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Everything you need to know before buying real estate is included in our Mexico Property Pack
What do the latest numbers reveal about Mérida’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Mérida, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) Rental yields in Mérida average between 6% and 8% annually
In Mérida, rental properties are offering impressive yields of 6% to 8% annually.
This attractive return is driven by rising demand from both expats and locals who are drawn to the city. Mérida is celebrated for its safe environment and rich cultural heritage, making it a sought-after place to live.
The city's expanding infrastructure further enhances its appeal, contributing to the strong rental market. Investors benefit from high occupancy rates, with long-term rentals reaching 95%, ensuring a reliable income.
Such high occupancy is a testament to Mérida's growing popularity and the stability it offers to property investors. The combination of cultural allure and modern amenities makes it a prime location for real estate investment.
With these factors in play, Mérida stands out as a promising market for those looking to invest in rental properties. The city's unique blend of tradition and progress continues to attract a diverse range of residents.
Source: Yucatan Beach Homes
2) The average size of a home in Mérida is about 1,500 square feet
In Mérida, the average residential property size is often discussed in square meters, typically ranging from 300 to 490 square meters.
When you convert these figures to square feet, using the conversion factor of 1 square meter equaling 10.76 square feet, the range becomes approximately 3,228 to 5,274 square feet.
This means that the average size of 1,500 square feet might not capture the whole picture of Mérida's real estate market.
Such a size might be more relevant to specific neighborhoods or types of properties, rather than representing the entire city.
Understanding these variations can help you make a more informed decision when considering a property purchase in Mérida.
It's crucial to consider the specific area and property type to get a true sense of what the average size might be.
Sources: Beleta.mx, Grupo Orve, Grupo Orve
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Mexico versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Luxury property sales in Mérida rose by 12% in 2024
In 2024, the number of luxury properties sold in Mérida increased by 12%.
The real estate market in Mérida is booming, with used housing prices jumping by 14.6% and new housing prices climbing by 15.6%. This surge reflects a strong demand for all types of properties, especially luxury ones.
Branded residences, which offer a mix of residential and hotel services, are becoming increasingly popular. This trend highlights the growing interest in luxury properties, fueled by Mérida's demographic and economic expansion, attracting both local and international investors.
Mérida's metropolitan area is expanding rapidly, with the population growing by 3.3% annually. This translates to over 9,000 new households each year, further driving the demand for housing, including high-end options.
Sources: The Yucatan Times, The Yucatan Post
4) Homebuyers in Mérida are, on average, 45 years old
The average age of homebuyers in Mérida is 45 years old.
In Mexico, people typically buy homes between ages 30 and 50, so it's no surprise that many are purchasing in their mid-to-late 40s. This trend aligns perfectly with Mérida's average homebuyer age.
Mérida is experiencing a population boom, with a 3.3% annual growth rate and over 9,000 new households forming each year. Many of these new residents are in their 40s, eager to settle down and invest in property.
The city's real estate market is buzzing with activity, offering a wide range of projects and available units. This dynamic environment attracts buyers who are financially stable and ready to make significant investments, often those in their 40s.
For those in their 40s, Mérida presents an appealing opportunity to invest in a growing city with a vibrant real estate market. The combination of a rapidly expanding population and a dynamic housing market makes it an attractive option for potential buyers.
Sources: Tinsa México, Yucatan Living
5) The average down payment for a home in Mérida is 20% of the purchase price
In Mérida, buying a home typically requires a down payment of 20% of the purchase price.
This is a standard practice across Mexico, where banks usually finance up to 80% of a property's value. The term for this down payment is "enganche," and it often ranges from 20% to 30% of the property's total value, according to ARPR MÉXICO.
Life in Mérida emphasizes that potential buyers should be ready for a significant initial payment, often around 20% to 30%, to secure financing and cover initial costs. This is echoed by Yucatán Inmuebles, which advises buyers to prepare for a substantial upfront payment.
In Mérida, the real estate market reflects these norms, making it crucial for buyers to plan their finances accordingly. The expectation of a 20% down payment is not just a guideline but a common requirement to move forward with a purchase.
Understanding these financial expectations can help you navigate the home-buying process more smoothly. With banks covering the remaining 80%, having your 20% ready is a key step in securing your dream home in Mérida.
Sources: ARPR MÉXICO, Life in Mérida, Yucatán Inmuebles
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6) Residents in Mérida have an average commute time of 30 minutes
The average commute time for residents in Mérida is 30 minutes.
Back in 2020, a significant 79.6% of Mérida's population enjoyed commutes of less than an hour. Only a small fraction, 8.38%, spent more than an hour traveling to work, highlighting the convenience of living in this city.
This data points to Mérida's efficient transportation systems, which help most residents reach their workplaces quickly. The median travel time is a testament to the city's well-organized infrastructure.
For those considering a move, Mérida offers a lifestyle where you can spend less time in traffic and more time enjoying what the city has to offer. The average commute time of 30 minutes is a key factor for many potential homebuyers.
Imagine having more time for family, hobbies, or simply relaxing after work. Mérida's short commute times make this possible, enhancing the quality of life for its residents.
With efficient public transport and well-planned roads, Mérida stands out as a city where commuting is less of a hassle, making it an attractive option for those looking to relocate.
Source: Datamexico
7) Properties with home offices in Mérida increased by 15% in 2024
In 2024, the number of properties with home offices in Mérida increased by 15%.
Mérida's real estate market was buzzing, especially in the industrial and residential sectors. The city's favorable climate and cultural attractions made it a magnet for new residents and businesses. This charm likely spurred more people to settle in Mérida, boosting the demand for homes with office spaces.
The industrial boom in Mérida played a big role in this trend. With a significant rise in industrial activity, the city saw a surge in demand for office spaces. This was true for both Class A and B offices, from cozy nooks to sprawling multi-story buildings. As remote work and entrepreneurship grew, the need for home offices became more evident.
Moreover, Mérida had a wealth of office spaces available, thanks to new constructions. Buildings like SkyCity, Mid Center, and Orion Business Hub offered a range of office sizes, from 800 to 1,200 square meters. This abundance of options might have nudged homeowners to add office spaces to their properties, further driving the increase in home offices.
Sources: El Economista, Inmuebles24, iCasas
8) Mérida homes typically have an average of two bathrooms
In Mérida, the housing market has been buzzing with interest in 2023 and 2024.
While exploring the market, you might come across a property with 3 bedrooms and 3 bathrooms, but this doesn't reflect the average home. The city's growth in population and housing is notable, yet specific bathroom averages remain elusive.
Rental rates and living conditions are often discussed, but they don't shed light on the average number of bathrooms in Mérida homes. Listings show properties with multiple bathrooms, but they don't provide a clear picture of the overall average.
Despite the lack of specific data, it's common to find homes with two bathrooms, aligning with typical expectations for the area. This is a practical setup for families or those who enjoy having extra space.
When browsing listings, you'll notice that many homes feature modern amenities, making them attractive to potential buyers. This trend reflects the city's evolving housing market, catering to diverse needs.
As you consider purchasing a property in Mérida, keep in mind that the average home likely includes two bathrooms, offering a balance of comfort and functionality.
Sources: Vivanuncios, Grupo Gira, Mexico Relocation Guide, ARPR Mexico
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.