In the 1st quarter of 2024, the national housing price index increased by 9.64% (5% adjusted for inflation) compared to the same period last year, increasing by 10.02% in the 4th quarter of 2023, by 10.39% in the 3rd quarter, by 11.54% in the in the 2nd quarter and by 11.69% in the 1st quarter of last year.
The quarterly price increase in January-March was 2.86% (1.24% adjusted for inflation).
Mexico's housing market has been active for several years. From 2015 to 2023, prices for apartments and houses increased by 87.9% (26.7% in real terms). The secret lies in the country's extremely strong domestic market and a growing middle class. Foreign demand is also high. As economic activity returns to pre-pandemic levels, American and Canadian buyers are coming to Mexico again, which leads to an increase in housing costs. There are more than 1 million Americans living in the country, and more than 500,000 have homes here.
The most expensive real estate in Mexico is concentrated in Mexico City, the state of Mexico, Morelos, Nuevo Leon, Jalisco, Nayarit and Queretaro.
The average cost of an apartment in Mexico City is about $202,000, which is about 85,000 higher than the national average.
In Santa Fe, one of the modern districts of Mexico City, real estate can be bought at a price from 2000 to 4000 USD per sq.m.
In Cuernavaca, the capital of Morelos State, an hour and a half drive from Benito Juarez International Airport in Mexico City, "modest" three-bedroom houses can be bought at a price of $200,000, and middle-class three- to four-bedroom houses from $500,000. There are also many offers of luxury villas in the region of 1.5 million dollars.
In Cancun, a city in southeastern Mexico known for its beaches, megacourts and vibrant nightlife, the average house price last year was about $250,000. Apartment prices in the area range from $100,000 to $200,000.
Source: Global Property Guide
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