Belize

Belize Residential Property Market Analysis 2025

Lalaine C. Delmendo
Last update:
Next update: September 2026

With tourism bouncing back strongly after the pandemic and government incentives helping to sustain momentum, Belize’s housing market remains a magnet for foreign buyers and retirees, particularly from the United States and Canada.

In this Global Property Guide overview, we explore how the market is evolving, highlighting fresh developments alongside the broader trends shaping its future.

Table of Contents

Housing Market Snapshot

Belize's property market is now being reshaped by strong foreign buyer activity, particularly from North America and Europe. Demand remains concentrated in coastal regions and islands, where a limited inventory of oceanfront lots and turnkey homes is driving heightened competition.

Prices in key hotspots such as Ambergris Caye and Placencia Peninsula have risen by 9% to 14% year-on-year in recent years, according to Re/Max Island Real Estate, reflecting both the scarcity of supply and the growing appeal of Belize as a lifestyle and investment destination.

At the same time, the market is seeing a shift in buyer motivations and geographic reach. The booming short-term rental sector has fueled investment-driven purchases, with many investors targeting properties that perform well on platforms like Airbnb. Beyond traditional tourist hubs, interest is expanding into emerging areas such as Corozal and the Cayo District, which are increasingly popular among eco-conscious buyers and retirees seeking affordability, sustainability, and a more laid-back lifestyle.

More specifically, Ambergris Caye remains the top destination for high-end investment in oceanfront villas, resort residences, and development-ready land.

"Ambergris Caye captured the majority share of Belize's tourism boom, making it the most logical place to invest in vacation rentals, aiming to capitalize on high visitor volumes," said Re/Max in its June 2025 report.

"With continued tourism growth, limited rental inventory, and favorable investment conditions, Ambergris Caye's vacation rental market is poised for sustained growth in 2025. Investors can expect strong rental income potential and property appreciation, especially in high-demand areas," added the Re/Max report.

Nearby Caye Caulker, on the other hand, appeals to mid-range investors with its bohemian charm and rising demand. Placencia Peninsula continues to attract buyers seeking luxury beachfront homes and gated communities, whereas Corozal, near the Mexican border, offers affordable lots and a steadily growing expat community.

Aside from being the only English-speaking Central American country and having natural beauty, what attracts foreigners, specifically retirees, is the Qualified Retired Person (QRP) program. Similar to Panama's Popular Pensionado Program, the QRP program gives tax and residency breaks to foreigners.

KEY FEATURES OF QRP
Eligibility
Age Any person 40 years or older and their dependents
Nationality National of the US, EU, the Commonwealth, South American countries, or selected Asian-Pacific countries
Income Retirement income of $2,000 monthly or $24,000 annually generated from a source outside of Belize in USD, GBP, EUR, or CAD
Incentives
Residency Annually renewed QRP Resident Card allowing multiple entries into the country without a visa
Dependents Have their dependents included in the program (spouse and children under the age of 18 or under the age of 23 if enrolled in college)
Taxes Exemption from taxes on income received outside of Belize, capital gains tax, and inheritance tax, as well as certain import duties
Real Estate Entitlement to purchase land for the construction of a home or the purchase of a home for residential use

Forbes has recently named Belize among the best places to retire in 2025, highlighting its affordability, close proximity to the U.S., and relaxed lifestyle.

"The only Central American country with English as its official language, Belize offers retirees a warm, outdoors-oriented environment, including fishing and barrier reef diving. Cost of living is considerably less than the U.S. average," said Forbes. However, the article also noted challenges such as limited access to quality healthcare and the frequent threat of hurricanes.

Placencia, Belize, was included by International Living in its 2025 list of the world's top 20 retirement regions, praised for its relaxed coastal lifestyle and welcoming expat community. Moreover, Ambergris Caye ranked second in International Living's roundup of the best affordable tropical islands for retirees, recognized for its English-speaking environment, laid-back Caribbean charm, and relatively low cost of living.

Around 15% of the Belizean population is composed of foreigners, according to the International Organization for Migration. Yet Belize has a relatively low population density of about 19 people per square kilometer in 2025, making it one of the least densely populated countries in Central America.

In Belize's property hotspots, foreign nationals dominate the market, particularly on Ambergris Caye, where real estate professionals estimate that about 90% of homebuyers are from abroad.

Most foreign buyers come from the United States and Canada. There are direct flights from numerous U.S. cities, including Houston, Chicago, Dallas, Miami, Charlotte, Atlanta, Los Angeles, and Newark. There is also a growing interest from Britons, Italians, and Russian investors.

There are no restrictions on foreigners purchasing real properties in Belize. Belizean law allows both locals and foreigners to freely buy, own, and sell property or businesses, including full ownership of prime beachfront real estate.

Most property transactions are done in cash, as Belize's banks charge high interest rates. The Belizean dollar is tied to the U.S. dollar at a fixed exchange rate of 1 USD = 2 Belizean dollars.

In terms of the overall economy, Belize registered a strong real GDP growth rate of 8.1% in 2024, fueled by growth in tourism, trade, and transport, according to the International Monetary Fund (IMF). This followed real GDP growth rates of 1.1% in 2023, 9.7% in 2022, and 17.7% in 2021, and a pandemic-induced contraction of 13.9% in 2020.

Belize GDP Growth and Inflation graph

However, economic growth is projected to ease this year, weighed down by slower growth in stayover visitor arrivals and a weak agricultural sector, reflecting unfavorable weather and a fungal disease affecting sugarcane. The situation is compounded by heightened global economic and trade policy uncertainty. With this, Belize's economy is expected to expand by a modest 3.2% this year and by 2.5% in 2026.

Belize has a GDP per capita of approximately BZD16,680 (US$8,340) in 2024, up by 36% from a decade ago, according to figures from the International Monetary Fund (IMF).

Belize GDP Per Capita graph

Demand Highlights:

Recovering tourism propels property market growth

Tourism continues to improve. In 2024, the total number of tourist arrivals in Belize reached nearly 1.5 million people, up by 5.3% from a year earlier. It was the sector's best showing since the pre-pandemic year of 2019.

  • Overnight tourist arrivals rose strongly by 17.8% y-o-y to 547,37o in 2024, following annual growth of 24.7% in 2023, 70.2% in 2022, and 51.9% in 2021 and a pandemic-induced decline of 71.4% in 2020. In fact, it was the highest level ever recorded in the country.
  • Cruise ship passengers fell slightly by 1.1% y-o-y to 894,405 last year, following increases of 46.2% in 2023 and 194.1% in 2022 and contractions of 38.7% in 2021 and 70.7% in 2020.

Belize Tourist Arrivals graph

"Belize's tourism industry accomplished a landmark achievement in 2024. Preliminary figures indicated that overnight tourism surpassed pre-pandemic levels recorded in the benchmark year, 2019. This milestone reflects the collective efforts of the entire tourism industry," said the Belize Tourism Board.

Tourism is expected to remain robust in the coming years, buoyed by the continued efforts by the government to introduce additional flights and cruise ships into the country.

In the first seven months of 2025, overnight tourist arrivals were up by 1.3% to 364,418 compared to the same period last year. Likewise, cruise passenger arrivals also increased by 5.3% y-o-y to 595,682 over the same period.

Belize's tourism connectivity has steadily improved in recent years. In December 2023, JetBlue introduced its first-ever nonstop route from New York-JFK to Belize City, operating three times a week on Mondays, Wednesdays, and Saturdays, significantly enhancing access from the U.S. East Coast. In July 2023, American Airlines boosted its Charlotte-Belize service to daily flights, reflecting growing demand. Furthermore, Copa Airlines upgraded its Panama-Belize connection to year-round service beginning in June 2024, with flights on Mondays and Fridays using Boeing 737-700 aircraft.

A major milestone came in June 2024, when United Airlines launched a seasonal nonstop flight from San Francisco to Belize, opening up a direct West Coast gateway for weekenders and leisure travelers. Meanwhile, Spirit Airlines announced in August 2025 the launch of its first nonstop service from Fort Lauderdale to Belize City, commencing November 21, 2025, with three weekly flights, further diversifying U.S. route options

On the Canadian front, Air Canada revealed in mid-2025 a landmark nonstop route from Montréal-Trudeau (YUL) to Belize City (BZE), starting December 8, 2025, with same-day onward connections available from over 20 European cities. Alongside this, WestJet expanded its seasonal flights from Toronto and Calgary in the winter 2025-2026 season, with increased frequency and extended service through May 2026.

Cruise demand has broadly rebounded post-pandemic, and Belize continues to welcome established cruise lines, including Norwegian Cruise Line, Carnival, MSC, and others, with itineraries from Mediterranean-based expedition vessels also occasionally including Belize ports. In August 2025, Belize welcomed the Margaritaville at Sea Islander as it made its first call at the Fort George Tourism Village (FSTV).

"As Belize builds on this momentum, the outlook for 2025 is even brighter, with exciting opportunities ahead to further elevate the visitor experience and attract new travelers to our shores," noted the Belize Tourism Board. "The BTB remains steadfast in its commitment to advancing sustainable tourism development, enhancing the visitor experience, and preserving Belize's extraordinary natural and cultural heritage."

Belize's natural attractions

A combination of natural factors - climate, the Belize Barrier Reef, a Caribbean flavor, as well as the Maya ruins - make Belize truly Mother Nature's best-kept secret. Bordered to the north by Mexico, to the west and south by Guatemala, and to the east by the Caribbean, Belize considers itself to be both Caribbean and Central American.

Belize has the world's second-largest reef barrier, and its Blue Hole can be seen from outer space. Three of the Western hemisphere's most breathtaking coral atolls are off the coast of Belize. There are numerous varieties of wildlife shelters in the inlands. Bird watching, nature trailing, and water sports are popular in Belize.

Belize prides itself on being the seat of Mayan civilization. The Caracol, Lamanai, and Xunantunich archeological sites are well-preserved and easily accessible to tourists.

Some attractive spots in Belize include:

  • San Ignacio Town: It has a well-preserved ancient wonder, the Maya ruins of Cahal Pech. The Cahal Pech Village Resort hosts a wide range of adventure tours.
  • Caye Caulker: This small limestone coral island off the coast of Belize in the Caribbean Sea is the second largest of the Belizean cayes.
  • Toledo: Located in the coastal town of Punta Gorda. Tourists love the untouched beauty of the extensive Toledo cave networks, and the rich cultural diversity of Belize offered by interactive lessons in the Garifuna or Creole drumming and dancing schools.
  • Placencia Village: Offers 16 miles of stunning white sand beaches. It has emerged as a popular eco-destination, offering a host of outdoor activities, including deep-sea fishing, snorkeling, hiking, and kayaking, among others.
  • Hopkins: Offers the best access to the Mayflower Bocawina National Park, which has over 7,000 acres of hiking, scenic waterfalls, and Mayan ruins, along with a complex of jungle ziplines. Tourists will also adore the submerged coral structures of the Glover's Reef Marine Reserve.
  • Mountain Pine Ridge in Cayo District: Located in the Cayo district, this marvelous pine forest covers over 100,000 acres and is home to a large variety of wild mammals, including Baird's Tapir, Belize's national animal.
  • South Water Caye: A beautiful coral island, a hidden treasure for diving and snorkeling. The Blue Marlin Beach Resort offers fly-fishing excursions to the saltwater flats and a variety of other watersports.
  • Dangriga: At the mouth of the North Stann Creek River, Dangriga is the home and cultural center of the Garifuna people. It is also an excellent place from which to launch nautical or jungle excursions.
  • Tobacco Caye: Is one of the tiniest but most beautiful islands in Belize, perfect for travellers looking for solitude, warm waters, palm trees, and a star-streaked sky.
  • Turneffe Atoll - a 30-mile-long smattering of islands Turneffe Atoll is known for its incredible diversity of marine life, and was recently declared a marine reserve.

Supply Highlights:

Belize's real estate hotspots

Belize offers an array of residential real estate hotspots catering to various preferences and investment goals. Among the most popular destinations is Ambergris Caye, the largest island in the country, known for its community, beaches, and proximity to the Belize Barrier Reef. Placencia Peninsula, situated on the southern coast, is another favored location along the shoreline, recognized for its relaxed atmosphere. Caye Caulker, a smaller island, is more affordable than Ambergris Caye and Placencia, appealing to those seeking a more laid-back lifestyle. Inland, the Cayo District is gaining popularity, presenting opportunities for eco-friendly living with a wide choice of properties for different budget ranges.

Given the absence of a centralized Multiple Listing Service (MLS) or publicly accessible real estate transaction records system, submarket assessment in Belize is typically based on the compilation of data from various available sources and anecdotal evidence from local real estate professionals and agencies.

Ambergris Caye

Ambergris Caye is the leading real estate investment destination in Belize, and it is known for its dynamic market and significant growth potential. The island's appeal is underscored by its prime beachfront properties and strong rental yields supported by the steady influx of tourists. This makes Ambergris Caye a location equally well-suited for vacation rentals and retiree homes. Local real estate professionals, quoted by the Financial Times, attribute around 95% of sales in the area to American and Canadian buyers.

The real estate market here features a wide spectrum of options, including luxury resorts, private villas, and condominiums. The island boasts some of the highest property values in Belize, reflecting elevated demand and robust investment potential. Prominent development projects within Ambergris Caye include Mahogany Bay Village, areas surrounding Secret Beach, Grand Caribe Belize, and Sapphire Beach Resort.

Based on a market analysis conducted by RE/MAX Belize in 2024, the average listed price for condominiums in Ambergris Caye was recorded at US$463,252, with prices ranging from US$290,027 for a one-bedroom unit to US$766,915 for a three-bedroom unit.

Belize Average Condo Listing Price in Ambergris Caye graph

Detached homes, on the other hand, have an average listed price of US$938,068, ranging from about US$640,569 for a two-bedroom house to as much as US$1,402,833 for a five-bedroom residence.

Belize Average Home Listing Price in Ambergris Caye graph

Placencia Peninsula

Placencia Peninsula, located in southern Belize and represented by small villages like Placencia, Seine Bight, Cocoplum, Maya Beach, and Plantation, is the second most popular hub for real estate investment in Belize. The area, renowned for its pristine beaches and laid-back lifestyle, is an attractive tourist destination and a high-growth zone for residential development due to its unique natural appeal and developing infrastructure, including the upgrade of Placencia Airport and enhanced road connectivity.

There is a wide selection of properties with various accommodation types. Large-scale developments include Itz'ana Resort & Residences, Naia Residences, The Placencia Residences, and COVE Oceanside Resort & Residences, featuring a range of residential properties, from luxury villas to beachfront condos.

Property prices are generally lower than those in Ambergris Caye. Based on RE/MAX listings currently available, condo prices range from US$150,000 to US$900,000, while detached houses, cottages, and villas start from US$180,000 and go up to US$2,500,000.

Caye Caulker

Caye Caulker, situated immediately south of Ambergris Caye, is a smaller island that has increasingly attracted a diverse range of tourists, particularly backpackers and younger travelers. The island is characterized by its sandy streets, colorful wooden houses, and a car-free environment, with transportation predominantly by bicycle and golf cart.

Generally, real estate options here are not as varied as those in the other regions of the country. Recent developments include Blu Zen, Fisherman's Rest, and Puesta Del Sol. According to real estate agency Premier Realty Belize, prices of condominium units in Caye Caulker range from US$149,000 to US$650,000, with an average of US$355,400. Detached homes have an average price of US$349,636, starting at US$190,000 and going up to US$749,000.

"As a desirable tourist destination, Caye Caulker's real estate market has shown steady appreciation over time. Limited availability of land and properties on the island contributes to increasing property values, making it an attractive option for long-term investment, where investors can benefit from capital appreciation as the demand continues to grow," commented Patrick Rodriguez, a real estate professional from CENTURY 21.

Cayo District

The Cayo District, located in western Belize, is recognized as a premier inland real estate investment destination. Known for its diverse landscapes, rich cultural heritage, and eco-tourism appeal, the region is often chosen by those seeking a tranquil lifestyle away from busy coastal areas. The district's natural attractions driving tourism include the Mayan ruins of Xunantunich, the Mountain Pine Ridge Forest Reserve, and the caves of Actun Tunichil Muknal.

Popular residential areas include the towns of San Ignacio and Santa Elena, together with surrounding villages. The residential offer is varied with a selection of eco-friendly properties. Prominent developments include Chial Reserve, Olde Mill, and the Carmelita Gardens community.

Property prices here are generally lower compared to the more popular locations such as Ambergris Caye, Placencia, or Caye Caulker. Based on RE/MAX recent listings, detached houses, cottages, and villas prices range from USD 145,000 to USD 550,000. Local real estate professionals highlight the potential value growth linked to the district's continuous development and infrastructure improvements. Jim Hardesty, the author of MoneyTalkNews, lists Cayo as one of the fastest-growing destinations in the country, highlighting its attractiveness for investors who seek value appreciation opportunities.

In addition to conventional real estate locations, a variety of private offshore islands are available for those seeking privacy and a distinctive lifestyle. The market provides a multitude of options, ranging from small, undeveloped islands to fully operational properties with established infrastructure.

Residential construction activity on the rise

Residential construction activity in Belize has been gaining momentum in recent years, supported by strong housing demand. The Central Bank of Belize reports that loans for building and construction have continued to grow, underscoring the resilience of the sector despite broader global economic headwinds.

In June 2025, the total loans for building and construction were up by 5.8% to BZD756.24 million (US$376.23 million) compared to a year earlier, following annual growth of 0.5% in 2024, 1.7% in 2023, 38.2% in 2022, 5% in 2021, and 4% in 2020.

This expansion reflects rising demand for both primary residences and vacation homes, particularly in areas attracting foreign buyers and retirees. At the same time, more Belizeans are accessing financing for homebuilding, signaling confidence in the domestic real estate market. New developments are not only concentrated in popular tourism hubs like Ambergris Caye and Placencia but are also increasingly seen inland, where land values are more affordable.

Belize Loans for Building and Construction graph

Rental Market:

Gross rental yields declining

Gross rental yields in Belize have recently declined. In Q2 2025, the average gross rental yield for residential properties stood at 4%, down from 4.27% in Q3 2024, based on research conducted by the Global Property Guide.

By no. of bedrooms:

  • One-bedroom properties: gross rental yields were 3.34% in Q2 2025
  • Two-bedroom properties: gross rental yields were 5.17% in Q2 2025
  • Three-bedroom properties: gross rental yields stood at 3.5% over the same period

All yields quoted are gross, meaning they exclude taxes, repair costs, ground rents, agent fees, and other expenses. Net yields, which are the actual return to investors, are generally 1.5% to 2% lower.

Two-tier rental market

Belize's homeownership rate was around 68%, according to the latest census conducted by the Statistical Institute of Belize. This was higher than the 64% recorded during the previous Census of 2010. Further, 22% of residents rented/leased accommodation for a fee, and 9% rented free of charge.

The country's rental market's diversity is rooted in the simultaneous influence of the tourism-driven economy, expat community, and local demand. There is a wide variety of property types catering to different renter groups from budget-conscious locals to affluent expatriates and tourists. Coastal areas with high demand for beachfront properties are typically more expensive, while inland zones, including cities such as Belize City and Belmopan, have a more varied selection of both high-end and affordable options.

The long-term rental market primarily serves the local working population, digital nomads, and the cohort of expatriates and retirees, who choose to rent initially upon moving to become familiar with the area and lifestyle before committing to a property purchase. Based on research conducted by the Global Property Guide in June 2025, the average long-term monthly rent stood at US$800 for one-bedroom units, US$1,400 for two-bedroom units, and US$1,750 for three-bedroom units.

Another rapidly expanding market segment is short-term rentals catering to tourists. According to the most recent data from AirDNA, the number of active listings on Airbnb and Vrbo platforms in Belize increased to 2,616 by the end of August 2025. About 56% of these are located in the Belize District.

Investment in vacation homes is also common among foreigners seeking to acquire a property in tourist-heavy regions to be able to reap the benefits of a higher yield during the peak season, along with retained flexibility to use the property when it's not rented out.

Prices for short-term stays vary. Toledo District, a haven for eco-tourism and adventure travel, recorded the highest average daily rental rate of BZD1,200 (US$597). It was followed by Stann Creek District, featuring Placencia, Maya Beach, Plantation, Hopkins, and Dangriga, with an average daily rental rate of BZD710 (US$353).

Average rates in Belize and Cayo districts are recorded at BZD 540 (US$267) and BZD 303 (US$151), respectively. The lowest daily rental rates were recorded in Orange Walk District and Corozal District, at BZD 161 (US$80) and BZD 211 (US$105), respectively.

It is important to note that the quoted daily rates are averages, and prices vary widely depending on the location within the district, unit size, and amenities offered.

SHORT-TERM RENTAL MARKET INDICATORS, SEPTEMBER 2025
Selected submarkets Total active listings Average daily rent,
(BZD)		 Average daily rent,
(USD)		 Average occupancy rate
Belize District 1,465 540 267 54%
Stann Creek District 669 710 353 50%
Cayo District 370 303 151 46%
Corozal District 55 211 105 34%
Orange Walk District 37 161 80 35%
Toledo District 20 1,200 597 30%
Sources: AirDNA, Global Property Guide

Mortgage Market:

Declining mortgage market

Belize's mortgage market remains relatively small, even though loan-to-value (LTV) ratios typically range from 60% to 80% of a property's appraised value, with repayment terms extending between 15 and 20 years.

Reasons for the small market include:

  • Little demand for mortgage loans, as few Belizean property buyers meet the financial criteria.
  • Most buyers pay in cash; some foreigners tap home-country-based credit lines.
  • Only a handful of local and international banks provide mortgage loans, making it difficult for non-resident buyers to get finance from banks.
  • Mortgage interest rates are higher than U.S. rates.

Residential mortgages in Belize are available through commercial banks, credit unions, regulated money lenders, and the Development Finance Corporation (DFC), a state-owned institution supervised by the Central Bank under a special regime. Despite these options, access to formal credit remains limited, with many Belizeans continuing to rely on informal sources such as family, friends, moneylenders, savings groups, and pawnshops. According to the National Financial Inclusion Strategy, only about 17% of adults borrow from formal financial institutions. As a result, the traditional mortgage market remains underdeveloped. By the end of 2023, the Central Bank of Belize reported just 11,042 outstanding mortgage loans across domestic banks, credit unions, and the DFC-equivalent, to about 8.6% of all Belizean households and 12.7% of home-owning households.

In fact, mortgage lending activity has also shown a declining trend in recent years. In 2024, the total number of mortgage loans to individual borrowers issued by domestic banks dropped to 5,161 in 2024, down from 6,767 in 2023 and 9,985 in 2022. Likewise, the total value of outstanding mortgages issued by domestic banks fell by 5.3% y-o-y to BZD484.7 million (US$241.2 million), following annual declines of 7.2% in 2023 and 11.8% in 2022.

The persistence of relatively high borrowing costs and limited formal credit access suggests that growth in the sector remains constrained. These conditions underscore the structural barriers shaping Belize's housing finance market, where informal lending and cash transactions still dominate property purchases despite gradual improvements in financial access.

Belize Mortgage Loans to Individual Borrowers graph

Interest rates remain high

In June 2025, the average interest rate for personal loans, which include home loans, was 11.5%, up from 11.3% in the previous year but slightly down from 11.6% two years ago, according to the Central Bank of Belize.

On the other hand, the average interest rate for residential construction stood at 7.5% in June 2025, slightly higher than the 7.2% recorded a year earlier and 7.3% two years ago.

In general, the long-term trend for the average interest rates on personal loans and residential construction loans offered by the Belizean domestic banks, after a slow decline over the previous decade and fluctuations in the early 2020s, now appears to have returned to relative stability.

For major domestic banks, the average lending rate for all loans in Q1 2025 was 9% at Atlantic Bank Ltd., 10% at Belize Bank Ltd., 13% at Heritage Bank Ltd., and 5.5% at the National Bank of Belize Ltd. - all unchanged from the corresponding period of 2024.

With consistently high interest rates and strict financial qualification criteria for the applicants, accessibility of loans remains a serious issue for the Belizeans.

"I wish they would be a bit more, would be able to loosen up a little bit more to make funding more available or quicker to our citizens because there is a lot of need, a lot of people want to invest, a lot of people want to own their homes but we need to find ways how we can do that," said Prime Minister John Briceno. "The DFC has been helping with that, and we have been changing the cash liquidity ratio of the banks and allowing that a certain portion could be used for certain areas of the economy, like housing and certain investments."

Belize Interest Rates graph

Mortgage interest rates reported by the domestic banks at the end of Q1 2025 varied from 5.50% to 7.50%.

  • Atlantic Bank Ltd: 7.50%, unchanged in the past four years
  • Belize Bank Ltd: 6.75%, lower than the 7.75% in the previous year
  • Heritage Bank Ltd: 6.50%, up from 6.00% in the same period last year
  • National Bank of Belize Ltd: 5.50%, unchanged in the past four years

On the other hand, interest rates on mortgages offered by credit unions were generally higher, ranging between 6.00% to 12.00% in Q1 2025, but have also mostly remained unchanged in the last four years.

  • Holy Redeemer Credit Union: 9.00%, remained the same in the past four years
  • Spanish Lookout Credit Union: 6.50%, sharply down from 8.50% in 2022-2024
  • St. Francis Xavier Credit Union: 12.00%, largely unchanged in the past four years
  • St. John's Credit Union: 12.00%, unchanged in the past four years
  • Blue Creek Credit Union: 8.00%, also unchanged in the past four years
  • La Inmaculada Credit Union: 6.00%, unchanged in the past three years
  • St. Martin's Credit Union: 12.00%, unchanged in the past four years
  • Toledo Teachers' Credit Union: 12.00%, also unchanged in the past four years

In addition, the Development Finance Corporation (DFC) currently offers a variety of home loan programs with interest rates from 7.5% on a reducing balance.

RESIDENTIAL MORTGAGE INTEREST RATES (%)
  Q1 2022 Q1 2023 Q1 2024 Q1 2025
Domestic Banks        
Atlantic Bank 7.50% 7.50% 7.50% 7.50%
Belize Bank 7.75% 7.75% 7.75% 6.75%
Heritage Bank 6.00% 6.00% 6.00% 6.50%
National Bank of Belize 5.50% 5.50% 5.50% 5.50%
Credit Unions        
Holy Redeemer Credit Union 9.00% 9.00% 9.00% 9.00%
Spanish Lookout Credit Union 8.00% 8.50% 8.50% 6.50%
St. Francis Xavier Credit Union 12.00% 12.00% 12.00% 12.00%
St. John's Credit Union 12.00% 12.00% 12.00% 12.00%
Blue Creek Credit Union 8.00% 8.00% 8.00% 8.00%
La Inmaculada Credit Union 12.00% 6.00% 6.00% 6.00%
St. Martin's Credit Union 12.00% 12.00% 12.00% 12.00%
Toledo Teachers' Credit Union 12.00% 12.00% 12.00% 12.00%
Source: Central Bank of Belize

Socio-Economic Context:

Robust economic growth with signs of moderation ahead

Belize's economy expanded by a robust 8.1% in 2024, fueled by growth in tourism, trade, and transport, according to the IMF. This followed real GDP growth rates of 1.1% in 2023, 9.7% in 2022, and 17.7% in 2021, and a pandemic-induced contraction of 13.9% in 2020.

"Belize's economy has recovered strongly following the pandemic, supporting improvements in social outcomes and financial stability. After expanding by a cumulative 27.6 percent between 2021 and 2023, real GDP grew by 8.1 percent in 2024, driven by tourism, trade, and transport," said the IMF in its July 2025 Mission Concluding Statement.

However, economic growth is projected to ease this year, weighed down by slower growth in stayover visitor arrivals and a weak agricultural sector, reflecting unfavorable weather and a fungal disease affecting sugarcane. The situation is compounded by heightened global economic and trade policy uncertainty. With this, Belize's economy is expected to expand by a modest 3.2% this year and by 2.5% in 2026.

"External downside risks stem from higher global policy uncertainty and increased trade barriers-which would weigh on Belize's growth and current account-and higher-for-longer global interest rates. Domestically, increased or sustained climate-related disasters could cause severe damage to the agriculture, energy, and tourism sectors," added the IMF.

External trade shows signs of slowdown. In the first seven months of 2025, Belize's total merchandise exports fell by 5% to BZD250.9 million (US$125.01 million) compared to the same period last year, according to the Statistical Institute of Belize (SIB). Likewise, merchandise imports also declined by 3.7% y-o-y to BZD1.653 billion (US$823.6 million) over the same period.

These figures stand in stark contrast to last year's robust external trade performance, when total annual merchandise exports surged 12.5% to BZD459.9 million (US$229.14 million) and merchandise imports rose 8.5% year-on-year to BZD2.909 billion (US$1.45 billion).

The country's labor market remains robust. In April 2025, the overall unemployment rate stood at 2.1%, down from 3% in the same period last year, based on the latest Labor Force Survey results released by SIB.

"This was attributed to an increase of 13,697 in the employed population, coupled with a decrease of 1,182 in the number of unemployed persons," said the LFS report.

The country's jobless rate improved dramatically to just 2.6% last year, from 3.3% in 2023, 6.1% in 2022, 10.3% in 2021, and 13.8% in 2020, based on IMF figures. In fact, it was the lowest annual unemployment rate recorded in the country's recent history.

Belize's unemployment rate is projected to remain below 3% in the medium term.

Inflation remains manageable. In July 2025, the overall inflation rate was 1.2%, slightly up from 1.1% in the previous month but still far lower than the 3.8% recorded a year earlier, based on figures from SIB.

From an average of just 0.6% from 2010 to 2020, inflation increased to 3.2% in 2021 and accelerated further to 6.3% in 2022. Inflation remained at 4.4% in 2023 and 3.3% in 2024.

Belize Unemployment Percentage graph

Sources:

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