The coronavirus outbreak has crippled businesses across different industries. Fortunately, the Belize real estate sector has been able to survive this, but not wholly unaffected.
Before the COVID-19 pandemic, Belize was gradually emerging as one of the Caribbean’s most significant international real estate markets. So, what’s in store for this market in the coming year? Here are our thoughts and opinions based on current reality. Disclaimer: this article should in no way be construed as legal advice.
Belize post-COVID tourism recovery
Tourism has always been the mainstay of the Belize economy.
This tourism, in turn, is a key driver of the Belize real estate sector. Unfortunately, the travel and tourism industry is perhaps the worst-hit sector by the global pandemic. But there is already some good news in this regard that may point to a promising 2021 for the Belize property market.
- First, Philip S.W. Goldson International Airport (BZE) opened in early October for international flights to and from Belize.
- Second, American Airlines has made international flights much easier with at-home testing before boarding your flights. In fact, they just continued their direct flights between Los Angeles and Belize City.
- Third, new vaccine candidates have shown promising results and may be wildly available in the coming year.
We’re about to witness a gradual rebound in the Belize tourism sector to pre-COVID levels. Common sense and scientific data from the Journal of Hospitality & Tourism Research have shown that higher inbound tourism in Belize will lead to a hotter real estate market with increasing property values and rental prices.
Will property prices rise or crash in 2021?
There are indications that Belize real estate will be strong through 2021.
Let’s cast our mind away from the expected post-COVID tourism recovery for a moment. Early November, International Living ranked Belize among the Top Five Overseas Havens for Americans looking for better value options overseas. Prior to the coronavirus pandemic, Belize has been getting the attention of expats from the US, Canada, Mexico, and other European countries. Financial Times report that 95% of foreign buyers in Ambergris Caye are from the United States. As things stand, the Belize real estate market is far from crashing in 2021. The market is already in a gradual phase of recovery after a period of brief inactivity.
More real estate deals will be closed remotely
It’s expected that coronavirus will change certain business aspects in the real estate sector and beyond. In 2021, remote buying will definitely take more prominence among buyers who prefer the convenience that this service offers.
Despite current challenges, buying a property remotely in Belize can happen pretty much effortlessly, thanks to the emergence of programs like Smart Viewing, a remote real estate viewing service that we offer. That service includes:
- A thorough investigation of the desired property on your behalf.
- Provision of a real-time virtual tour of the property, if required.
- High-quality images and video walkthrough of the property.
- Provision of an independent opinion about the property, if needed.
The Belize real estate market never sleeps, not even in the face of COVID-19.
While Belize and the rest of the world are gradually opening their borders for international flights, some other countries are still under some form of restrictions. But being unable to travel to Belize should not hinder your dream of owning a piece of Belize real estate.
Lots of clients are already taking advantage of our Smart Viewing service to land their dream Belize properties. Two of the most recent properties, in this case, include the Itz’ana Belize Resort & Residences and a Progresso property in North Belize. Certainly, more Belize real estate deals will be closed remotely with services like this in 2021 and beyond.
Should you buy a Belize property in 2021?
2021 is shaping up to be a good year for the Belize real estate market.
If you’re like many other smart investors waiting to make a move on Belize real estate, right now, as well as the coming year, is a good time for a bargain property. Property prices have fallen in certain parts of the country. There won’t be a better time to buy Belize real estate in most of these areas than right now in our lifetime, especially as the market is expected to witness even more growth as the economy recovers in the coming months. That’s not forgetting other local real estate markets like Ambergris Caye, where the coronavirus has hardly had any downward effect on property prices. Properties in Ambergris Caye have even appreciated despite COVID-19 challenges.
Work with experienced and resourceful experts
Whether you’re buying now or in 2021, being strategic is vital.
You need to be able to identify valuable deals to get the most of your investment dollars. A part of this will depend on how well you’re able to navigate market dynamics. This, in turn, will be influenced by how knowledgeable and experienced you are with the market.
If you’re considering an investment in Belize real estate now or in the future, Wrobel & Co., Attorneys-at-Law, with our vast experience and robust knowledge of the market here, will help you land the property of your dreams.
Ready to move to Belize? Contact Wrobel & Co, Attorneys-at-Law, and we’ll get you started today.
To learn more about retirement in Belize, visit our Belize Retirement FAQ page here.
This information was provided as a courtesy of Wrobel & Co. Attorneys-at-law. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel. Please click here for the full disclaimer.
