According to Statista, the real estate market in Central America has been growing recently and is expected to climb to a value of US$1.49tn by the end of 2024.
Real estate investment in Central America can be attractive for many reasons. For example, Costa Rica has a firm commitment to sustainability in the real estate industry, so the eco-friendly real estate is a major draw for investors. Central America’s economic growth and increasing urbanization are boosting the real estate market. More people are looking for residential properties in cities near jobs. The continued rise in tourism has created a demand for vacation homes and rental properties.
Country Snapshots
Here we take a quick tour of some hot spots in North and Central America!
Belize
- English speaking
- Well-established expatriate country
- Growing tourism sector
Costa Rica
- Focus on sustainable real estate
- Booming tech scene
- Coastal lifestyle
Honduras
- The international airport has direct flights to Dallas, Houston, and Miami
- Second-largest agricultural industry in Central America
- Diverse real estate options
Mexico
- Potential for rental income
- Rich culture and history
- Affordable real estate prices and cost of living
Closer Look: Canada
According to The Canadian Real Estate Association (CREA), homebuyers continue to be cautious, though as of May 2024, real estate listings were starting to rise.
- Number of transactions: +10.1%
- National home sales: -1.7%
Canadian Housing Market Report June 18, 2024 Interactive Map: WOWA.ca
Average sold house prices by province
(Canadian$)
- British Columbia: $1,006,248
- Ontario: $900,161
- Alberta: $499,505
- Quebec: $498,124
- Nova Scotia: $468,543
- Manitoba: $382,658
- Prince Edward Island: $379,366
- New Brunswick: $334,561
- Saskatchewan: $324,474
- Newfoundland/Labrador: $304,570
Regional Spotlight Interview: Canada
Melanie Chiu
We interviewed Melanie Chiu, a real estate professional in Canada, to find out what’s happening in the region.
How would you describe the current state of the Canadian real estate market?
Exciting! Like most real estate economies, there is an element of unpredictability. There has been a consistent wave of senior generations and transnational migrants offloading properties, yet home prices continue to rise. Canada is committed to building new homes, and these new projects consistently introduce innovation and sustainability into our markets.
In terms of those purchasing Canadian real estate from outside the country, where are most of these purchasers or investors from?
The statistics show that our foreign investors predominantly come from China, USA and Europe. In my more local market in Toronto, we see a variety from Iran, India, and Latin America.
What does a typical workday look like for you?
There are no typical days. My week can be busy with classes, as I also teach in the industry, then off to prepare some research or documents for clients and keeping on top of my own market knowledge. That’s why I love this industry, it’s never boring.
What’s your favorite piece of technology that you use to efficiently and effectively do your job?
I would say the Google platform. It helps me keep track of schedules, share files with overseas clients, make forms, store documents, etc. Also, if need be, I host video meetings, as I usually use Zoom.
Can you tell us what is unique or special to the Canadian market?
One word, DIVERSE! Canada covers a huge land mass that covers a number of different climates, time zones, and cultures. We have urban and natural country living spaces that host a variety of property types.
If someone is wants to purchase real estate in Canada, what should they be aware of?
The government programs, funding opportunities and tax implications of owning Canadian property as especially as a foreigner. The impacts are different for everyone.
Tell me something interesting about yourself!
I am currently pursuing a master’s degree at the University of Toronto, OISE. My studies are in higher education in the field of the profession. I am focusing my research on understanding education programs and systems for real estate professionals, both locally and globally.
