Home Headlines Real Estate Boom in Merida continues year after year

Real Estate Boom in Merida continues year after year

by Yucatan Times
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Thousands of people come to live in Mérida every year. Where do they come from?

“Merida has been a fashionable city to live in for some years. It is a very particular case in Yucatan and probably this does not happen in other parts of the country,” said Sergei Lopez Canton, local president of the Chamber of the Housing Development and Promotion Industry (Canadevi)

“More and more people come to live in the state. Around 30,000 people have arrived each year,” added the business leader.

“We have historically received a lot of population from the peninsular states and Tabasco. That has been the historical migration that we have always had, but in recent years people have arrived from Mexico City, the State of Mexico, Nuevo Leon, and Jalisco. They are the main migration poles of people that we receive,” he indicated.

For this reason, he explained, the demand for housing is greater every year.

“If housing production were greater than demand, it would be logical that there would be an increasing proportion of uninhabited housing, but referring to the INEGI census every five years, Yucatan has maintained its percentage of uninhabited housing for several five-year periods, with 13% of houses of that type, which translates into 80 thousand,” he said.

“Yucatan is below the national average of uninhabited houses, which is 15%,” he commented.

The state president of Canadevi reiterated that Yucatan and in particular the city of Merida has become fashionable to live in for some years due to the quality of life, public safety, and “because Yucatecans are great hosts, among other factors that make the state attractive.”

“People who come and know this situation that exists in Yucatan also want that for themselves and their families,” according to the interviewee.

There is a housing supply for all sectors, he added. The price is closely linked to how much the cost of construction materials to build houses increases. If inputs increase, so does the price of housing.

“Construction materials have become more expensive by 9%,” said López Cantón.

In 2022, compared to 2021, the increase in construction materials exceeded 12%. He stated that this increase is slowing down and they expect that in 2025 this will still be a little more. The expectation is that costs will rise, but by 5% or 6%.

López Cantón reiterated that the price of housing is closely linked to how much the cost of materials rises.

Likewise, he said that as of August, the price of houses has risen by 4%.

According to the interviewee, the increase in housing is less than the cost of construction normally, but one thing is closely linked to another.

The leader of Canadevi Yucatán commented that there is no one-size-fits-all solution for housing ownership.

Regarding building or buying a house, he said that everyone chooses according to their needs.

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