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 *** million Mexican pesos to acquire a residential property. Compared to the same period of the previous year, the nominal price increased by nearly ** percent. Mexico City registered the highest price for this type of property, with an average exceeding ***** 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 ** percent of all Mexican households owned their homes, while only ** percent rented them. Moreover, roughly ** 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 *** 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 ** percent came from private banks.

Key information about House Prices Growth

• Mexico house prices grew 8.8% YoY in Dec 2024, following an increase of 9.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2006 to Dec 2024, with an average growth rate of 7.4%.
• House price data reached an all-time high of 11.7% in Mar 2023 and a record low of 2.2% in Jun 2010.

Graph and download economic data for Residential Property Prices for Mexico (QMXN628BIS) from Q1 2005 to Q4 2024 about Mexico, residential, HPI, housing, price index, indexes, and price.

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.

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 fourth quarter of 2024, the average house price decreased by **** percent annually. Accounting for inflation, the increase was slightly lower, at **** percent. Across the different states, Mexico City was the most expensive location to buy a home.

Residential Property Prices in Mexico increased 8.71 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for Mexico Residential Property Prices.

House price index in Mexico, December, 2024 The most recent value is 273.42 index points as of Q4 2024, an increase compared to the previous value of 269.18 index points. Historically, the average for Mexico from Q1 2005 to Q4 2024 is 142.88 index points. The minimum of 72.55 index points was recorded in Q1 2005, while the maximum of 273.42 index points was reached in Q4 2024. | TheGlobalEconomy.com

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.

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.

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

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.

Mexico Average House Price: Jalisco data was reported at 1,149,022.000 MXN in Mar 2019. This records an increase from the previous number of 810,302.000 MXN for Dec 2018. Mexico Average House Price: Jalisco data is updated quarterly, averaging 689,839.500 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 1,149,022.000 MXN in Mar 2019 and a record low of 587,643.000 MXN in Mar 2015. Mexico Average House Price: Jalisco 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 house price to rent index in Mexico has risen quarter on quarter since 2015, suggesting that property prices have grown faster than rents. The index is calculated by dividing the median house price by the median annual rent, with 2015 chosen as a base year. In the fourth quarter of 2023, the house price to rent index amounted to ***** index points, meaning that house price growth outpaced rental growth by ** percent.

Depending on the location, the average price for a two-bedroom apartment in Mexico City could exceed ******* 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 ******* U.S. dollars for a two-bedroom apartment, while a three-bedroom apartment cost over ******* U.S. dollars. Among the boroughs ranked in the statistic, Coyoacán had the most affordable prices for a one-bedroom apartment, averaging ******* U.S. dollars. Overall, Mexico City has the highest average house price per square meter in Mexico.

The Mexican housing market has grown notably since 2010, with home prices more than doubling by 2023. The third quarter of 2023 saw the nominal house price index reach ****** index points, implying a growth rate of *** percent since 2010, the baseline year for the index. Adjusted for inflation, the increase was more modest, with the real house price index amounting to ****** index points in 2023, or a growth rate of approximately ** percent.

Mexico Average House Price: Chihuahua data was reported at 796,454.000 MXN in Mar 2019. This records an increase from the previous number of 725,853.000 MXN for Dec 2018. Mexico Average House Price: Chihuahua data is updated quarterly, averaging 621,055.000 MXN from Dec 2014 (Median) to Mar 2019, with 18 observations. The data reached an all-time high of 796,454.000 MXN in Mar 2019 and a record low of 528,277.000 MXN in Dec 2014. Mexico Average House Price: Chihuahua 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.

In 2024, the Mexico exhibited the highest inflation-adjusted increase in house prices among the countries under observation. In the fourth quarter of the year, house prices in Mexico grew by nearly **** percent in real terms, whereas globally, prices declined by *** percent. These figures are based on the development of the real house price index, with 2010 chosen as a baseline year. When looking at the long-term index development, Colombia observed the biggest increase in prices in the region.

The Report Covers Mexico Residential Real Estate Housing Market Companies and is Segmented by Type (Apartments and Condominiums and Landed Houses and Villas). The Report Offers Market Size and Forecast in Value (USD) for all the Above Segments.