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15 Cheapest Latin American Countries To Visit In 2024

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 5 Cheapest 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.

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.

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Disclosure. None. 15 Cheapest Latin American Countries To Visit In 2024 is originally published on Insider Monkey.

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