents and international tourists. The new Three Star Voyager vessel allows for faster transportation, which provides ample opportunity for day trips, allowing travelers and locals to explore Chetumal or conduct errands with the convenience of a direct return trip.

Pricing varies based on departure points, with special rates for Belizean residents and citizens. This new means of water transportation improves the connectivity of Belize and Mexico, making cross-border travel accessible and affordable.

 

Improving Belize’s Tourism and Trade

The ferry route (water taxi) enhances the travel experience between Belize and Mexico but also holds significant potential for boosting tourism in Belize (specifically Ambergris Caye) and facilitating trade in the region.

This new route also signifies a milestone in connectivity, improving not only transportation for tourism but also logistics. By providing a direct and efficient travel option, it opens up new avenues for economic cooperation and trade. The new ferry route shows the mutual growth between Belize & Mexico.

As this service gains popularity, it could pave the way for further expansions in regional transportation networks in the Caribbean, heralding a new chapter in Caribbean & Central American connectivity.

The trip between Ambergris Caye & Chetumal will take customers quickly and smoothly from Ambergris Caye, Belize, to Chetumal, Mexico. The trip is about 1 to 2 hours each way.

 

Belize & Mexico Connectivity

San Pedro Belize Express introduces the Three Star Voyager ferry service, revolutionizing travel between Belize and Mexico. Explore the comfort and safety features, strategic schedule, and impact on regional connectivity. It not only improves tourism but also opens up new avenues for economic cooperation and trade.

The water taxi service will further increase tourism to Belize and Ambergris Caye, especially with the recent opening of the Tulum International Airport and the Tren Maya (Yucatan Express Train system).

The Tren Maya (sometimes also Mayan Train or Maya Train) is a 1,554-kilometre (966 mi) intercity railway system in Mexico that traverses the Yucatán Peninsula. Construction began in June 2020, and a section began operation in December 2023, with the rest of the line to open later this year.

The railway begins at Cancún International Airport and travels down to Chetumal and the Mexico/Belize border.

 

Maya Train Route

 

Tren Maya Interactive Map

 

 

San Pedro Ferry & Water Taxi Schedule

The boat leaves every day at 8:30 am from San Pedro to Chetumal. And returns from Chetumal to Belize at 3:30 pm.

San Pedro Belize Express Water Taxi Schedule

 

Chetumal Mexico

Chetumal is situated on the Yucatán Peninsula’s eastern coast, right at the border between Mexico & Belize. Chetumal is known largely as a port city. It’s the primary trading station for Mexico and Belize.

Chetumal is located in the province of Quintana Roo – the Mexican state that is home to Cancun, Playa Del Carmen, and Tulum (Yucatán Peninsula). Chetumal is located just north of Belize (at the border) and is a jumping-off point for many traveling down from Cancun to Belize.

 

San Pedro Belize (Ambergris Caye) introduces a new ferry service, revolutionizing travel between Belize and Mexico.

Contact RE/MAX Belize

 

Ambergris Caye Investment & Vacation Rental Data October 2023

Ambergris Caye Vacation Rentals

Ambergris Caye has been the epicenter of the Belize tourism surge and COVID recovery. This has led to growth in the Ambergris Caye Real Estate and investment in vacation rentals.

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, not only scarcity of property but also a scarcity of land and completed resale homes. 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 investment opportunities on Ambergris Caye!

 

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 14.8% per year increase, with overnight tourism nearly doubling from 2010 to 2023 (+81.5% increase).

 

Belize Overnight Tourism

 

 

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.

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. 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.

 

Ambergris Caye Occupancy

 

 

In 2022, Ambergris Caye had an average vacation rental occupancy of 54.8%. In 2023, the average occupancy of vacation rentals has been at 61.3%. This is an increase of +11.9% year-over-year (2022 to 2023).

 

 

Ambergris Caye Nightly Rental Rates

 

In 2023, Ambergris Caye has seen ADR (Nightly Rental Rates) for vacation rentals increase by +15% from 2022. In 2023, the average nightly rental rate on Ambergris Caye has been $284 USD per night, which is up from $262 USD per night in 2022.

 

Ambergris Caye Investment Revenue

The increase in tourism with the lodging and vacation rental supply shrinking 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

 

 

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

 

Detached homes on Ambergris Caye have seen an average annual gross revenue of $88,850 US in 2023 (Airbnb income). Compared to condos, which saw an average gross yearly earnings of $44,300 US. Detached homes also saw a higher % growth at 23% annual revenue growth (condos with 14%) from 2022 to 2023.

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

 

Luxury Tourism & Luxury Market in Belize

Luxury Tourism & Luxury Market

Belize tourism and Belize real estate is expanding the luxury market. The luxury travel industry has grown unprecedentedly in recent years due to rising spending power, an expanding middle-class population, emerging luxury trends, and the expansion of luxury hotels.

The definition of luxury travel has evolved dramatically in recent years, and people are now far more adventurous. They are more interested in experiencing local customs and cuisine.

Earlier this year, a survey from GlobalData.com found that luxury tourism has recovered quicker then budget tourism.

The global luxury travel market is expected to grow at a compound annual growth rate of 7.8% to 8.9% from 2022 to 2032, reaching a market size of USD 2.32 trillion to 2.76 trillion by 2032.

 

Caribbean & Central America Luxury Tourism

The Belize Region, with the Caribbean & Central America as a whole, outperforms the average recovery trends of the Americas, Europe, and Asia Pacific in the Luxury Tourism sector. This is shown in the revenue and profit trends.

The Caribbean & Central America Region (including Belize) has a higher ADR and Occupancy than other Western Hemisphere markets like Mexico, Canada & USA for luxury tourism.

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.

 

Belize Tourism & Luxury Market

The Caribbean & Latin American (Belize) luxury tourism industry will likely be one of the fastest growing between now and 2032, with the most opportunity.

Belize, with the BTB (Belize Tourism Board), has taken steps in advancing and growing the Belize Luxury Tourism Industry.

Luxury travel services cover the most desirable and premium experiences in terms of luxury accommodations, convenient transport facilities, and authentic and exclusive travel experiences.

The Luxury Tourism program aims to provide outstanding, exclusive, and convenient tourism services and experiences to tourists and locals. In Belize, some of the recent announcements around luxury tourism include;

 

Regional Data on Luxury Tourism

What we have learned during every economic turn is that luxury tourism is still a driver. At CHRIS & HOLA (Caribbean Investment Summit & Hotel Operators of Latin America Summit), the data on luxury tourism was shared and how it performed in the market.

Even though luxury tourism appeals to a smaller demographic (unlike cruises and all-inclusive), they are more consistent, yield higher returns, is surprisingly not susceptible to market fluctuations, have better occupancy, and better clientele. The most interesting take is that if there are slower periods, the luxury market can lower prices and push out the “non-luxury” market.

Belize as a whole is pushing luxury tourism, making it easier for yachts, allowing FBO and private planes, creating direct flight routes from high net-worth locations, etc. With all this push, Belize is working on becoming a Cayman Islands, Maldives, Turks & Caicos, Bahamas, or St Martin, instead of a budget destination like Mexico or the Dominican Republic.

Belize is also seeing far more celebrities and high net-worth travelers visiting Belize and Ambergris Caye. But what is interesting is the fact we do not have many of the luxury villas in our lodging inventory to accommodate these travelers.

 

Luxury Tourism

If you build a luxury house/villa with outdoor space and amenities (even 2, 3 or 4 bedrooms), you will capture the luxury tourism market. The house or unit does not need to be large; just provide fixtures, touches, service, etc.

With luxury tourism and luxury travelers, owners/investors are able to charge any nightly rental rate you want. Example: Rolex does not compromise the price of new watches even during an economic downturn, and every store you visit is always sold out.

Earlier this year, a survey from GlobalData.com found that luxury tourism has recovered quicker then budget tourism.

The global luxury travel market is expected to grow at a compound annual growth rate of 7.8% to 8.9% from 2022 to 2032, reaching a market size of USD 2.32 trillion to 2.76 trillion by 2032.

The 2022 Global Travel Trends Report of American Express Travel study found that 58% of respondents opt for solo travel to visit their dream destination, strengthening the demand for luxury travel.

The Caribbean & Latin American luxury tourism industry is likely to be one of the fastest growing between now and 2032, with the most opportunity.

 

Regional Luxury Market

The luxury segment in the region (Belize) is ahead of the all-inclusive and full-service properties in profit margin growth and opportunity.

Luxury Tourism has a Higher ADR (Average Daily Rate & Nightly Rental Rate) and Better Occupancy than full-service or all-inclusive.

Luxury Tourism sees year-round bookings with better ADR and occupancy in high and low seasons. Luxury tourism has less volatility and seasonality. There is no low season in the luxury market segment in the region. Luxury has seen heightened off-season months.

Profit margins are higher in luxury tourism, with annual and quarterly revenue and profits rising due to more substantial rate increases. Luxury tourism has a much higher revenue per room or unit.

Belize Luxury Tourism Announcements

Luxury travel services cover the most desirable and premium experiences in terms of luxury accommodations, convenient transport facilities, and authentic and exclusive travel experiences. The overall aim of the Luxury Tourism program is to provide outstanding, exclusive, and convenient tourism services and experiences to tourists and locals.

  • Four Seasons on Caye Chapel
  • Six Senses on Ambergris Caye
  • FBO & Private Aviation
  • Yacht & Nautical Tourism
  • Filling Luxury Tourism Market Gaps
  • Fine Dining & Restaurant Facilities

 

Belize Travel & Facilities

Belize has a range of initiatives and infrastructure programs coming in to enhance and increase tourism. With additional flights (including New York JFK), improved transportation, etc. You can see some of the tourism enhancements and initiatives below;

  • 3 million anticipated passenger movements at PGIA (Belize International Airport BZE) in 2045.
  • PGIA (BZE Airport) Facility Extensive Upgrade underway and expected completion in 2040.
  • Enhanced Border Facilities.
  • Increased – Ground Transportation Connections.
  • Domestic Airlines with expanded international routes.
  • Interregional connectivity.
  • Renovations at Municipal Airports to expand Private Aviation.
  • Addition of FBO facilities at national and domestic airports.

Learn more about traveling to Belize internationally.

To learn more about Belize real estate and investing in Belize contact RE/MAX Belize. We look forward to sharing more information on Belize and opportunities in the luxury tourism market!

 

 

Passport Heavy Buying Property in Belize

Buying Land in Belize for Less Than a Toyota Prius

Passport Heavy is one of the leading travel influencers and media channels on the internet. Passport Heavy is a bespoke travel & lifestyle brand specializing in shifting the paradigm in which people see and experience the world.

Founded in 2010 by Jubril Agoro, the Passport Heavy brand has grown from humble beginnings as a solo travel vlog into a highly recognized media brand and one of the most influential names in the travel content space.

Passport Heavy & Jubril Agoro fell in love with Belize (as many do) when they visited the Central America/Caribbean destination.
After a decade spent journeying globally, Jubril made his first international real estate investment. In BELZE!

 

In the latest Passport Heavy video, learn the ‘why’ and ‘how’ behind the decision to invest in Belize. From the enchanting allure of Belize to the nitty-gritty of navigating the real estate process in a foreign country, the latest Passport Heavy video (see link below) unpacks it all.

 

If you want to learn more about Belize and investing in Belize real estate, contact us at RE/MAX Belize!

We look forward to having you here in paradise.

Best Places to Own Property in Belize

Best Places to Own Property in Belize

Belize has many beautiful areas and destinations. Each with its own uniqueness. With a diverse landscape of islands, beaches, and jungles, there are a lot of great places to own property in Belize. The best place to own depends on what a person is looking for. That said, you have options to choose from when considering buying property in Belize.

Belize has stunning white sand beaches, lush rainforests, and Mayan ruins, with the largest barrier reef in the Western hemisphere, Belize has recently emerged as one of the top emerging tourist destinations. Belize allows full foreign ownership, which makes it a popular offshore investment destination and a great place for buying property.

The growth in tourism has been accompanied by a dramatic rise in interest in Belize real estate. Belize has become one of the hottest places to invest, and retire in the region.

Some of the best places to buy property in Belize include:

 

 

Ambergris Caye

Ambergris Caye is a popular destination for tourists and expats, with beautiful beaches and a vibrant community. Ambergris Caye (and San Pedro Town) are the top tourist destinations in Belize. With that, it is the most popular location to own and invest in property. Ambergris Caye real estate is by far the most desirable property option.

Ambergris Caye is an island on the northeastern coast of Belize. Ambergris Caye is the largest island in the country and is the most popular tourist destination. Ambergris Caye is loved for its long sandy beaches, laidback island Caribbean lifestyle, and its proximity to the Belize Barrier Reef. A lot of Ambergris Caye has been set aside as a nature preserve, marine reserve, and national park, which adds to its appeal as the most popular destination for international buyers and people looking to own property in Belize.

San Pedro Town is the municipality on Ambergris Caye. San Pedro Town and the popularity of Ambergris Caye has it among the most in-demand and developed real estate investment destination in Belize.

Ambergris Caye is one of the most sought-after locations in Belize. Not only for tourism but also for property ownership. It is the undisputed top location. As the largest island in Belize, it has been ranked as one of the top destinations for retirement and investment by Forbes, International Living, MSNBC, and more. Ambergris Caye is famous for its proximity to the Belize Reef which attracts avid divers and fishers. The reef extends the East Coast of the island, and the West Coast boasts calm waters and beautiful beaches (like the popular Secret Beach).

Ambergris Caye also offers abundant options for different kinds of water-based activities, including scuba diving the Belize Barrier Reef, deep sea fishing, snorkeling, reef fishing, jet skis, paddle boarding, kayaking, and more. Ambergris Caye also has great restaurants offering fine dining options as well as an amazing expat community.

Ambergris Caye is commonly referred to as the “Isla Bonita” (which is “the Beautiful Island”). With all it has to offer, there are few who disagree that Ambergris Caye is one of the top choices for expats who were looking to relocate to Belize or investors looking to invest in an emerging island destination.

 

San Pedro Belize Travel Guide (on Ambergris Caye)

 

 

Placencia

Placencia is a town at the very tip of a peninsula located in the southern part of Belize in the Stan Creek District. Placencia is a small, peaceful village on the southern coast of Belize with stunning beaches and a relaxed atmosphere.

Placencia has grown over the years along the peninsula to include; Seine Bight, Cocoplum, Maya Beach, and Plantation. Placencia is an ideal location for buyers looking to enjoy a tranquil lifestyle by the beach.

Placencia is a picturesque village located in the Stann Creek District of Belize, situated on a narrow peninsula along the Caribbean coast. Known for its beautiful beaches, laid-back atmosphere, and vibrant local culture, Placencia is a popular destination for travelers seeking a tropical paradise. It is often ranked in the top 3 destinations in Belize (behind Ambergris Caye & Caye Caulker).

The Placencia Peninsula (which is made up of multiple municipalities) stretches for approximately 25 miles (40 kilometers) and offers stunning white sand beaches and crystal-clear turquoise waters. The village itself is charming, with colorful wooden houses, local shops, restaurants, and beachfront bars.

In addition to water activities, Placencia offers various land-based adventures as well as lush jungles and hiking trails in the area. You can explore the Cockscomb Basin Wildlife Sanctuary, which is home to the world’s first jaguar reserve and offers hiking trails, birdwatching, and the chance to spot other wildlife. Nearby Monkey River also provides opportunities for wildlife viewing, including howler monkeys, crocodiles, and a variety of bird species.

To reach Placencia, you can fly into the Philip S. W. Goldson International Airport in Belize City and then take a domestic flight to the Placencia Airport. Alternatively, you can take a scenic drive from Belize City, which takes around three to four hours.

 

Placencia Belize Trip

 

 

Caye Caulker

Caye Caulker is the smaller island that is just south of Ambergris Caye. Caye Caulker also sees a significant volume of tourists. Though the tourism to Caye Caulker is more backpackers with a number of local hostels. While there are many water sports, and activities similar to Ambergris Caye, Caye Caulker is becoming better known for its nightlife. This makes it a popular location for the younger crowd.

Caye Caulker is also located near the Belize Barrier Reef, which makes it popular for diving and fishing enthusiasts. The southern half of the island is mostly developed and the northern portion is separated from the town by “The Split” which is a narrow waterway that runs through the middle of the island.

Caye Caulker is a smaller island than Ambergris Caye which is known for its laid-back and relaxed atmosphere, Caye Caulker attracts tourists seeking a tranquil tropical getaway. The island is approximately 8 kilometers (5 miles) long and has a narrow width of about 1.6 kilometers (1 mile). It is characterized by sandy streets, colorful wooden houses, and a car-free environment. The main mode of transportation on the island is bicycles and golf carts.

Caye Caulker offers beautiful white sandy beaches and crystal-clear turquoise waters, making it a popular destination for snorkeling, diving, fishing, and other water activities. The Belize Barrier Reef, which is the second-largest coral reef system in the world, is easily accessible from the island, offering incredible opportunities for underwater exploration.

The island has a small but lively village area with restaurants, bars, and shops. The local cuisine often features freshly caught seafood, including lobster, conch, and fish. Caye Caulker is also known for its vibrant nightlife, with various bars offering live music and entertainment.

 

Caye Caulker Island Belize

 

 

Cayo District

Cayo is near the Belize & Guatemala border (on the westward side of Belize’s mainland). Cayo is home to many Mayan ruins as well as lush jungles. Cayo is a rural area with a growing expat community, offering beautiful scenery and a laid-back lifestyle. Cayo’s most popular municipality is San Ignacio but the district is also the location of the Belizean capital of Belmopan.

The Cayo District is located in western Belize near the border with Guatemala. Cayo is a district and is the largest district in the country. Cayo is known for its natural beauty, ancient Maya ruins, and outdoor adventure opportunities. The Cayo District is home to the town of San Ignacio, which serves as a gateway to the various attractions in the area. San Ignacio offers a range of property options around Cayo. There are real estate opportunities in the jungle, farmland, remote resorts, and more.

One of the main attractions of the Cayo District is its proximity to the Maya archaeological sites. The most famous and impressive among them is Xunantunich. Other notable Maya sites in the region include Cahal Pech, Caracol, and Tikal.

Cayo also has numerous rivers and waterways throughout the district. There are also countless waterfalls including; Big Rock Falls, Thousand-Foot Falls, and Butterfly Falls to explore and enjoy.

The Cayo District is also home to several nature reserves and national parks. The Mountain Pine Ridge Forest Reserve showcases stunning waterfalls, natural pools, and the unique pine forests of Belize. The Belize Botanic Gardens and the Belize Zoo are also worth a visit for nature lovers.

 

Exploring Cayo

 

 

 

Hopkins

Hopkins is a small fishing village on the coast of Belize with a close-knit community and beautiful natural surroundings. Hopkins is just north of Placencia near the town of Dangriga. Hopkins is popular for its small-town vibe.

Hopkins is primarily a fishing village with a laid-back and friendly atmosphere. It is very much a “small town”. The village is known for its strong Garifuna heritage, and visitors have the opportunity to experience the rich traditions and music of the Garifuna people.

The beach in Hopkins stretches for several miles, offering pristine white sand and clear turquoise waters. It is an ideal destination for swimming, sunbathing, and beachcombing. The warm Caribbean Sea is also a great spot for water activities such as snorkeling, diving, kayaking, and fishing.

One of the nearby attractions is the Cockscomb Basin Wildlife Sanctuary, also known as the Jaguar Preserve. It is a vast protected area encompassing lush rainforests, waterfalls, and hiking trails. The sanctuary is home to a variety of wildlife, including jaguars, howler monkeys, toucans, and many other species.

 

 

Belize City

Belize City is the largest city in Belize and the economic hub of the country, with a range of property options available. Belize City is a coastal city and the location of the Belize International Airport (Philip Goldson International) which is the only international airport in Belize.

Belize City serves as the commercial hub and principal gateway for international travelers arriving in Belize. As the economic and cultural center of Belize, Belize City offers a mix of colonial history, bustling streets, and a vibrant local atmosphere. The city has a rich and varied heritage, with influences from the Maya civilization, European colonization, and the African, Creole, and Garifuna cultures.

Although Belize City is not typically considered a major tourist destination, it does have some points of interest worth exploring.

 

 

Corozal

Corozal is the border town between Belize and Mexico and the northeastern shore of Belize.

Corozal is a town located in northern Belize, near the border with Mexico (close to Quintana Roo & the Yucatan Peninsula). It is a coastal town/region with Chethumal across the border on the Mexico side. Corozal Town is the capital of the Corozal District and is situated on the Bay of Corozal, which connects to the Caribbean Sea. Across the bay/lagoon sea is the island of Ambergris Caye.

Most people who looking at buying property in Corozal are very underwhelmed and often pursue something elsewhere. In Corozal, there are not as many opportunities for foreign investment. Corozal is on the bayside and is more of a border town between Mexico and Belize than anything. With this, you have a lot of logistics and supply chain traffic going through. Think of it as a tropical truck stop rather than an “off-the-beaten-path real estate investment”.

The town of Corozal has a rich history, with influences from both the Maya civilization and later European colonization. It was originally inhabited by the Maya people, and several archaeological sites, such as Santa Rita, can be found in Corozal. The town of Corozal was settled by Mestizo refugees from the Yucatan Peninsula in the 19th century, and today it has a mix of cultural influences from Maya, Mestizo, and other ethnic groups.

Corozal offers a more relaxed and tranquil atmosphere compared to the busier tourist destinations in Belize. It has a small-town charm and a welcoming community. The town has a central park, known as Corozal Town Central Park, where locals gather and socialize. You can find restaurants, shops, and other amenities in the town center.

One of the main attractions in Corozal is the proximity to the beaches. The Bay of Corozal provides access to the Caribbean Sea, and there are several beach areas where you can swim, sunbathe, or enjoy water sports. Some popular nearby beaches include Consejo Shores, Sarteneja, and Corozal Bay.

Corozal is also known for its proximity to Cerros, an ancient Maya site situated on a coastal ridge. If you’re interested in exploring the natural beauty of the region, you can visit the Shipstern Nature Reserve. It is a protected area with diverse ecosystems, including mangroves, wetlands, and wildlife.

To reach Corozal, you can fly into the Philip S. W. Goldson International Airport in Belize City and then take a domestic flight or a bus to Corozal. The town is also accessible by road from Mexico, as it is located near the Mexican border.

 

 

Best Place to Own Belize Property

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, not only scarcity of property but also scarcity of land. 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.

Areas and destinations on the mainland with nearly endless developable land rarely see the same level of equity appreciation. One of the difficulties of investing in a property that has nearly endless room for growth (the mainland) is the fact that developers continue to build, so real estate investors don’t see the same level of appreciation that they see on an island, where the availability of land is limited.

This is basic economics, Ambergris Caye has higher demand and less supply. Mainland destinations in Belize have less demand and nearly unlimited supply. On Ambergris Caye, you have far more amenities (with the reef 400 yards off the coast), as well as beaches on the East & West Coast.

 

In Belize, there are some cheaper and less expensive property options. That said, not all Belize real estate is created equal. One of the most famous quotes from Warren Buffett is, “Price is what you pay; value is what you get.”

It is important to conduct thorough research on the area and property you are considering and to consult with a qualified real estate agent to ensure that you are making a sound investment that meets your needs and aligns with your goals. If you are looking to buy property in Belize, contact RE/MAX Belize!

 

 

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