In this article, we will be covering the 15 cheapest Latin American countries to visit in 2024. If you wish to skip our detailed analysis, you can move directly to the 5Cheapest Latin American Countries To Visit In 2024.
Tourism in Latin America
The global tourism industry took a major hit during COVID-19. Travel restrictions were imposed and tourism rates dropped drastically. The tourism industry in Latin America also suffered greatly during this tumultuous period. According to a report by Mordor Intelligence, the contribution of tourism to GDP in Latin America slumped from $490 billion in 2019 to $300 billion in 2020. The pandemic was marked by a drastic reduction in the number of tourism-related jobs in the region as well. The number of tourism-related jobs in Latin America dropped from 23 million in 2019 to 18 million in 2020. Almost 5 million people working in the tourism sector lost their jobs during the pandemic.
However, as we made our exit from the pandemic era, the tourism industry has picked up momentum. The Latin American travel and tourism market is estimated to reach a value of $52.18 billion in 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 5.41% from 2024 to 2029 and reach $67.91 billion by the end of the forecasted period. The tourism industry around the globe is recovering and reaching back to the pre-pandemic levels.
According to a report by the United Nations World Tourism Organization (UNWTO), the number of international arrivals in Latin America initially dropped by 63% in 2021, compared to 2019 numbers. The number of arrivals in Latin America recovered to around 29% of pre-pandemic levels in 2022. Finally, in 2023, global tourism had returned to 88% of the pre-pandemic levels. The Americas has shown remarkable recovery and recovered to 90% of the pre-pandemic visitors in 2023. The influx of tourists from the United States is expected to be a main contributor to the recovery of the Latin American tourism market.
Notable Travel Services Companies
Airbnb Inc (NASDAQ:ABNB), Royal Caribbean Cruises Ltd (NYSE:RCL), and Booking Holdings Inc (NASDAQ:BKNG) are some of the most prominent travel services companies.
Airbnb Inc (NASDAQ:ABNB) is a global online marketplace that connects travelers with hosts offering lodging and experiences. It was founded in 2008. The company's impact in Latin America and the Caribbean has been significant in terms of economic recovery and job creation. Airbnb Inc (NASDAQ:ABNB) partnered with WWF Mexico and the Mexican Federation of Tourist Associations (FEMATUR) in 2020. The partnership aimed to promote sustainable travel through its "Mexico by Land" initiative. This initiative includes five routes designed for car travel, covering biodiverse spots in Mexico that offer an alternative to mass tourism. These routes aim to enable safer travel experiences, integrate travelers with local communities, and highlight the value chains of local entrepreneurs. Airbnb Inc (NASDAQ:ABNB) also partnered with UNESCO in 2021. The collaboration aimed to promote cultural tourism in Latin America, while protecting the cultural and natural assets of communities and promoting sustainable tourism.
Royal Caribbean Cruises Ltd (NYSE:RCL) is a renowned cruise line that offers a variety of cruise experiences to destinations worldwide, including Latin America. The company has been actively promoting tourism in Latin America through its South American cruises, which provide travelers with opportunities to explore the rich cultural heritage, natural landscapes, and historical sites of the region. The cruises offer a diverse mix of cultural experiences, outdoor adventures, and historical discoveries. On March 22, Royal Caribbean Cruises Ltd (NYSE:RCL) announced the expansion of its destination lineup. The expansion entails the addition of Royal Beach Club Cozumel in Mexico, which is set to open in 2026. This addition follows the success of Royal Beach Club Paradise Island in The Bahamas. The beach club will offer a variety of amenities including pools, dining options, and activities like snorkeling and kayaking.
Booking Holdings Inc. (NASDAQ:BKNG) is a prominent travel technology company based in the United States. It operates various travel, tourism, and hospitality services globally. On February 22, Booking Holdings Inc (NASDAQ:BKNG) reported earnings for the fiscal fourth quarter of 2023. The company reported an EPS of $32, beating estimates by $1.95. The company's revenue for the quarter grew by 18.15% and amounted to $4.78 billion, ahead of market consensus by $73.37 million. Here are some comments from the company's earnings call:
"I am pleased to report a solid finish to 2023 as fourth quarter room nights slightly exceeded our expectations and grew a bit more than 9% year-over-year or 11% when excludes Israel from both periods. When compared to 2019, our room nights grew 21% versus our expectations of 20%. We delivered record fourth-quarter revenue of $4.8 billion and record adjusted EBITDA of $1.5 billion, which were ahead of our expectations. Finally, the GAAP and earnings per share in the quarter grew 29% year-over-year, helped by the reduction in our share count versus last year. At the start of 2024, we continue to see resiliency in global leisure travel demand. As we look to the year ahead, we see strong growth on the books for travel that’s scheduled to take place in 2024, which gives early indications of potentially another record summer travel season. As we’ve noted previously, a high percentage of these bookings are capable and what is on the books today for the summer period represents a small percentage of the total bookings that we expect to ultimately receive."
Despite the considerable number of travel services companies offering ease of travel, the overall cost of a trip is a considerable factor. Some countries have relatively lower costs of traveling compared to others. With that, let's take a look at the cheapest Latin American countries to travel to in 2024.
15 Cheapest Latin American Countries To Visit In 2024
15 Cheapest Latin American Countries To Visit In 2024
Our Methodology
To make our list of the cheapest Latin American countries to visit in 2024, we initially used a consensus methodology. We sifted through 10 sources that listed the cheapest countries to visit in Latin America and tabulated the ones mentioned in at least 50% of the sources. We then checked the average flight fares and accommodation costs in each of the shortlisted countries. The rationale for using this metric was that flight and accommodation are inevitable costs of any visit, therefore, it can help gauge which of these places is the cheapest to visit. Furthermore, each of these countries has a variety of dining and activity options within every budget range. We have used Kayak to get the prices for flights and accommodation. The flight fares are round-trip, one person, with the starting location being Newark, New Jersey, to the capital city of the destination country. For the accommodation costs, we looked up options for a two-person room with more than 6 ratings in the capital cities. The data was collected on 21st March 2024 and is prone to change over time. It is important to note that these prices also vary based on where you are traveling from, the destination city, and the city of accommodation.
After collecting the data, we aggregated the two costs to get a total. The total cost is our primary metric. The list has been arranged in descending order of the primary metric moving from the most expensive to the cheapest Latin American countries to visit in 2024.
15 Cheapest Latin American Countries To Visit In 2024
15. Costa Rica
Flight Fare: $723
Accommodation Cost: $152
Total: $875
Costa Rica is a country located in Central America. San José is the capital and largest city of Costa Rica and is located in the center of the country. It became the capital in 1823. Costa Rica offers a diverse range of attractions for visitors. San José is known for its world-class museums, theaters, and historic buildings.
14. Antigua & Barbuda
Flight Fare: $625
Accommodation Cost: $227
Total: $852
Antigua and Barbuda is an island country located in the Caribbean. The country's capital and largest city is St. John's, situated on the island of Antigua. Antigua and Barbuda offers a plethora of tourist destinations including Shirley Heights Lookout and Stingray City. It is one of the cheapest countries to visit in Latin America in 2024.
13. Cayman Islands
Flight Fare: $553
Accommodation Cost: $287
Total: $840
The Cayman Islands is located in the Caribbean Sea, comprising three islands including the Grand Cayman, Cayman Brac, and Little Cayman. Cayman Crystal Caves and Seven Mile Beach are among the most visited places in the country. The Islands attract a huge number of tourists every year.
12. Panama
Flight Fare: $654
Accommodation Cost: $176
Total: $830
Panama is a country located in Central America, bordered by both the Caribbean Sea and the Pacific Ocean. The Panama Canal is one of the most famous tourist attractions in the country. The canal is a famous waterway connecting the Atlantic and Pacific Oceans, known for its engineering marvel and historical significance
11. Jamaica
Flight Fare: $618
Accommodation Cost: $202
Total: $820
Jamaica is one of the cheapest countries to visit in Latin America in 2024. The country has a rich cultural heritage, stunning natural attractions, and warm hospitality. Dunn's River Falls are among the most popular places to visit in the country. Kingston is the capital of Jamaica.
10. St. Kitts & Nevis
Flight Fare: $646
Accommodation Cost: $155
Total: $801
St. Kitts & Nevis is a captivating destination known for its lush rainforests, majestic mountains, and stunning shores. Liamuiga Natural Farms and Brimstone Hill Fortress National Park are popular destinations that attract thousands of tourists every year. A round air trip to the country from New Jersey costs around $646.
9. Bahamas
Flight Fare: $490
Accommodation Cost: $282
Total: $772
The Bahamas is one of the cheapest places to visit in Latin America in 2024. A round air trip from New Jersey to Nassau on average costs around $490. The islands provide a diverse range of activities and places to visit including the Leon Levy Native Plant Preserve, Freeport & Lucaya, and the National Art Gallery of the Bahamas.
8. Puerto Rico
Flight Fare: $484
Accommodation Cost: $262
Total: $746
Peurto Rico is a popular tourist destination in Latin America. Puerto Rico's tourism sector is a vital part of its economy, offering a wide variety of natural and cultural attractions for visitors to explore. Popular attractions in Puerto Rico include Old San Juan, El Yunque Rainforest, and Piñones.
7. Colombia
Flight Fare: $571
Accommodation Cost: $132
Total: $703
Colombia is one of the cheapest countries to visit in Latin America in 2024. Colombia's tourism industry has seen significant growth and transformation in recent years, attracting visitors from around the world to explore its diverse landscapes, rich culture, and historical sites. Colombia boasts major attractions including Cartagena, San Andrés, and Providencia Santa Catalina islands.
6. El Salvador
Flight Fare: $572
Accommodation Cost: $120
Total: $692
El Salvador is a popular tourist destination with beaches, forests, and archaeological sites. Some of the most visited areas in El Salvador include La Libertad and El Tunco. A round air trip from New Jersey to San Salvador costs $572 on average.
