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Playa del Carmen ranks fifth in Mexico for highest home price increases already this year

Riviera Maya, Q.R. — Quintana Roo is among the top states in the country with the highest increase in home prices already in 2023. According to the Federal Mortgage Company (SHF), the state of Quintana Roo has seen a 17.1 percent increase in the first quarter of 2023 over the same period last year.

Sociedad Hipotecaria Federal (SHF) reported that Baja California Sur ranks first in Mexico with a price increase of 17.9 percent, followed by Quintana Roo and the state of Sinaloa at 16.5 percent.

The SHF says that in the first quarter of 2023, at the national level, the average price of a home was 1,601,000 pesos and the median price was 926,000 pesos.

The SHF Index showed differentiated results by state in such a way that 16 states presented higher variations than the national one, while 16 registered lower variations.

The SHF Housing Price Index showed an appreciation of 11.7 percent nationwide in the first quarter of 2023 compared to the same period in 2022. During the first three months of 2023, there was a decrease of 11.5 percent in the number of appraisals compared to the same period in 2022.

The SHF Index of new housing presented a variation of 12.8 percent, while that corresponding to used housing increased 10.8 percent during the first quarter of 2023. In this period, a proportion of used housing of 60 percent and 40 percent of new housing was observed.

The SHF Index for single houses grew 11.8 percent and that of houses in condominiums and apartments (considered together) appreciated 11.6 percent. The SHF Index for economic-social housing presented an increase of 11.3 percent and the SHF Index for medium-residential housing increased 11.9 percent in the period from January to March 2023.

When ordering the prices of mortgage loans from lowest to highest, at the national level, it is observed that 25 percent of the operations were carried out for a price equal to or less than 626,000 pesos.

The median price was 926,000 pesos, which means that 50 percent of the operations in the housing market were carried out below this amount and the other half above. Finally, 75 percent of the homes were sold for less than 1,853,000 pesos and the rest for a higher price.

The increase in housing prices occurs in a macroeconomic environment in which the Gross Domestic Product (GDP) grew 3.9 percent in real terms in the first quarter of 2023, when compared to the same period of the previous year, according to the Timely Estimate of GDP published by the National Institute of Statistics and Geography (INEGI).

By municipality, Solidaridad (Playa del Carmen) in the state of Quintana Roo ranks fifth on the SHF Index with a price variation of 16.8 percent, making it the most notable in the state and the fifth highest in the country.

The highest in the country was the municipality of La Paz in the state of Baja California Sur with 18.1 percent.

During the first three months of 2023, compared to the same period in 2022, the SHF Index registered appreciation rates above the national average in 38 municipalities and appreciation rates below it in 36 municipalities.