The purchase of housing has two key secrets: having updated data and making financial decisions that fit your space needs. In this context, the Banorte Housing Price Indicator (Invaprevi) has come into operation. The new tool, which relies on big data and mathematical models, revealed that in Mexico, the cost per square meter of a property is around 30,390 pesos, with an 8% increase compared to the prices recorded last year.
Mexico City was crowned as the area of the country with the most expensive square meter, averaging 56,411 pesos; Nuevo León and Jalisco completed the top 3, with a valuation of 51,288 and 46,024 pesos per square meter, respectively. On the other hand, Tamaulipas stood out as the state with the cheapest costs, averaging 16,077 pesos per square meter, closely followed by Morelos with 20,034 pesos and Sonora with 20,324 pesos.
The chief economist of Banorte, Alejandro Padilla, explained that the Housing Price Indicator provides an accurate and up-to-date view of the sector, including costs, types of properties, and market offers. This indicator processes more than 180,000 monthly records, prices, and locations of properties in 60 cities and 15 states of the country; furthermore, it uses big data tools to monitor the evolution of the real estate market.
During the presentation of the tool, the president of Inegi, Graciela Márquez Colín, pointed out that housing represents 5.3% of the Gross Domestic Product (GDP) and is above sectors such as agriculture. The sector generated 2.2 million jobs last year. Additionally, 67.8% of homes in Mexico are owned, and more than half of these homes are already fully paid off.
