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Building in Yucatán to get even more expensive in 2022

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Carlos Rosado van der Gracht
Born in Mérida, Carlos Rosado van der Gracht is a Mexican/Canadian blogger, photographer and adventure expedition leader. He holds degrees in multimedia, philosophy and translation from universities in Mexico, Canada and Norway. Sign up for the Yucatán Roundup, a free newsletter, which delivers the week's top headlines every Monday.
The rising cost of materias has not stopped the construction of new hotels on Paseo de Montejo. Photo: Carlos Rosado van der Gracht

Over the past several years, construction costs in Yucatán have risen sharply and all signs point to even higher prices in 2022.

On average construction costs in Mexico have risen between 8 and 15% yearly, but in 2022 this number has already skyrocketed to 17.4%. 

A worldwide shortage of building materials, including aluminum and concrete, are to blame. 

“There is less of everything on the market these days and getting the right materials has turned into a struggle and this has caused prices to rise considerably,” said Raúl Aguilar Baqueiro, president of Yucatán’s construction chamber of commerce. 

The largest rise in construction material costs has long been associated with the price of steel, a trend that is expected to continue for the foreseeable future. 

Earlier: Yucatán’s new high-cost apartment trend and housing crisis

However, these cost increases do not seem to have halted the pace of construction across the state, especially in Mérida and its surroundings.

New housing developments continue to be built in Mérida’s suburbs to serve a growing market demand fueled by out-of-state buyers.

Yucatán’s government also continues its own building spree with the announcement of major works such as a planned massive stadium in Mérida’s north, as well as a new controversial airport.

But a new report, “The Costs of Urban Expansion in Mexico,” has found that Mérida’s strategy for growth is alarmingly deficient.

“The growth that Mérida has experienced over the past 20 years is simply not sustainable and will likely result in worsening environmental and social problems,” said Pablo Lazo, co-author of the report. 

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