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Mexico’s Housing Market Continues to Grow in the Third Quarter of 2023

The SHF Index of Housing Prices in Mexico (ISHF) shows that the national average price of housing increased by 5.6% in real terms in the third quarter of 2023 compared to the same period of 2022. This is the highest annual growth rate since the fourth quarter of 2019, when it reached 6.1%.


The ISHF is calculated by the Sociedad Hipotecaria Federal (SHF), a state-owned development bank that promotes the development of the housing sector in Mexico. The index covers both new and existing housing units, financed by any type of credit or cash, in urban areas with more than 15,000 inhabitants.

real estate stats - SHF

Mexico's Housing Market : National Trends and Averages


The report also reveals that the average and median prices of a house in Mexico, as well as the price per square meter of the house and the construction, increased significantly in the third quarter of 2023. The table below summarizes the national trends and averages:

​Indicator

Value

Year-on-year change

​Average price of a house

1.6 million pesos (USD 80,000)

N/A

Median price of a house

907,000 pesos (USD 45,000)

N/A

Price per square meter of the house

14,000 pesos (USD 700)

13.2%

Price per square meter of the construction

9,000 pesos (USD 450)

9.1%

The SHF index showed different results by type of housing, location, and market segment. The table below shows the year-on-year changes of the SHF index by these categories:

Category

Year-on-year change

New houses

10.7%

Used houses

10.9%

Single-family houses

10.6%

Condominiums and apartments

11%

Economic and social housing

10.5%

Medium and residential housing

11.1%


Metropolitan Areas

The report also provides data for the main metropolitan areas in Mexico, which account for about 70% of the national housing market. The table below shows the year-on-year changes of the SHF index for the main metropolitan areas:

​Metropolitan area

Year-on-year change

Mexico City

9.2%

Guadalajara

11.4%

Monterrey

11.3%

Puebla-Tlaxcala

10.9%

Toluca

8.7%

Tijuana

14.2%

Leon

9.8%

Queretaro

​10.6%

Quintana Roo and Riviera Maya: A Hotspot for Real Estate Investment

One of the states that stands out in the housing market is Quintana Roo, located in the southeast of Mexico and home to the famous tourist destinations of Cancun, Playa del Carmen, and Tulum.


According to the ISHF, Quintana Roo had the highest average price of housing in the country in the third quarter of 2023, with 2,548,492 MXN, followed by Mexico City with 2,216,564 MXN.


Quintana Roo also had the second highest annual growth rate in the country, with 9.8%, only surpassed by Baja California Sur with 10.4%. This shows the strong demand and appreciation of housing in this state, especially in the coastal areas known as the Riviera Maya.


The Riviera Maya is a stretch of about 120 kilometers of Caribbean coastline, from Puerto Morelos to Punta Allen, that offers stunning natural beauty, cultural diversity, and a wide range of activities and attractions for visitors and residents alike. Some of the main features of the Riviera Maya are:

  • White sand beaches and turquoise waters

  • The Mesoamerican Barrier Reef, the second largest coral reef system in the world

  • The Mayan archaeological sites of Tulum, Coba, and Muyil

  • The biosphere reserve of Sian Ka’an, a UNESCO World Heritage Site

  • The cenotes, natural sinkholes filled with fresh water

  • The eco-parks of Xcaret, Xel-Ha, and Xplor

  • The vibrant nightlife and gastronomy of Playa del Carmen

  • The bohemian and artistic atmosphere of Tulum

  • The luxury and exclusivity of Puerto Aventuras and Akumal

The Riviera Maya is not only a popular destination for tourists, but also for real estate investors who seek to take advantage of the high rental income, capital gains, and quality of life that this area offers.


According to the SHF, the average price of housing in the Riviera Maya increased by 8.7% in real terms in the third quarter of 2023 compared to the same period of 2022. This is higher than the national average of 5.6% and the regional average of 5.8%.


The following table shows the average prices and annual growth rates of housing in the main municipalities of the Riviera Maya in the third quarter of 2023:

Municipality

Average Price (MXN)

Annual Growth Rate (%)

Solidaridad (Playa del Carmen)

3,026,492

9.2

Tulum

2,894,150

8.4

Cozumel

2,216,564

7.6

Puerto Morelos

1,834,150

8.9

Conclusion


The housing market in Mexico continues to show signs of recovery and growth in the third quarter of 2023, with an annual increase of 5.6% in real terms in the national average price of housing. The regional differences in housing prices reflect the economic and social dynamics of each area, as well as the supply and demand factors that influence the value of housing. Quintana Roo and the Riviera Maya are among the most attractive and profitable markets for real estate investment in Mexico, due to their high average prices, annual growth rates, and tourism potential. Investing in real estate in the Riviera Maya can provide multiple benefits, such as:

  • Generating passive income from short-term or long-term rentals

  • Appreciating the value of the property over time

  • Enjoying the amenities and services of the area

  • Living in a paradisiacal environment with a high quality of life

If you are interested in buying or selling real estate in the Riviera Maya, contact us today and let us help you find the best option for your needs and budget. We are experts in the local market and we have access to the best properties and opportunities in the area. Don’t miss this chance to invest in one of the most beautiful and dynamic places in the world!


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