06 Sep Interview with Will Mitchell, Re/Max Belize
What has been your understanding of the interest from the international market and why should foreigners choose Belize over other regional markets?
When considering real estate investment in Belize, ownership rights are paramount. Foreigners enjoy full ownership rights, whether holding property in their personal name or through a locally owned company. Belize offers proximity to the U.S. with direct flights from major hubs like Miami and Houston, just 1.5 to two hours away. As an English-speaking country, Belize combines Caribbean and Central American charm. Unlike more saturated markets like Cancun or Miami, Belize boasts low rental inventory and high tourism growth, reflected in current rental and occupancy rates nationwide.
Can you discuss the incentives or policies in Belize that might be attracting foreign real estate investors and how you are working alongside the government to ensure smooth access for investors?
The YouTube channel serves as a key platform for disseminating information. For instance, in collaboration with the tourism board, we highlight the Temporary Investment Residency Program. This program allows individuals to become Belize residents by investing $250,000, with annual renewal options. Another notable initiative is the Qualified Retired Persons (QRP) Program, available to individuals aged 45 and above, facilitating duty-free importation of personal goods upon application approval. These programs represent significant incentives we promote to the public.
With Belize’s real estate market projected to reach U.S. $10.28 billion by 2024, what strategies are you implementing at Re/Max Belize to capitalize on this growth?
Our main focus is establishing a strong presence across all platforms to maintain our leadership position. A decade ago, when I entered the real estate market here, there were only a few small brokerages, fewer than today. Anticipating industry shifts, we pioneered strategies such as YouTube videos and diverse ad platforms to differentiate ourselves. Our goal is to continue expanding the market beyond current levels by reaching new audiences who may be unfamiliar with Belize. Partnering with TV channels and leveraging platforms like YouTube, we aim to raise awareness about Belize’s opportunities.
RE/MAX, the world’s largest real estate company with 150,000 agents globally, enjoys top brand recognition in the U.S. and Canada. In Belize, we operate with 100 agents across 12 offices in key locations like Placencia, Maya Beach, San Pedro, Caye Caulker, Corozal, Belmopan and Belize City. Our extensive presence sets us apart, reinforcing our reputation as industry leaders and attracting clients seeking the best in real estate services.
What key trends should investors be aware of in the Belize market going forward?
Investing in Belize offers significant advantages, especially when considering tourism trends as key drivers of real estate values. Whether through equity appreciation or rental income, monitoring tourism numbers is crucial for strategic investment decisions. San Pedro on Ambergris Caye stands out due to its breathtaking beauty and proximity to the expansive reef, which spans the entire country. With approximately 40% of tourism directed to the island, San Pedro emerges as a prime investment location.
Limited land availability and increasing tourist arrivals annually contribute to rising real estate values. A notable trend within San Pedro is the shift towards developing larger villas over smaller condo projects. Despite a predominant number of smaller units, there’s growing interest in spacious villas, evident in the limited availability of five-bedroom options on platforms like Airbnb. Additionally, there’s a rising demand for farmland across Belize, highlighted by the country’s vast green spaces, which make up close to 95%. Overall, San Pedro remains a focal point of investment in Belize, characterized by its growing appeal for villa development and agricultural opportunities.
With the shift towards sustainable and eco-friendly properties and a major focus on the redesign of new properties to take into consideration such aspects, how is Re/Max Belize adapting its portfolio to meet this new customer preference?
Many homeowners are seeking solutions to reduce expensive power bills, particularly in areas like Secret Beach where municipal power isn’t available. We specialize in developing solar-powered off-grid homes. Hundreds of such homes are currently being built, reflecting a significant shift towards sustainability in Belize. Our primary initiative involves guiding clients through the process of setting up fully sustainable homes, a service we’ve refined over years.
This effort not only meets current demand, but also aligns with Belize’s appeal for its natural beauty. We’re not known for big clubs or the best shopping. We’re known for the 181 mile long barrier reef with breathtaking snorkeling spots, waterfalls, caves and ancient Mayan temples. Protecting these natural treasures remains paramount.
What personal attributes do you attribute to your success in the real estate industry and what are your main drivers for success?
Stay committed and humble. When you begin in real estate, it’s common to face moments of doubt, questioning if you’re on the right path. Many people consider changing course. Personally, I believe in persevering with what works and maintaining humility. Our team at the office is crucial to our success. From our media and administrative departments to our brokers and agents, each person plays a vital role.
What would you say to other young business people and entrepreneurs about the opportunities present today in the Belize market?
Young people should consider investing in Belize now—it’s a smart move. Many U.S., Canadian and European markets are increasingly unaffordable for young buyers due to foreign investment driving up prices. In Belize, purchasing land offers a promising long-term investment strategy, given the country’s youth and potential for growth. Belize captivates with its natural beauty and proximity to popular vacation spots like Tulum, Miami, Colombia and Panama. Exploring Belize—from Placencia to San Ignacio and the lush jungles—is a dream come true. Living on an island here feels like being an artist with a blank canvas, creating your own paradise.
Why is YouTube so important for people to better understand Belize and how has it influenced your interactions with people around the world about their perspectives of Belize?
YouTube has been a game changer for me. I enjoy using it to document and share Belize’s vibrant essence, whether it’s market insights, exploring new places or collaborating with NBA players like Reggie Bullock to showcase his island and film his album—a dream come true. These videos have opened doors, raised awareness and it’s fulfilling to hear how they inspire others to invest in Belize almost daily. Knowing we’re helping people make informed investment decisions here is incredibly rewarding.
What is your final message to our readers about choosing Belize as an investment destination?
Whether you’re seeking a family getaway or a sound financial investment, Belize provides the essential pillars of real estate and a lifestyle that resonates in today’s social media-driven world. It’s a place where you can reconnect with grassroots communities. I strongly encourage everyone to visit Belize, even for a vacation. Make the move and don’t look back.
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