At the end of the first quarter of 2024, the downtown area of the city registered 39 projects, representing 7,669 apartments in development
With more than 5.2 million inhabitants, the metropolitan area of Monterrey is one of the most populated in Mexico, which is why the development of vertical housing has become one of the strategies of the real estate sector, since the number of projects of this type grew five times in the last 10 years, according to Tinsa Mexico.
At the end of the first quarter of 2024, the downtown area of the city registered 39 projects, representing 7,669 homes in development, which will be added to the available inventory of 3,343 units.
According to the real estate services firm, the projects under construction represent an area of just over 594,000 square meters (m2); on average, they have a habitable area of 64.6 m2 with 1.8 bedrooms and a cost of 65,687 per m2.
“The verticalization of cities is helping to generate new spaces and to recycle urban areas. The greater use of locations generates well-being for buyers, who value aspects such as traffic, travel time, security and how close services are,” said Tinsa.
In this context, in the first three months of the year, 6,548 homes were sold in the Metropolitan Area of Monterrey, of which 22% correspond to apartments and 78% to houses in horizontal format.
Price increase
Over the years, vertical housing has become a global trend to solve the housing supply in large cities.
In an analysis, the Flat.mx platform highlighted that this model has gained relevance due to changes in demographic composition, the preference of demand, the costs derived from the growth of the urban area and the difficulty of building houses in horizontal format due to the increase in the cost of land.
It is worth mentioning that the average sale price of apartments in the Monterrey city increased 9.2% annually in the first quarter of 2024, reaching 5 million 294,068 pesos, according to Tinsa.
In this sense, it is estimated that the vertical housing inventory under construction in Monterrey would have the capacity to house just over 17,986 new inhabitants; however, most would be people of high socioeconomic status, due to high prices.
Source: eleconomista
