In the first half of this year, millennials contributed to the placement of mortgage loans granted by Infonavit circumventing the third wave of the health crisis due to COVID-19, with a growth of 5 percent compared to the pre-pandemic levels and 18 percent up from last year.
In the first semester of 2021, of the total loans of Infonavit, 42 percent (72 thousand 321 mortgages) were granted to young people between 25 and 35 years old, a figure that has been on the rise in recent years, since it represents an increase of 11.3 percent share versus 2020.
“At the end of June 2021, 170,390 mortgage loans had been placed, with a goal as of June of 140,640, obtaining a percentage of variation with respect to the goal of 21 percent. The annual goal for 2021 is 351 thousand 653 mortgage loans ”, stated Carlos Martínez Velázquez, general director of Infonavit.
In the first five months of 2021, Infonavit concentrated 54 percent of the total participation in the mortgage market for an accumulated amount of more than 1,558.7 million pesos in mortgages, followed by banks and Fovissste, the main originators of credits, with a participation of 36 and 10 percent, respectively.
Specialists point out that after the COVID health crisis that severely hit the mortgage market in April and May after the pandemic was declared, from June of last year to date the confidence of buyers has recovered to resume their plans to buy a home.
75% of people join credits
One of the preferred options for thousands of young people has been the possibility of joining mortgages to buy a home, such as the Unamos Credits program of Infonavit, which from January to July 2021 has financed 29,618 loans with a total amount of 9,188 million pesos, a figure that represents almost 75 percent of the total placed last year.
“Every time the policies of the banks are becoming more flexible to serve this segment, there is an option in which they can pool income with brothers, with friends, with your roomie or couples of the same sex, you add the payment capacity of both and you can access higher quality housing, ”said Iván Moreno, CEO of Hipoteca Genial.
In addition to buying a house with this scheme, the manager explained that there is a tendency to jointly invest in these properties to put them up for rent on platforms such as Airbnb and Booking, among others.
In this regard, Bernardo Silva, CEO and founder of the Yave mortgage platform, explained that the technological model of the company has been able to take advantage of the traction of the young market for the purchase of housing, mainly with a value between 1 and 1.5 million pesos, which that will boost its growth strategy for the remainder of the year.
“In the first six months, versus last year, we grew about 200 percent. To date we have originated about one billion pesos and I believe that this year the goal is more or less like 1.2 billion pesos, I think that we should achieve it, “he said.
He added that, thanks to alliances with digital real estate companies such as True Home, Flat.mx and others such as Tierra and Armonía, the company has been able to meet the demand of thousands of young people looking for a house, so it hopes to maintain the growth streak towards end of 2021.
“Last month (July) they originated more or less like 80 million pesos, more or less is the trend that we are going to bring from here to the end of the year. Of all the alliances that we have active, they must be moving between 10,000 and 15,000 homes a year, with mortgage loans, ”Silva said in an interview.
They prefer Infonavit
A study carried out on more than 67 thousand people by the company Perfilan revealed that at the end of the first semester of the year, the preference for paying a home with a bank mortgage loan fell 11.6 percent on average, while Infonavit gained prominence in segments such as of housing and a half and residential to pay.
“We are seeing low interest rates, suddenly you see 7.9 percent in an interest rate, bank credit is risking to lower its rates and this should be seen in an increase in preference, but no. At Infonavit we are seeing that there are several credit restructurings with a positive impact on the client, said Eduardo Aranda, co-founder and Director of Innovation at Perfilan.
He detailed that comparing the first semester of last year with that of 2021, the preference to pay with Infonavit rose 19 percentage points in the case of affordable housing, 4 percentage points in residential housing and 1 percentage point in average housing.
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