COVID-19 may have crippled multiple industries but Belize’s real estate sector endures. Even before the pandemic, the country was becoming one of the most vital real estate markets in the world. For a better idea of real estate trends into 2021, keep reading.
Post-COVID Tourism Recovery
Tourism has long been part of Belize’s economy, influencing its real estate market. Unfortunately, the tourism sector was enervated by the pandemic. Despite the projected losses, there are several positive notes.
- Philip S.W. Goldson International Airport re-opened international travel in October.
- American Airlines allowed at-home testing and direct flights between L.A. and Belize City.
- More vaccinations mean a swifter return to “normal.”
In short, Belize’s tourism is about to see a return to form thanks to a blend of common sense and scientific backing. The better Belize’s tourism industry is, the hotter property values and rent rates become.
What about property prices?
Things should continue to improve throughout the year. November of 2020 saw International Living regard Belize as one of the best overseas getaways from Americans. While pre-COVID demographics included a decent presence of US, Canadian, Mexican, and European ex-pat investors, 95% of all foreign buyers in Belize hail from the U.S. Put bluntly, real estate may need some time to recover but it will not take long.
More Remote Closures
Remote buying is favored by investors who cherish the convenience of such a service. Remote buying is a breeze thanks to programs like “Smart Viewing” which offer features like:
- A thorough investigation of the property.
- Real-time virtual tours.
- HD images and even video walkthroughs.
- Independent assessments of the property.
Should you buy property now?
Prices are only going to rise as the world gradually returns to normalcy. While some parts experienced diminished property prices, the foregone conclusion of recovery means time is not on your side. Note that some regions, like the Cayo District, have had little to no depreciation during COVID; some properties even appreciated!
Work With Trusted Experts
While speed is crucial to a good investment, so is working with the right people. If you are at all interested in dipping your toe into Belize real estate, you want realtors who know the industry. To that end, Hesed Realty Belize is an industry leader and well worth your consultation.