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Housing Price Gradients in Mexico City During the COVID-19 Pandemic

Author

Listed:
  • Diego Mayorga
  • Karla Neri Hernández
  • Jorge Pérez Pérez

Abstract

We estimate the slope of the housing price gradient -the relationship between prices and distance to the center or employment density- in Mexico City, using administrative and survey data on housing prices in from 2019 to 2022. Our estimates rule out statistically significant changes in the slope of the housing price gradient after 2020 Q1 with respect to the pre-pandemic period. The Mexico City case contrasts with developed-country cities, where the housing price gradient flattened during the COVID-19 pandemic, with housing price increases in the suburbs relative to central areas. Possible mechanisms behind the lack of gradient change in Mexico city could include differences in pandemic restrictions relative to other countries, a reduced potential for remote work, lack of access to finance housing purchases, and housing supply shocks.

Suggested Citation

  • Diego Mayorga & Karla Neri Hernández & Jorge Pérez Pérez, 2024. "Housing Price Gradients in Mexico City During the COVID-19 Pandemic," Working Papers 2024-18, Banco de México.
    • Handle: RePEc:bdm:wpaper:2024-18
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    File URL: https://www.banxico.org.mx/publications-and-press/banco-de-mexico-working-papers/%7BE8114B84-BB79-0BF8-CAEC-7A31CBF84791%7D.pdf
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    More about this item

    Keywords

    Housing prices; Housing price gradients; COVID-19;
    All these keywords.

    JEL classification:

    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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