Mexican home purchase intention for 2019

Mexican home purchase intention for 2019

70% home seekers have plans to buy a house in 2019.

According to data from the National Chamber of the Housing Development and Promotion Industry (CANADEVI) at the national level, every year 650 thousand new families look for a home throughout the country, so there is currently a deficit of nine million in Mexico household.

Against this background, Property news – capital smart city Islamabad portal – carried out a survey of more than three thousand Mexicans who browse home search websites to find out what their real estate interests are for 2019 and how prepared they are to achieve your dream of owning your own home.

Of those surveyed, 42% live in a rented house, the same number live in their own home and 16% rent their home. Most of them (70%) intend to buy a house next year, 20% would prefer to remodel the one they already own, while 10% want to rent a house or apartment to become independent.

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When directly asked if they had intentions, or not, to acquire a property, 75% answered yes and 25% ruled out that possibility. Among potential buyers 68% would like to buy a home; 19% department and 13% would choose a land.

Among the reasons for those who do seek to have real estate assets, the following stand out: 35% want to have their own home; 30% think that having a real estate is a good investment; 15% require a larger space due to the growth of their family; 13% no longer want to continue paying rent; and 7% want to take advantage of their mortgage credit.

Of the surveyed population that will not buy a house in 2019: 35% do not have sufficient resources or their salary is not enough; 26% consider that the properties have become very expensive; 10% think that in years of change of government it is not good to invest in real estate; 8% prefer to invest their money in a business; 7% choose to continue renting because they feel more comfortable; 6% want to invest in experiences: travel, gadgets, clothing, etc. 5% will not buy a house due to job instability; while 3% will not do so because they do not have access to a mortgage.

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In this sense, it should be noted that, according to data from the Housing Commission of the Chamber of Deputies, in the national territory there is a backwardness of 10 million people who do not have a loan to purchase a home. Furthermore, according to INEGI, of the 53.8 million that make up the country’s employed population, half earn around five thousand pesos a month.

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The Vivanuncios survey titled Mexicans’ Home Purchase Intention for 2019 also yielded interesting data on the type of home that potential buyers prefer: 40% are looking for a new house, 39% are second-hand properties, and 21% are presale.

It is interesting to discover that 35% prefer new housing ready to install immediately; 28% would choose a used home because it is cheaper; 25% would opt for presale to make their property a little cheaper; while 12% would prefer used housing to be able to remodel it to their liking.

Characteristics of the ideal house for Mexicans

Respondents revealed the decisive factors when choosing a home:

73% seek security in the area; 36% nearby public transport; 33% proximity to work centers; 30% proximity to green areas or public parks; 18% proximity to school zones; and 15% that accept pets if it is a house or apartment in a condominium.

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As for the favorite amenities are: 49% parking; 12% security and surveillance, 10% sports court; 8% pool; 7% pet area; 5% roof garden; 4% gym; 3% multipurpose room and finally 2% running track.

Regarding the size of the ideal house, 34% of the Internet users consulted said they were interested in an area of ​​more than 100 m2; 28%, from 75 to 100 m2; 17%, from 60 to 75 m2; 15%, from 45 to 60 m2; and only 6% would be willing to live in a property of less than 45 m2.

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When asked in which region they would buy a home, 74% indicated that they would buy in the city in which they currently reside; 12% would buy in the province; 8% on the beach; and 6% would acquire a house located in some magical town.

How will Mexicans finance their house in 2019?

Now, for 80% of the respondents, the way to buy a house would be through financing, only 20% would make the acquisition with their own resources. Of those who require a credit: 48% would be from Infonavit; 30% bank credit; 15% co-financing; and 7% financing from Fovissste.

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When asked who will finance the payment of the house? 60% said they would do it by themselves; 30% with the help of their partner; 7% with family support (parents, siblings); and in 3% of cases, it would only be the partner of the respondent.

Regarding the way in which they would pay in down payment, 37% indicated that they would do so with the housing savings they have with Infonavit or Fovissste; 33% have savings of several years; 18% would ask for a bank loan; 7% would request a family loan; and 5% would pay it with their Christmas bonus.

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Finally, the survey Intent homebuying Mexican 2019 of Vivanuncios exposed the amount that Mexicans have for the purchase of housing: 30% would spend less than 500 thousand pesos; 29% between 500 thousand and one million pesos; 15% between one and 1.5 million pesos; 11% between 1.5 and 2 million pesos; 5% between 2 and 2.5 million pesos; 4% between 2.5 and 3 million pesos; 3% could pay more than 4 million pesos; 2% between 3 and 3.5 million pesos; and only 1% would be willing to pay 3.5 to 4 million pesos for a home.

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It should be noted that these figures are not far from reality, since in Mexico City alone, only 7.1% of workers earn more than 13 thousand pesos, according to the INEGI National Survey of Occupation and Employment.

“Each end of the year represents the end of some cycles and the beginning of others, for many Mexicans it is a new opportunity to meet goals and the housing issue is undoubtedly one of the most important. As the leading real estate portal in Mexico, we are generating various improvements to the site to offer the most complete online search. Our users can see the map of the city or neighborhood of their choice, view the real estate offer for sale in the area, in addition to three very important factors linked to that particular area: nearby schools and services, as well as the level of traffic . All these aspects are fundamental when making a decision and that is why we are focusing on providing the best tools for more people to find their ideal home from now on and in the future ”,says Mariano Balcarce, director of business development for Vivanuncios.

Methodology

Survey carried out through  www.vinanuncios.com.mx  to more than 3 thousand Mexican Internet users from November 11 to December 3, 2018. Age range of respondents: 25% are over 50 years old; 16% between 30 and 35 years; 15% from 35 to 40 years old; 14% from 40 to 50 years old; 13% range from 45 to 50 years; 12% are between 25 and 30 years old; and 5% between 20 and 25 years old. Sex: 55% are men and 45% women. Profile: economically active people throughout Mexico, mostly professionals.