It’s increasingly expensive to buy a house in Merida Yucatan


Mortgage credit rises in Mérida; reveal that the cost of houses increased by 7.2% in the first half of the year.

MÉRIDA, Yucatán.- The price of houses with guaranteed mortgage credit in Mérida increased 7.2 percent in the first half of the year, compared to the same period in 2019, said the Federal Mortgage Society (SHF), an agency dependent on the Ministry of Finance and Public Credit (SHCP), which indicated that this increase exceeded the national average increase, which was 5.8 percent.

In this way, from January to June 2020, mortgage housing in Yucatán had an average cost of one million 102 thousand 267 pesos, while in the first half of 2019, it was 977 thousand 308 pesos, and in 2018, it was 887 thousand 395 pesos.

The average cost of the mortgage house in Yucatán exceeded in the first half of 2020 that of places like Nuevo León, where it is located at one million 72 thousand 328 pesos; Colima, with 822,708, and Coahuila, with 772,427 pesos.

According to the 2020 report of the Mexican real estate market, carried out by the real estate portal Lamudi, investing in a property of the middle segment in the five best-positioned cities of 2019 Most Livable Cities Study, among which is Mérida, costs less than three millions of pesos.

The study indicates that Mérida, including the “top 5”, has a modern infrastructure, and due to its location, it allows commercial and tourist activities, which combine the tranquility of the place with the versatility of large cities.

The first place is for San Pedro Garza García, Nuevo León, followed by Colima, Colima; Merida Yucatan; San Nicolás Garza, Nuevo León, and Saltillo, Coahuila.

Yucatan growth 

According to specialists in real estate development, the rapid rise in prices of houses and apartments in Yucatán is due to population growth, which according to state government estimates is 600 people per week.

It is considered that at the end of Mauricio Vila Dosal’s administration, in 2024, the population will go from 2.2 million current inhabitants to 2.4 million.

At the national level, the average price of a home is one million 141 thousand pesos.

Derived from the health contingency caused by Covid-19, the number of mortgage transactions decreased 20.3 percent in the first half of 2020, when compared to the average of transactions in the first half of previous years.

The SHF indicated that the increase in house prices occurs in a macroeconomic environment in which the Gross Domestic Product (GDP) decreased 18.9 percent in real terms in the second quarter of the year when compared to the same quarter of 2019.


The Yucatan Post