Real estate prices in Belize will increase for the first time in 15 years
The real estate market in Belizes, the last Caribbean country on the planet, is set to go up by nearly 15 percent in the coming years.
In the last three years, real estate prices there have increased by an average of 8.5 percent, according to data from the Belizean Association of Realtors.
That translates into an increase of $1,076 per square foot for homes.
The average price for single-family homes rose 7.7 percent.
The national average price increased 5.5% during the same period.
“Belizeans are excited about the future,” said Jody Friesen, the group’s president.
“We expect to see the national real estate price increase by about 5% in the next few years.”
While prices in some of the country’s most popular neighborhoods have risen, prices in other areas have been lower.
The most expensive homes in the nation’s capital have seen a decline in prices, according, but prices remain fairly high in most of the city.
In fact, the city has seen a sharp increase in prices in the past year, according the real estate website Zillow.
It is the fourth straight year that Belize has experienced an increase in home prices.
The city has been ranked the third-most expensive in the world by Zillows data.
The city’s housing boom began in the late 1990s and has now resulted in an increase the population of the capital from 2.2 million to more than 3.6 million.
Frieson said Belizeans have benefitted from the influx of international students to the country and the recent economic downturn.
“We’re seeing that Belizes population has increased from about 10 million to almost 18 million, which is an amazing statistic,” she said.
The country also has experienced a boom in the number of foreign students who have been coming to the United States and Canada.
In 2015, the number surpassed the number coming to Belize.
According to Fries, Belize is a key destination for foreign tourists because of its beaches, vibrant nightlife and good weather.
“If you go to Belizes and you see that there’s so much sun, you’re going to be in Belizer in the afternoon,” Fries said.
“The beaches are beautiful, the nightlife is very good and you can walk everywhere.”
However, Belizer is still in the midst of a recession and Fries is not optimistic about Belize’s future.
“There’s so many things going on that are not in good shape,” she told ABC News.
“People have to be careful and be careful about what they put on their minds.”
For some Belizeians, the outlook is grim.
For others, the situation has not changed much.
“I’m not scared to live here.
I don’t think there’s a problem,” said Marcella Mascaro, a 42-year-old woman who works in a retail store.
“I’m sure things will be better.”