In 2021, the placement of credits for housing increased 6.6%, between public organizations and the commercial Bankthe latter being the most dynamic both in terms of amount and number of mortgages.
According to the results presented in the most recent report “Mexico Real Estate Situation”, prepared by BBVA Research, at the end of last December the banks They granted 151,200 mortgages, which represented an increase of 25% compared to the same period last year.
In what corresponds to the amount financed, at the end of 2021 The bench reported a real annual increase of 29.2%, with 269.3 million pesos.
On the other hand, housing agencies such as Infonavit and the Issste Housing Fund (Fovissste) behaved unequally The bench and even setbacks.
In the case of Infonavit, the main mortgage lender in the country, its financed amount grew 2.6%, but by number of credits presented a reduction of 0.7% per year.
Meanwhile, Fovissste increased its assigned financing by 3%, but with a smaller amount of resources, since it presented a real annual decrease of 2.8% at the end of 2021.
| Organization | Number of credits | Annual variation % |
Amount (millions of pesos) |
Annual variation % |
| Commercial Bank | 151,200 | 25 |
268.3 |
29.2 |
| Infonavit | 321,000 |
-0.7 |
179.1 |
2.60% |
| Fovissste | 50,000 | 3 | 37.5 |
-2.80% |
|
Source: Mexico Real Estate Outlook 1H2022 |
They want accredited houses of higher value
In its report, BBVA explained that in the case of the commercial Bank the average amount of the mortgage grew 3.4% in real terms in the year, to be around 1 million 700,000 pesos, this in line with the preference for households of the residential segment.
Thus, according to the analysis of the financial institution, the financing for houses of greater value not only consolidated the recovery of the mortgage sector in the midst of the global uncertainty of last year, but also the results were exceeded, since only in August, in what corresponds to credit for residential housing had a growth of 45.7 percent.
“It is unlikely that these growth rates will be sustainable in the medium term considering the income distribution of the population,” BBVA Research advanced.
For middle-income housing, a segment that also reported annual growth above 30%, in contrast to the 1.8% drop for the financing of affordable housing, the report indicated that it will be essential to see the effect of public housing agencies.
“The average mortgage in (the) 2021 increased 3.4% in real terms, when compared to this indicator of December 2020, reaffirming the trend of the banking market towards households of greater value reaching an average value of 1 million 775,000 pesos.
“The increase in the value of the average mortgage has shown a constant advance with the exception of 2019 when a slight setback was observed,” the document pointed out.
Loans resist interest rates
Although the financial organization recognized that since last June, the cycle of downward interest rates ended, the increase has not been drastic and is less than the increases in the reference rate of the Bank of Mexico (Banxico).
“The increase in the mortgage rate has been very moderate, less than a third of the reference rate. The M10 bond, a reference for mortgage rates, began the cycle of increases from January 2021, increasing 196 base points throughout the year, putting pressure on mortgage rates that have remained below 10 percent”, BBVA pointed out.
Thus, in 2021 the interest rate to acquire used housing reached 10.25%, while for new units the interest was 9.4%, however practically zero increases are expected for this year.
It should be remembered that Infonavit specified that until the end of the present administration, around 2024, the rates of its financing will remain between 1.91 and 10.45%, depending on the salary level of the beneficiary.