While the grim realities of the country do exist, parallel to it, is the inflating tourism industry. Each year, the number of tourists visiting Belize reaches a higher number, while the month of March is when the most tourists visit the country. According to an article, a report by the Belize Tourism Board states that the country surpassed 300,000 overnight visitors in 2014, up by 9.2% from the previous year 2013. Other than that, cruise ship arrivals saw a big triple digit increase of 120.2%, followed by July with 106.8% increase.
The economy of Belize significantly runs through the growing tourism industry, and with the numbers increasing each year, the need for businesses, hotels, restaurants and bars is going up. A lot of businesses are opening up regional headquarters or offices in this country as there is great potential to grow. While investing in the Belizean market is highly risky, it gives high returns too.
With businesses opening up, the number of expats is growing too, which has led to a flourishing real estate market. Many expatriates are cashing on the easy government taxes to buy a second home, or a retirement home in Belize.
The increasing tourism industry has led to a tremendous increase in housing projects, hotels and other inns to accommodate individuals and groups visiting the country each year. The low government taxes and pro-landlord rates, buying and owning a property in Belize is relatively easier than in other Central American countries like the Bahamas. The trend of low property prices doesn’t seem to be fading out too soon, but is likely to continue in the coming years.
The stable economy of Belize has encouraged foreign investment from businesses in North America and some European countries. The economy saw remarkable 8.7% growth in the second quarter of 2014, while it did see a deceleration in the following quarter. Post the 2nd quarter, the economy has been picking up notably, seen in January, 2015.
Belize’s real estate market is tremendously growing due to the stable economy that has created a green sign for investors. Moreover, many individuals and families are relocating to Belize after retirement as they find both the economic and ecological climate to be great for ageing bones. While the investment risk is high, the return on investment in future look high too.
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