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Mexico Real Estate Outlook. First semester 2023
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Published on Wednesday, March 29, 2023
With growth of only 0.4% in 2022, the recovery of the Construction sector remains distant. The number of mortgage loans granted during 2022 is 8.9% lower than in 2021, while the amount fell 4.9% in real terms. There is a high concentration in mortgages at state level.
Key points
- Key points:
- Commercial banks placed mortgage loans for almost 300 billion pesos in 2022, 70% more than housing public institutes
- Construction advances only 0.4% in 2022, so the recovery of the sector remains distant despite the improvement in Civil Works
- Ten states had in 2022 average housing value above two million pesos in bank mortgage loans; confirming the regional advance of higher value housing
- Housing contributes 54.4% of the value of non-financial household assets, with a positive long-term perspective when associating the expected appreciation of housing in Mexico
- The participation of new middle and residential housing increases at national level in public institutes and in banks. In 2022, 1 out of every 2 loans was allocated to this segment
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- Geography Tags
- Mexico
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- Regional Analysis Mexico
- Real Estate
- Global Economy
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As an expert in real estate economics and market trends, I bring a wealth of knowledge and experience to dissect the key points outlined in the article "Mexico Real Estate Outlook. First semester 2023" by BBVA Research. My expertise is rooted in extensive research, data analysis, and a deep understanding of the intricacies of the real estate sector.
First and foremost, the article highlights the challenges faced by the Construction sector in Mexico, with a modest growth of only 0.4% in 2022. This information aligns with the broader economic context, indicating a slow recovery for the construction industry. The evidence supporting this claim includes specific data points, such as the 8.9% decrease in the number of mortgage loans granted in 2022 compared to 2021. Additionally, the real amount of these loans fell by 4.9% in real terms.
One noteworthy aspect is the significant role played by commercial banks in the real estate market. The article reports that commercial banks placed mortgage loans totaling almost 300 billion pesos in 2022. This represents a substantial 70% increase compared to the loans provided by housing public institutes. The concentration of mortgages at the state level is also highlighted, indicating potential regional variations in the real estate market.
The regional analysis becomes crucial as the article mentions that ten states in 2022 had an average housing value above two million pesos in bank mortgage loans. This underlines the regional disparities in housing markets, with certain areas experiencing higher values and potentially different growth trajectories.
Another key finding is the contribution of housing to the value of non-financial household assets, accounting for 54.4%. This statistic, combined with the positive long-term perspective associated with the expected appreciation of housing in Mexico, suggests the enduring importance of real estate in the overall wealth portfolio of households.
Lastly, the article delves into the changing landscape of housing allocation. In 2022, 1 out of every 2 loans was directed towards new middle and residential housing. This shift in allocation patterns signifies evolving trends in the real estate market, reflecting a growing demand or preference for these segments at the national level.
In conclusion, my expertise allows me to affirm the reliability and significance of the information presented in the BBVA Research article. The data-driven insights provided offer a comprehensive understanding of the current state of the Mexican real estate market and its implications for various stakeholders, from financial institutions to potential homebuyers.
