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 Retirement & Investment Residency Program

Belize Retirement & Investment Residency

Belize is recognized as a popular tourist destination and continues to grow in popularity. Belize is considered to be a great spot for investors, retirees, and expats looking for a country to live, work, and invest. Hence, the Qualified Retired Person Incentive Program (QRP) was developed to fast-track residency for those who qualify. For the QRP program for retirement and investment residency, a person must be 40 years or older to apply.

The BTB (Belize Tourism Board) has introduced a new program that allows QRP holders and people applying for QRP to invest in Belize and conduct business in Belize more freely. QRP Members will be entitled to carry on business in Belize with approval if the Member meets the following qualifications:

  • A Business Plan.
  • Proof of Investment of at least 1 Million Belize dollars (US$500,000).
  • If the person has resided in Belize for at least 90 non-consecutive days.
  • The Business must employ at least five Belizean citizens.

 

Retire & Invest Program Benefits

A QRP Member granted approval to carry on business in Belize will be eligible for the following:

  • Permanent residency after designation as a QRP for five (5) years;
  • For the grant of any other license or permit necessary for carrying on business in Belize;
  • Practice philanthropy in Belize.

Travel Belize BTB Retire & Invest

Application & Requirements

 

QRP Retire & Invest Residency Program

A Qualified Retired Person who desires to obtain QRP status for investment or to carry on business in Belize shall apply directly to the Belize Tourism Board for approval. An application shall be submitted in writing and accompanied by the following:

  1. Detailed Business Plan – A formal written document outlining the goals of the business, methods for attaining goals, and the timeframe for achieving goals. The business plan MUST include but is not limited to the following:
    1. The Executive Summary.
    2. Company Description.
    3. Marketing Plan.
    4. Financial Plan.
    5. And Business Plan.
  2. Proof of Investment Capital of at least one million dollars (BZD) $500,000 US. – Original or certified copies of international bank statements, investment account statements issued by a financial institution, and official letters from a financial institution confirming the availability of funds MUST be provided.
  3. Must show proof of having resided in Belize for a minimum of 90 non-consecutive days.

 

Opening a Business with the Retire & Invest Program

Every Qualified Retired Person who is granted approval to carry on business in Belize under the new program is required to;

  • Employ at least 5 Belizean Citizens.
  • Within 12 months of approval to carry on business in Belize, submit to the BTB proof of employment of at least 5 Belizean Citizens.
  • Within 18 months of approval to carry on business in Belize, submit proof of business operation to the Belize Tourism Board.

A Qualified Retired Person granted approval to conduct business in Belize shall be eligible.:

  • For the grant of any other license or permit necessary for carrying on business in Belize.

One of the major draws is the fact that a person does not have to be residing in Belize in order to apply for the QRP Retire & Invest Program.

 

Application Requirements

A Qualified Retired Person who desires to carry on business in Belize shall apply in writing to the Belize Tourism Board for approval accompanied by the following.

  • Business Plan [including employment of 5 Belizean Citizens].
  • Proof of Investment Capital [minimum of one million Belize dollars or $500,000 US].
  • Proof of Residing in Belize for over 90 days [passport pages showing the applicant has resided in Belize for at least 90 non-consecutive days].

A Qualified Retired Person granted approval to carry on business in Belize shall:

  • Employ Belizean Citizens [minimum of 5 Belize citizens].
  • Submit proof of employment of Belizeans to the BTB [within 12 months of approval].
  • Submit proof of business operation [within 18 months of approval].
  • Pay full duties and taxes on any business carried out in Belize.

 

BTB Retire & Invest Incentive

The Belize Tourism Board manages the Belize QRP and Retire & Invest programs.

The QRP is renowned as the most efficient path to foreign residency anywhere in the Americas and one of the primary reasons Belize is known as one of the best places to retire in the region (Caribbean & Central America) and, indeed, one of the best place to retire in the world.

Once the application process is completed, the program grants the applicant the equivalent of a green card and various other incentives. The benefits include a permanent exemption from all taxes in Belize (estate taxes, income taxes, capital gains taxes, and most import taxes).

While the Belize QRP visa offers full-time residency, new residents can enjoy all the QRP benefits without spending the majority of the year in Belize for naturalized residency.

The requirements to successfully enter the Belize Qualified Retirement Program are remarkably simple compared to residency programs elsewhere in the world.

 

Check out the BTB & Travel Belize for more information on the new QRP Retire & Invest Program and how to apply.

Contact us if you have additional questions regarding Belize residency, investing in Belize, or living in Belize. We look forward to working with you!