CDMX Suffers a slowdown in housing demand, Has it gone out of fashion?

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Interest has shifted to states like Morelos and Querétaro, as they continue to be close to the center of the country, but with properties at more affordable prices.

The real estate sector has experienced a series of accelerated changes due to the pandemic. First, in 2020 people put their home buying and rental plans on hold as they saw an uncertain future with falling economies around the world and strict lockdowns.

During this time, there were more questions about the place that was inhabited: whether there was little space to do activities such as the home office, and how feasible it was to pay for a more expensive space close to the office if remote work was now predominating.

While months passed by, and the advance of the vaccination, the population of the whole world resumed, in an accelerated manner, their real estate plans. Data from the Lamudi real estate report, a real estate platform, shows that from the end of 2020 to the end of 2021 the search for homes grew 30% throughout the country, an atypical situation, considers Daniel Narváez, vice president of Marketing for the company.

Such an increase accelerated the trends. One of them regarding Mexico City. The metropolis with the most expensive housing in the entire country also had an increase in interest in real estate, but at minimal levels compared to the rest of the states.

From 2020 to 2021, Querétaro, Quintana Roo and Hidalgo were the entities in which searches for real estate sales and rental transactions increased the most (residences, land, commercial, industrial spaces, etc.), with 112%, 91% and 57% respectively. While the CDMX was in place 27 of 32, with 13%.

At the housing level, in particular, the scenario is not very different. The capital of the country was left out of the top 10 with the most development in the demand for real estate with 22%, while Morelos registered 159.1%, the State of Mexico 116.9% and Querétaro de Arteaga 107.3%.

The answer for the change lies in costs, explains Daniel Narvaez, “people began to look for larger or more flexible places, such as houses, where they could make a space for an office or to receive visitors, and they realized that it was more accessible get it outside of Mexico City and in places not so far away,” he explained at a press conference.

In CDMX, the average price of a house is 4,750,640 pesos, while in the State of Mexico it is 2,271,240 pesos, and in Querétaro, 2,852,840 pesos. For rent, in the capital it is around 36,890 pesos per month, in the State of Mexico 15,894 pesos and in Querétaro 13,795 pesos.

However, although the demand is slowing down in Mexico City, it will continue, as well as the rise in prices “the increase in construction costs, the demographic bonus and the growing supply of real estate will make the city continue to be expensive and sought after to live ”, points out Narvaez de Lamudi.

Source: Expansion