Queretaro, Qro. Given the rising cost of supplies for construction, housing prices in the state have risen on average 10% accumulated from January to mid-June, according to the State Council of Real Estate Professionals of Querétaro (Cepiq).
However, the surcharge could be higher for the rest of the year, because it is expected to close 2022 with an annual increase of up to 30% in the prices of housing units, explained the president of Cepiq, Arturo Hernández Serrano.
Although this double-digit increase is atypical, in such a short time, the specialist in the field explained that these are increases that were already forecast in the sector.
The current effects were related to the impact of the Covid-19 pandemic that brought a disruption to global supply chains, inducing increases in construction costs.
“We were already expecting it, (…) this issue already comes from the pandemic, when the borders were closed, that made materials scarce, demand increased and prices skyrocketed,” he explained.
Therefore, the rise caused by the war between Ukraine and Russia has yet to be reflected, which has also had an impact on the increase in the cost of inputs related to the construction industry, coupled with the ravages of inflation.
During the second half of the year, he added, the rise in construction costs will intensify and, therefore, will translate into more significant rises in final housing prices.
However, due to the economic crisis, he stressed, there are people who get rid of their assets and auction off their homes at costs below the real price.
“They cause them to have to sell their assets at a very low price in order to capitalize. Now you have to be careful with money management, take care of where you are going to invest and now one of the recommendations is to invest in real estate”, he pointed out.
Only in the first quarter of the year, the Index of the Federal Mortgage Society (SHF) reported that housing prices increased 7.3% annually in the entity, higher than the 6% increase reported by Querétaro in the same period of the previous year, but in line with the annual rise that accumulated in 2021, of 7.3 percent.