Despite the complications left by 2020, people who already showed an intention to buy or rent a home maintain their plans and it is likely that they will complete them in 2021. This has been driven by favorable conditions in mortgage rates and the supply of credits.
However, purchasing a home or a rental commitment is not a transaction to be taken lightly. For this reason, it is important to know what the real estate behavior is like in the region where you want to obtain a property.
On this occasion, the real estate portal Propiedades.com shares relevant data on the dynamics observed in Guadalajara and Monterrey, two key cities for the country.
According to Leonardo González, Real Estate analyst at Propiedades.com, it is important to study these metropolises since, due to their population density, they are a benchmark for other regions in the expansion phase.
The 2020 Population and Housing Census indicated that Guadalajara and Monterrey are two of the 10 most populated metropolitan areas in Mexico, with 5.2 and 5.3 million inhabitants respectively. The specialist explained that both are an urban pole for Jalisco and Nuevo León, two entities that lead the economic and productive dynamism of the country.
In this regard, the Institute of Statistical and Geographical Information of Jalisco (IIEG) mentions that in January 2021 6,755 formal jobs were generated in Jalisco. Of the total number of workers registered with the IMSS —1,787,122—, Guadalajara accounts for 38.64 percent.
Meanwhile, Data Nuevo León indicates that Nuevo León is the state with the lowest labor informality and generates 7.3 percent of the National Gross Domestic Product (GDP).
Real estate behavior
The portal detailed that currently, both cities are attractive in terms of housing. According to the section Values of Properties.com, it indicates that, in a year, the price of the houses for sale in Guadalajara increased.
In February 2020, the average cost was 2,860,000 pesos and for February 2021 3,150,000 pesos . The lowest value was registered in May 2020, at 2,840,000 pesos.
In the case of Monterrey, there was also an increase in the same month. The houses for sale reported an average price of 5,800,000 pesos. For February 2021 of 6,150,000 pesos. González anticipates that, during 2021, housing prices in both cities will rise.
Regarding housing income, Guadalajara showed stability. Both in February
2020 as of 2021 the average rent was 19,700 pesos per month . However,
Houses for rent in Monterrey went from 16,200 pesos in February 2020 to 17,700 pesos
in February 2021.
Sale and rent of apartments
According to the information shared by the real estate portal, the average price of apartments for sale in Guadalajara increased slightly. In February of last year, it was 3,810,000 and this year 3,890,000. In Monterrey, these properties did not change. In the 12 months, the average price was 3,640,000 pesos.
In Guadalajara, the rent decreased. In one year, the average cost of the apartments went from 19,700 pesos to 17,700 pesos. The same thing happened in Monterrey. February 2020 reported an approximate cost of 17,800 pesos and February 2021 of 17,700 pesos.
If you are interested in one of these cities in particular, the analyst Leonardo González recommends, in addition to reviewing housing costs, studying other real estate indicators such as Capital Gains or Gross Rental Profitability (RBA); as well as making a budget.