In 2024, the Mexican housing credit market showed mixed signals. The Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit) demonstrated increased activity, while bank placements and the Fondo de Vivienda del Issste (Fovissste) experienced a decrease.
According to BBVA Research’s “Situación Inmobiliaria México. Primer semestre de 2025” report, the total number of hipotecary loans issued in 2024 reached 512,000, with a combined value of 581,500 million pesos. This represents a 10.2% year-over-year growth based on loan numbers and a 2.7% increase by amount.
Infonavit Surges Ahead
During 2024, Infonavit placed 366,200 hipotecary loans, marking a 17.4% annual growth. In terms of amount, the institute disbursed 262,600 million pesos, reflecting a 15.9% real increase from 2023.
Bank Placement Decline
In contrast, bank placements declined by 4.2% annually, totaling 120,100 hipotecary loans. The amount disbursed was 285,000 million pesos, indicating a 6.9% real annual decrease.
Fovissste’s Moderate Growth
The Fovissste issued 36,000 hipotecary loans in 2024, representing a 1.7% drop from the previous year. In terms of amount, the institute placed 33,800 million pesos, marking a 1.4% real annual growth.
Higher Loan Amounts Despite Decrease
Despite the overall decrease in bank placements, the average loan amount remained significant at 2,372,000 pesos. Infonavit’s average loan was 717,000 pesos, while Fovissste’s averaged 940,000 pesos.
Declining Housing Accessibility
The report highlights a decrease in housing accessibility in Mexico over recent years, particularly for low-income households. Between 2016 and 2022, housing prices increased by 58%, while labor income rose by only 4.1%. In 2022, around 20% of renting or mortgage-paying Mexican households allocated more than 30% of their income to housing costs, considered “excessive.”
