Real estate prices in Belize, where the country is experiencing a severe drought, have doubled since March, with many families looking to buy.
The country’s economy has contracted by about 1% in the past two months, with the unemployment rate at 15% and inflation of 2.6%.
There is also a severe shortage of housing in Belized, with only about 100,000 units of available housing in the country.
The average price of a home in Belizes, however, is now around $1.6 million, according to the United States-based real estate brokerage Equinox, which is also the source of this article.
In a survey conducted by Equinix, 80% of the respondents said they were considering buying a house in Belise, and more than 40% said they planned to invest in the Belize real property market.
The survey also found that about 85% of Belizeans thought that Belize’s economy would recover in the next five years, and that Belizes GDP would grow by 4.6% annually.
In 2018, the country’s unemployment rate was 13.4%, while the inflation rate was 2.7%.
The Belize government recently announced a tax credit for homebuyers to help them save for a down payment.
The government expects to create over 1,000 new jobs in Belization’s housing market in the coming years.
Belize is also planning to open up the economy for tourists and international students in 2019.
This year, there were about 11,000 tourists, while last year, it was closer to 10,000.
The Belizedan economy is forecast to grow by 2.8% this year, while the unemployment is projected to fall by 0.4% in 2019, according the Central Bank of Belizes.
The World Bank projects Belize to be one of the fastest growing economies in Central and South America, growing by 3.8%, while Brazil is expected to grow at 6.4%.
Belize has a relatively low inflation rate, with a consumer price index (CPI) of just 1.7% in 2018, compared to Argentina, which has a CPI of 1.8%.
The inflation rate is also low, compared with many countries in Latin America, with Belizes CPI being just 2.5%.
Belizes economy is expected by the World Bank to expand by 5.8 million people by 2019.
Belmopanis economy, however has also suffered from the drought, with annual inflation reaching nearly 20% in 2017.
In addition, Belmopans GDP is projected by the IMF to shrink by 3% in 2021.
With such high inflation, it is expected that the economy will contract by 7.8 percent in 2021, according data from the Central Economic Research Institute (CERI), a Belize-based think tank.
According to the CERI, Belizeis economy is likely to shrink at least 5.5% in 2025, while Belmopanois economy will shrink by 8.6 percent in 2025.
The economic situation has also become a concern for investors in Belmopany, with local investors dropping their interest in Belizer’s real estate market, while companies are closing their Belize offices.
With the economy so badly affected by the drought and Belmopanes economic problems, investors are likely to consider investing elsewhere in the region, such as Belize City, a city located in the province of Bajo Aguirre.
With its high-profile tourist attractions, the city of Belmopane has become a destination for Belizean business and professional expatriates.
Belendian investors will likely invest in Belendians real estate and local real estate.