Real Estate Bill To Bring Licensing and Penalties for 600+ Agents
About 600 real estate agents operate in Belize, with no law specifically regulating their conduct, according to Michael Singh, president of the Association of Real Estate Brokers of Belize and co-chair of the Belize Real Estate Association (BREA) Steering Committee.
Singh gave the estimate in an interview with News 5. He added that the Financial Intelligence Unit has authorised about 300 brokerages to operate.
BREA issued a statement on Monday in response to the US State Department’s 2026 Investment Climate Statement, which flagged land fraud, insecure titles and the absence of legislation regulating real estate agents.
Singh recognised that misconduct cannot be blamed on the Government alone, stating, “There’s two sides to corruption. There’s two sides to bad acting, and we feel that it’s unfair of us to demand that the government do things a certain way when practitioners may not be doing the same.”
The proposed Real Estate Agents Bill could introduce licensing, training requirements, codes of conduct and penalties for misconduct. Singh said the draft remains in its early stages, with discussions expected to continue towards the end of this year and hopes for passage early next year.
He also raised concerns about foreign practitioners who operate temporarily in Belize and may attempt to represent both buyers and sellers. Singh said that websites positioning themselves as “Belize Multiple Listing Service” are “essentially taking listings from every agent without their permission” and redirecting inquiries to their own companies.
“A lot of transactions are foreign to foreign that don’t actually touch our shore. And that impacts valuation, which impacts the ability of Belizeans to be able to own property,” he added.
The association says stronger regulation could help improve accountability, protect buyers and sellers, and ensure more of the economic benefits from real estate transactions remain in Belize.
Singh said BREA is working with the Government on reforms. The association’s annual general meeting is scheduled for December 3, with the Ministry of Natural Resources expected to participate.