Housing demand in Mexico City changes after the earthquakes

After Mexico was struck by two major earthquakes last September, predictions anticipated a downfall in housing prices in certain boroughs of Mexico City
Coyoacán, one of the oldest neighborhoods in Mexico City, is the borough that increased its value the most in 2017 – Photo: Ariel Ojeda/EL UNIVERSAL
02/01/2018
14:57
Tania Casasola
Mexico City
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In 2016, Laura bought a 95 square meter apartment in Coyoacán. Two bedrooms, two bathrooms, and two parking spaces. The apartment cost MXN$2,721,000, yet now it is worth MXN$3,800,000. A sudden price increase of more than one million Mexican pesos.

In December 2016, the square meter in Coyoacán was worth MXN$28,645 while last month the square meter was being quoted surprisingly at MXN$40,000.

After Mexico was struck by two major earthquakes last September, predictions anticipated a downfall in housing prices in certain boroughs of Mexico City, while almost true, there was a notorious change in the housing demand in the city.

Coyoacán, one of the oldest neighborhoods in Mexico City, is the borough that increased its value the most in 2017. It registered a 49% increase in its housing prices, according to real estate portal Propiedades.com.

Coyoacán reached this spot due to its strategic location, its accessibility, the high quality of its public services, and the multiple points of interest (theaters, shopping centers, etc.) near the borough.

Last year, Polanco (first and fifth sections), Roma Norte, Del Valle, and Bosque de las Lomas were among the neighborhoods with the highest property value, yet this year the scenario changed.

The top ten neighborhoods that increased their value in 2017 were:

  1. Coyoacán. It registered a 49% increase (MXN$40,000 per square meter)
  2. Álamos. It registered a 34.47% increase (MXN$32,727 per square meter)
  3. Escandón. It registered a 26.14% increase (MXN$38,645 per square meter)
  4. San Ángel. It registered a 23.86% increase (MXN$24,429 per square meter)
  5. Ajusco. It registered a 19.96% increase (MXN$51,732 per square meter)
  6. San Rafael. It registered a 49.78% increase (MXN$24,429 per square meter)
  7. Santa María la Ribera. It registered an 18.93% increase (MXN$20,256 per square meter)
  8. Insurgentes Sur. It registered a 17.97% increase (MXN$45,000 per square meter)
  9. Las Águilas. It registered a 14.80% increase (MXN$44,250 per square meter)
  10. Nuevo Polanco. It registered a 14.45% increase (MXN$62,195 per square meter)

Neighborhoods affected by the earthquakes such as Del Valle, Roma, Condesa, and Narvarte are not featured in the top ten, however, they are among the areas with the highest property value in Mexico City.

On the contrary, the neighborhoods where the surplus value fell in 2017 were:

  • Anáhuac. It registered a -30.45%
  • Pedregal. It registered a-26.63%
  • Clavería.It registered a -20.37
  • Doctores. It registered a -14.16%
  • Del Carmen.It registered a -8.49%
  • Anzures.It registered a -8.46%
  • Lindavista. It registered a -7.29%

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