The pandemic disrupted most productive activities, however, despite the economic contraction, the real estate market in Mexico was a sector that showed greater resilience.
An example of this is the most recent data from the Federal Mortgage Society (SHF) through the Housing Price Index in Mexico, which shows an upward variation of around 7.1% in the cost of properties with mortgage credit.
In this sense, the proptech Mudafy indicated that this trend is due to the solid combination of four factors:
- The demand for housing is real. Most of the acquisitions are made in housing-type properties. At the end of last year, the increase in home sales offset the losses it suffered during its first few months.
- Economic development: GDP growth at levels of 19.7% as of the second quarter of 2021, as well as Banxico’s decision to reduce the TIIE by 25 points (thus positioning mortgage credit rates at historically low levels), and the maintenance of attractive interest rates for the sector, have led to growth in the demand for real estate in the coming months.
- Rebound in social and middle-income housing: Properties with prices not exceeding 3 million pesos experienced an increase in demand, with increases of 5% and 8% respectively, concentrating in turn 44% of purchases made in the sector.
- High placement of mortgages: The expectations of maintaining attractive interest rates for the real estate sector, together with the application of favorable monetary policies, will encourage the approval of this type of credit, which in turn will be reflected in growth. of real estate prices in the coming months.
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