How much does it cost to buy a house in Mexico?

Buying a house, the dream of thousands of people in the country continues to rise. During 2018, the price of housing on credit in Mexico of the Sociedad Hipotecaria Federal (SHF) increased by 7.9 percent. According to the agency, at the end of the year, the average price of a home with mortgage credit in the country was 804 thousand 752 pesos.

This increase in the average value of homes nationwide, said the SHF in a statement, was the reflection of a macroeconomic environment of moderate growth. However, it is worth noting that the mortgage interest rate had its first decrease in three years when it fell 0.21 percentage points.

In general, the price of new housing in the country rose 8.9 percent, almost two percentage points more than the increase recorded in the previous year. The report points out that for the first time the cost of a used residence was increased over that of a new one since the houses or departments of second use increased by 9.3 percent.

In 14 states of the country, the price of housing rose above the average, including Jalisco, Michoacán, Yucatán, and Puebla, which recorded double-digit increases. While 18 entities saw a rise below the average, among which is the State of Mexico and the capital, where the costs of a house grew by 8.4 and 8.7 percent, respectively.

The report emphasizes that the variation in the Valley of Mexico, this is the conurbation, was even lower, in the order of 8.1 percent, this mainly due to the increase in the price of affordable housing. With respect to economic and social housing, the SHF observed an accumulated appreciation at an annual rate of 8.4 percent.