Established in 2004, Vista Real Estate Belize is a full-service company proudly offering Belize’s highest level of real estate services. With five staff members, three agents and one broker, the firm serves the country’s six districts (Corozal, Orange Walk, Belize, Cayo, Stann Creek and Toledo), in addition to the surrounding islands and cayes. Here, Broker/Owner Hugo Moguel provides an in-depth look into the current housing market—and what the future holds for those looking to purchase in this highly strategic location.
Please describe your current housing market.
Prices are rising throughout Belize, especially in the more populated areas such as Ambergris Caye and Belize City. It’s also important to note that the average home price varies by location, the size of the home, the materials used for construction and general cost of living. That being said, we currently have a total of 686 listings, of which 316 (46.06 percent) are active. The remaining 53.94 percent are sold or leased.
Tell us about the types of properties in your market, and which are most popular.
We deal with all types of properties, whether it’s private islands, residential (including rentals), commercial, land, farms, ranches, hotels or resorts. While clients are most active in Belize City and Belmopan (Belize’s capital), their interest lies in residential property, land and income-producing commercial properties.
What types of buyers do you work with?
Our buyers are both local and foreign, typically hailing from the United States, Latin America, Europe and Asia. Within the past five years, we’ve seen an increase in foreign investment in Belize, primarily among retirees—or those about to retire who are seeking a new home or the land on which to build. Vacation homes are another popular request among buyers who are interested in using properties seasonally or being placed into a rental pool.
What are some of the most important trends in your market?
Currently, islands are the hottest commodity, and we’ve seen sales soar over the last two years. In fact, we’ve seen the highest amount of sales of private islands in the last 10 years, with investment in resort development following right on its heels. Buyers are also interested in farms and other agricultural properties. Income-earners, such as apartment buildings and properties suitable for vacation rentals, have also been attracting foreign buyers.
What are your biggest challenges/opportunities for growth?
Human resources has been our biggest issue in terms of growing. Finding agents who possess the quality and level of talent aligned with our reputation hasn’t been easy. To that end, we’ve put a training program in place in order to elevate former assistants to roles in sales and transaction management. It’s a long-term approach, but so far, it has secured loyal and hard-working, young people who are improving every day. We’re excited about our future.
How does being part of Leading Real Estate Companies of the World® help advance your business?
LeadingRE has been tremendous in connecting us with some of the most talented and experienced brokers in our region. Access to training and the sessions available at conferences have been incredible boosts in our know-how. Being part of LeadingRE has also afforded us the opportunity to get our hands on new technology, while providing insight into global trends, outreach and economics. The ability to connect with top brokers and agents from around the world and inform them about our market has been an untapped opportunity that we can now take advantage of thanks to LeadingRE. With social media, the opportunity to successfully do so has never been better.
For more information, please visit www.belizerealestate.bz.