Real estate sector in Nuevo Leon grows with the rise of nearshoring
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Loading... - Gisela Roth
- 28 Aug 2024
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The real estate sector in Nuevo León, particularly in the metropolitan area of Monterrey, has experienced significant growth, fueled by the rise of nearshoring—a trend where companies relocate their operations closer to their home markets to reduce costs. This boom in economic activity, driven by the state’s strong industrial base, has had a notable impact on property prices and development.
According to data from Intelimetric, part of the Clau Group's proptech ecosystem, Monterrey stood out in 2023 with the highest home sales prices in Mexico. The median price for all types of properties was 5.5 million pesos, with houses averaging 5.75 million pesos and apartments at 4.8 million pesos. This reflects high demand and the increasing value of living in a rapidly expanding city.
The analysis by Clau highlights that this surge in prices is linked to the city’s growth and the rising preference for vertical housing developments. Young buyers, in particular, are leaning towards purchasing vertical properties closer to their workplaces rather than opting for larger residential units in more distant locations.
Nearshoring has been a key driver of this growth, as companies seek to move their manufacturing operations to nearby countries like Mexico to take advantage of lower labor costs, services, and access to suppliers. This industrial shift has spurred demand for housing in the area, further boosting the real estate market in Nuevo León.
