Caribbean Tourism & Investment Performance June 2024
Caribbean Investment 2024
The Caribbean is recognized as a very tourism-dependent region, with tourism serving as the most significant economic contributor for many Caribbean nations (including Belize).
According to new data from hotel analytics firm STR, vacation rental income and investment properties in the Caribbean are continuing to outpace last year’s very strong performance in 2024.
The Caribbean region’s hotel occupancy in June was 68.1%t, a +3.4% increase compared to the same period in 2023. This has resulted in 2024 being a record-breaking year for most of the Caribbean and a record-breaking year for Belize tourism. Belize Tourism & Investment in 2024 is performing very well, as Belize has been ranked as the “Fastest Growing Destination in the Caribbean.”
Average daily rental rates in the Caribbean increased by +3.3%, while revenue per available room surged by +6.8% in 2024 with the increased tourism and occupancy.
Belize Tourism & Investment Data First Half of 2024
In 2024, Caribbean hotel occupancy is up +3.9% compared to the first half of 2023. The rental rates per night (ADR) are also up +8.3%, while gross revenue is up even more at +12.5%.
STR data surveyed 2,121 hotels comprising roughly 284,000 vacation rentals across the Caribbean region.
Belize Tourism & Investment Performance
Belize Tourism & Investment Data First Half of 2024
Belize has seen a 30% increase in international tourists in the first half of 2024 from 2023.
The 30% growth rate in Belize is impressive compared to other Caribbean destinations like Puerto Rico, Jamaica, the Dominican Republic, Aruba, Cancun, Curaçao, The Bahamas, the Cayman Islands, and more.
Belize 2024 Tourism Growth
2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally).
Total Overnight Tourists to Belize in 2024 is +30% higher than in 2023 (January to June) and +19% higher than in 2019 (prior peak tourism numbers).
Belize saw a 30% tourism increase in 2024 (January through June) compared to 2023.
Caribbean overall tourism was up 13% in 2024 compared to the year prior (2023, from January to June).
The 30% increase shows that Belize far outpaces the region in terms of tourism growth year-over-year.
Belize also had an increase of 19% in tourism arrivals from the benchmark tourism of 2019 (compared to the same timeframe before the pandemic).
Caribbean travel is 10% higher in 2024 than pre-COVID levels of 2019.
The +19% increase shows the pace that Belize is outpacing the region for tourism growth post pandemic. A strong indicator of the trajectory of Belize tourism and tourism recovery!
Seat Capacity & Tourism
Belize in 2024 has seen record-breaking inbound tourism numbers. This has been largely due to increased direct flights and improved accessibility to Belize (internationally).
Belize also leads the region in seat capacity in 2024, up +43% from 2023. The more flights and higher seat capacity, the higher the level of interest and accessibility.
Caribbean Tourism vs Global Tourism
Since 2019, the Caribbean has been the top growth tourism region. Belize is one of the fastest-growing destinations in the Caribbean region.
The Caribbean is recognized as the most tourism-dependent region in the world, with tourism serving as the largest economic contributor for many nations within the area.
Factors in Caribbean Tourism
Analysis of detailed air capacity data reveals that connectivity to the Caribbean is showing impressive growth, increasing +13% overall in the first half of 2024 compared to the previous year.
Canada is contributing significantly to this success — with an increase in seat capacity of +17%, making it the largest origin market currently performing above the global average.
Meanwhile, the largest origin market overall, the US, tracks global average growth at 13%.
Intra-Caribbean connectivity expanded by 20% year-on-year. This is a key enabler of multi-destination trips within the region.
North American Travel to the Caribbean
Toronto emerges as the top-performing North American origin city for travel to the Caribbean in the first half of 2024, with arrivals up 23% year-on-year.
This growth is supported by a 15% increase in seat capacity between Toronto and the Caribbean, with various airlines increasing the number of available flights.
In the United States, New York (+13%) also shows sustained growth for Caribbean tourism. New York Travel to Belize is up +91% in 2024. This is largely due to the direct flights from JFK.
New York tourism to Belize had the largest growth, at +91% higher than 2023, following the launch of new direct flights in December. When direct JFK flights started with JetBlue.
New York tourism to Belize had the largest growth, at +91% higher than 2023, following the launch of new direct flights in December. When direct JFK flights started with JetBlue.
United Airlines is launching new nonstop flights from San Francisco (SFO) to Belize (BZE).
The flights are also timed to sync with United’s TransPacific schedule from SFO, enabling one-stop connections to destinations lіkе Таіреі, Hong Kong, Dubai, and Singapore.
Much like New York direct flights, San Francisco will have a large impact on Belize tourism growth!
Direct Nonstop Flights between San Francisco (SFO) and Belize (BZE) will start on December 21, 2024.
Direct Flights from San Francisco to Belize
LATAM Travel to the Caribbean
Latin America is a key emerging source of tourism in the Caribbean.
Latin America has been the top emerging source of Caribbean tourism growth from 2019 to 2024 (Latin American Opportunity for Tourism).
The BTB (Belize Tourism Board) shared strategies being implemented to introduce Belize to Latin American travelers—a strategic move considering that Latin American travel within the region continues to grow. Colombia and Brazil are the top-performing Latin American markets for Caribbean travel.
Moreover, LATAM countries have been boosting capacity to the Caribbean. Colombia (+157%), Brazil (+187%), Mexico (+55%), and Peru (+13%) all are showing strong growths and audiences interested in a Caribbean holiday.
CBRE Caribbean & Central America Investment Report 2024
The Caribbean & Central America rank among the most desirable locations for offshore investment in 2024 (according to CBRE). CBRE is the global leader in commercial real estate services and investments. The CBRE 2024 Investors Intention Survey for CCA shows areas of interest and sectors in the Caribbean & Central America.
More than 50% of surveyed investors from Mexico, Central America and the Caribbean expect to buy more hotel assets this year, while only 12% expect to buy less. The Caribbean & Central America rank among the most desirable locations for offshore investment in 2024.
Conclusion
As the Caribbean outperforms global markets and remains one of the most desirable offshore investment destinations, it is impressive to see Belize eclipse the regional tourism figures. 2024, has been a record-breaking year for Belize tourism. Belize overnight tourism is up 30% in 2024.
In 2024, Belize has seen record-breaking tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize. Some of the contributing factors to the success of Belize are;
- 2024 has seen record-breaking inbound tourism numbers for Belize. This has been largely due to the increased number of direct flights and the improved accessibility.
- Increased Family Travel. Belize was the second-ranked destination in the region for family travel, with a +35% increase, following only Curaçao, which saw a 38% increase.
- An Increase in Latin American visitors (Colombia, Brazil, and Argentina in particular).
For more information on Caribbean properties, offshore investment opportunities, and Belize real estate, contact us.
