Housing panorama of Mérida and Yucatán over 15,000 homes sold annually

72

The real estate consultancy Softec carried out a preference survey to find out how people wanted their new spaces? 61% of the participants live in houses and 39% in apartments; most live in two-, three-, and four-bedroom units.

“20% wanted to move to a house and 13% to an apartment; To make this change, the most important thing was to have a study to work or for their children to study, as well as a large balcony and high-speed internet, ”said Gene Towle, founding partner and CEO of Softec at Invest In Mérida.

Likewise, he reported that it is estimated that by 2021 the industry will have an investment of 423 billion pesos; Most of the growth will be in housing and especially vacation, particularly in the Tulum and Vallarta area, which had an interesting growth despite the Covid-19 pandemic, but for this year it will change.

In 2017, sales were 315 thousand; 2008 of 306 thousand; 2019 of 244 thousand and in 2020 they were 235 thousand, for this 2021 Eugene sees a contraction, not because of the lack of demand, but because no projects have been started, that is, there is no supply.

“We see a large variation in housing of less than 400 thousand pesos, as well as a contraction in average housing; on the other hand, in residential plus and vacation rentals the market is stable ”. Monthly sales will have a downward trend, as there are fewer and fewer active projects, the product in process is declining, but for the director this means areas of opportunity, “if we grasp the feet of the largest market like Mérida, that will be an advantage ”.

Currently, Mérida is one of the most valuable markets in sales in the country, only that 2021 will be a flat year in terms of sales, later there will be a gradual recovery, so vacation homes and middle-class homes are the ones that will grow.

“We have the opportunity to sell a home to all the people who bought us affordable housing; if we look at those with less than 450 thousand by segment, inventories and products in process are down; and by city, Mérida is the one with the most inventory in product in process, but little inventory remains, which represents an opportunity ”.

Casas de una planta zona norte en Merida

According to Gene, social interest products in Mérida are sold at 2.2% each month; that from 450 to 850 is at the same level (2.7%), they take about 35 to 40 months to sell; the residential plus has a contraction, but the unit in process is the same and the inventories more or less stable.

Regarding mortgage placement, fewer loans were placed in 2020 than in 2019 and 2018, but in a matter of money, last year is the one that generated the most money, since 176 billion pesos were placed to buy new homes.

“Less units, but more credits; the plus, residential and average housing were enough pairs in quantity of money; in mortgage placement there was a contraction; we see an increase for used home loans. Additionally to this, an evolution of bank rates is seen, since it is at the lowest rate point in the history of Mexico in the last 100 years ”.

In Mérida, in the metropolitan area, as of 4Q2020 there were 227 projects that had 9 thousand 505 houses available, their average price is one million 582 thousand pesos, the price per m2 is 17 thousand 464. In terms of assets, there are 227 projects They have 27 thousand 728 units in process, but only 9 thousand 505 remain, that is, a third of the inventory.

“ 453 units are sold per month, which is equivalent to 717 million pesos per month of the real estate product; The average project has 122 units, and its average price is one million 582 thousand, it has 131 m2, it has 2 bedrooms, it has 30 months left for sale, while the average project lasts 50 months in a market and sells 3 million pesos per month ”.

Yucatan has had a downward trend in the last 10 years, but it is still said that around 15 thousand new homes a year, which means a demand for housing; and if they are seen it is specified in Mérida, of that total, about 10 thousand happen in the city. Regarding its placement of mortgage loans, in Yucatan 7,888 were placed two years ago and 6,709 in 2020 and 5 billion pesos were invested.

Source: inmobiliare.com

The Yucatan Post