If you’ve kept your eye on the real estate market and investing in 2022, you may have noticed strong demand, limited supply, and rapidly rising prices — conditions that existed in 2020 and 2021 and led to record numbers of flipped homes, record gross profits, and rich profit margins. But in the US, the real estate market shifted in mid-2022 once soaring mortgage rates pummeled affordability, removing many prospective homebuyers from the market. Not to mention, demographics will continue to be a tailwind for residential real estate — both home sales and rentals — as the largest cohort of young adults between the ages of 25-34 reaches the prime ages for household formation. So what’s the affordability of real estate in Belize for Gen Z and Millenials? Here’s what we know, and why 2023 could be a pivotal year for real estate in Belize.
Using Market Trends To Your Advantage
Despite concerns over inflation and a possible incoming recession, real estate in Belize holds a huge potential compared to North America. And while inflation is the biggest ongoing challenge, value for money goes much further in Belize than elsewhere. Combined with other market trends in past economic downturns, could this be the opportunity for first-time homeowners within the Millennial and Gen Z ages? In fact, rental vacancies and home-buying demand were at one of their lowest points in history during the Great Recession, yet the years following were among the best times in history to purchase real estate property. We’re still a long way off from seeing a major housing correction as we saw from 2008 to 2012, but committing to a budget and scouring the market is the first step.
In Belize, use a local real estate agency with a large selection of trustworthy listings, whether for already built homes or development properties, like ReMax 1st Choice. Those who purchased real estate with the long term in mind have been rewarded handsomely over a 10- to 20-year period, and it’s likely 2023 could bring similar opportunities. And yes, US$150,000 could even land you a home that’s minutes from the beach in Belize.
What’s Feasible (And Why Use A Local Agency)
Browse a local real estate agency like ReMax 1st Choice, set to ‘buy’, then choose your budget. With a price range of up to $150,000 USD, you can land a newly built house in the quiet yet convenient Santa Elena, Cayo, or 1/10th ownership of Laguna Gecko, a vacation rental on the Placencia Peninsula, Stann Creek for $150,000 USD. After all, property investments can provide very positive returns amid inflation.
If you’ve never considered real estate in Belize before, 2023 could be your year — even if you’ve never stepped foot in the Central American and Caribbean country before. Almost all local real estate agencies, including ReMax 1st Choice, will host you on a discovery tour; this includes helping with your accommodations, a cell phone, any appointments with local tour guides, and even a rental car. The difference is, ReMax 1st Choice is a part of the international RE/MAX community, with context from leaders in global real estate also.