INSUBCONTINENT EXCLUSIVE:
The housing market in Mexico has shown notable growth in 2024
According to the Federal Mortgage Society (Sociedad Hipotecaria Federal, SHF), the average value of homes nationwide increased by 9.4% from
January to September.This growth is compared to the same period in 2023
This rise places the average home price at approximately 1,734,535 pesos.During this period, 19 states surpassed the national average
increase, highlighting significant regional disparities
Only 13 states experienced lower growth rates
The states with the most substantial increases in housing prices include:Baja California Sur: 13.9%Quintana Roo: 12.5%Baja California:
Closer Look at State Variations
2024Further analysis reveals that single-family homes and condominiums saw a price increase of about 9.4%
Economic and social housing categories rose by 10.8%, whereas residential properties appreciated by 8.6%.The backdrop for these developments
includes a macroeconomic environment where the Gross Domestic Product (GDP) grew by 1.5% in real terms during the third quarter of
2024.Additionally, employment figures showed a healthy increase, with permanent registered workers rising by 2.1% year-over-year as reported
by the Mexican Social Security Institute.Despite this growth, inflation remains a concern, with the National Consumer Price Index recording
an inflation rate of 4.58% in September.The average mortgage interest rate stood at 11.43% during the same quarter, which presents
challenges for potential homebuyers.These figures illustrate a complex housing landscape marked by significant regional variations and
economic factors that influence home prices across Mexico.As individuals navigate this market, understanding these dynamics is crucial for
making informed decisions about homeownership and investment opportunities in real estate.
