Mexico's housing market demonstrates significant regional price variations, with Mexico City emerging as the most expensive area for residential property in 2024. The capital city's average house price of 3.91 million Mexican pesos far exceeds the national average of 1.73 million pesos, highlighting the stark contrast in property values across the country. This disparity reflects broader economic and demographic trends shaping Mexico's real estate landscape. Sustained growth in housing prices The Mexican housing market has experienced substantial growth over the past decade, with home prices more than doubling since 2010. By the third quarter of 2023, the nominal house price index reached 255.54 points, representing a 146 percent increase from the baseline year. Even when adjusted for inflation, the real house price index showed a notable 40 percent growth, underscoring the market's resilience and attractiveness to investors. The mortgage market is dominated by three main player types: Infonavit, Fovissste, and commercial banks including Sofomes. In 2023, Infonavit, a scheme by Mexico's National Housing Fund Institute which provides lending to workers in the formal sector, was responsible for the majority of mortgages granted to individuals. Challenges in mortgage lending Despite the overall growth in housing prices, Mexico's mortgage market has faced challenges in recent years. The number of new mortgage loans granted has declined over the past decade, falling by approximately 200,000 loans between 2008 and 2023. This decrease in lending activity may be attributed to various factors, including economic uncertainties and changing consumer preferences. The state of Mexico, which is home to 13 percent of the country's population, likely plays a significant role in shaping these trends, given its large demographic influence on the national housing market.

In the third quarter of 2023, Mexicans paid on average 1.6 million Mexican pesos to acquire a residential property. Compared to the same period of the previous year, the nominal price increased by nearly 15 percent. Mexico City registered the highest price for this type of property, with an average exceeding three million pesos per residential unit. Housing tenureCompared to renting or borrowing, house ownership is the favored form of housing tenure in Mexico. In 2020, nearly 69 percent of all Mexican households owned their homes, while only 17 percent rented them. Moreover, roughly 87 percent of the owned households in the country were completely paid off, while the remaining households were still in the payment process. Mortgages in MexicoMortgages, or homeownership loans, are debt instruments used by individuals to acquire real estate property, without needing to pay the total cost upfront. Mortgages are universally common and important for Mexico’s residential real estate industry. In 2020, almost 495 thousand mortgage loans were granted in Mexico, which was the lowest amount the country had seen in fifteen years. From the mortgage value granted that year, approximately 50 percent came from private banks.

Mexico Average House Price: Puebla data was reported at 1,155,664.000 MXN in Mar 2019. This records an increase from the previous number of 940,177.000 MXN for Dec 2018. Mexico Average House Price: Puebla data is updated quarterly, averaging 844,101.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 1,155,664.000 MXN in Mar 2019 and a record low of 665,014.000 MXN in Dec 2014. Mexico Average House Price: Puebla data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Graph and download economic data for Real Residential Property Prices for Mexico (QMXR628BIS) from Q1 2005 to Q3 2024 about Mexico, residential, HPI, housing, real, price index, indexes, and price.

Average House Price: Mexico City data was reported at 3,087,111.000 MXN in Mar 2019. This records an increase from the previous number of 1,479,381.000 MXN for Dec 2018. Average House Price: Mexico City data is updated quarterly, averaging 1,462,320.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 3,087,111.000 MXN in Mar 2019 and a record low of 1,352,679.000 MXN in Dec 2014. Average House Price: Mexico City data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Residential real estate prices in Mexico have been on an upward trend for more than a decade. In the third quarter of 2023, the average house price increased by more than 10 percent annually. Accounting for inflation, the increase was slightly lower, at 5.5 percent. Across the different states, Mexico City was the most expensive location to buy a home.

Mexico Average House Price: Baja California data was reported at 903,598.000 MXN in Mar 2019. This records an increase from the previous number of 720,437.000 MXN for Dec 2018. Mexico Average House Price: Baja California data is updated quarterly, averaging 658,724.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 903,598.000 MXN in Mar 2019 and a record low of 562,050.000 MXN in Dec 2014. Mexico Average House Price: Baja California data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Housing prices in Guadalajara's metropolitan area increased by over 105 percent between 2013 and 2021, going from 7,887 Mexican pesos to 16,185 pesos per square meter in the latter year. During the last 20 years, the population of the Mexican city decreased around 250,000 inhabitants.

Mexico Average House Price: Aguascalientes data was reported at 892,205.000 MXN in Mar 2019. This records an increase from the previous number of 752,504.000 MXN for Dec 2018. Mexico Average House Price: Aguascalientes data is updated quarterly, averaging 631,635.500 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 892,205.000 MXN in Mar 2019 and a record low of 298,223.000 MXN in Dec 2014. Mexico Average House Price: Aguascalientes data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Mexico Average House Price: Oaxaca data was reported at 964,064.000 MXN in Mar 2019. This records an increase from the previous number of 881,303.000 MXN for Dec 2018. Mexico Average House Price: Oaxaca data is updated quarterly, averaging 739,920.500 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 964,064.000 MXN in Mar 2019 and a record low of 694,949.000 MXN in Jun 2016. Mexico Average House Price: Oaxaca data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Depending on the location, the average price for a two-bedroom apartment in Mexico City could exceed 300,000 U.S. dollars in 2024. In Miguel Hidalgo, the most expensive borough to buy an apartment in Mexico City, the average apartment price was nearly 439,000 U.S. dollars for a two-bedroom apartment, while a three-bedroom apartment cost over 918,000 U.S. dollars. Among the boroughs ranked in the statistic, Coyoacán had the most affordable prices for a one-bedroom apartment, averaging 121,000 U.S. dollars. Overall, Mexico City has the highest average house price per square meter in Mexico.

Mexico House Price Index: Quintana Roo data was reported at 115.600 2017=100 in Mar 2019. This records an increase from the previous number of 112.500 2017=100 for Dec 2018. Mexico House Price Index: Quintana Roo data is updated quarterly, averaging 77.800 2017=100 from Mar 2005 (Median) to Mar 2019, with 57 observations. The data reached an all-time high of 115.600 2017=100 in Mar 2019 and a record low of 48.900 2017=100 in Mar 2005. Mexico House Price Index: Quintana Roo data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB007: House Price Index: by State: 2017=100.

Mexico Average House Price: Veracruz data was reported at 866,481.000 MXN in Mar 2019. This records an increase from the previous number of 782,836.000 MXN for Dec 2018. Mexico Average House Price: Veracruz data is updated quarterly, averaging 716,449.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 866,481.000 MXN in Mar 2019 and a record low of 599,557.000 MXN in Dec 2014. Mexico Average House Price: Veracruz data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

The average purchase price of a property by Mexican buyers in the United States fluctuated significantly between 2010 and 2024. In 2024, Mexican buyers paid 462,700 U.S. dollars on average for American properties. With a total of 2.8 billion U.S. dollars, Mexico was one of the five largest foreign buyers of residential real estate in the U.S.

In 2022, about two thirds of all Mexican homes were owner-occupied. Meanwhile, 15 percent of the total 37 million housing units were rented. In 2023, Mexicans paid on average 1.6 million Mexican pesos to acquire residential property.

Mexico Average House Price: Hidalgo data was reported at 771,871.000 MXN in Mar 2019. This records an increase from the previous number of 690,939.000 MXN for Dec 2018. Mexico Average House Price: Hidalgo data is updated quarterly, averaging 608,022.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 771,871.000 MXN in Mar 2019 and a record low of 508,716.000 MXN in Dec 2014. Mexico Average House Price: Hidalgo data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Mexico Average House Price: San Luis Potosi data was reported at 1,141,116.000 MXN in Mar 2019. This records an increase from the previous number of 925,919.000 MXN for Dec 2018. Mexico Average House Price: San Luis Potosi data is updated quarterly, averaging 756,245.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 1,141,116.000 MXN in Mar 2019 and a record low of 614,897.000 MXN in Dec 2014. Mexico Average House Price: San Luis Potosi data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

The number of housing units built in Mexico has decreased considerably in the decade leading up to 2023. While housing completions peaked in 2015 at approximately 301,820 units, there were only 131,050 dwellings built in 2023. With the exception of 2021, when home construction increased somewhat in 2021, those figures have fallen year after year since then.

Mexico Average House Price: Quintana Roo data was reported at 928,729.000 MXN in Mar 2019. This records an increase from the previous number of 724,335.000 MXN for Dec 2018. Mexico Average House Price: Quintana Roo data is updated quarterly, averaging 615,249.500 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 928,729.000 MXN in Mar 2019 and a record low of 495,496.000 MXN in Dec 2014. Mexico Average House Price: Quintana Roo data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB005: Average House Price.

Super regional malls in Mexico City had the highest rental rate in Mexico in the fourth quarter of 2022. A square meter in a super regional mall cost on average 820 Mexican pesos in that quarter, 345 Mexican pesos higher than the average for the area. In Monterrey, regional malls were the retail real estate type where renting retail space was most expensive.