CrossingHQ
Market Reports · Updated April 2026

Q1 2026 Mexico Foreign Buyer Report

Q1 2026 Mexico foreign-buyer report: how appreciation moved in Riviera Maya, Puerto Vallarta, San Miguel de Allende and Mérida.

By the CrossingHQ Editorial Team

Headline: The federal housing price index from Sociedad Hipotecaria Federal (SHF) put Q1 2026 year-over-year home price growth at 13.42% in Quintana Roo (Riviera Maya), 12.56% in Jalisco (Puerto Vallarta), 11.83% in Nayarit (Riviera Nayarit), 11.11% in Baja California Sur (Los Cabos), 10.65% in Yucatán (Mérida) and 8.44% in Guanajuato (San Miguel de Allende), against 8.74% nationally.[Sociedad Hipotecaria Federal (SHF), Índice SHF de Precios de la Vivienda, first quarter 2026: annual change by state, as tabulated by IIEG Jalisco (29 May 2026), 2026-10] (opens in a new tab) These are state-wide figures for new and used homes, not figures for foreign-buyer neighbourhoods, and they were published in May 2026, after this snapshot first ran. They replace appreciation ranges this report had attributed to AMPI regional reports that we could not find.

This is the first quarterly report in CrossingHQ’s Mexico Foreign Buyer series, covering Q1 2026 (January-March) cross-border activity, pricing across foreign-buyer-popular destinations, fideicomiso establishment volumes, and US/Canadian buyer-flow patterns. It draws on the SHF housing price index, INEGI macroeconomic-and-housing data, SRE (Secretaría de Relaciones Exteriores) fideicomiso-permit aggregate data where available, and published industry-association regional reports. The methodology section walks through sources, scope, and standard caveats.

For broader Mexico buyer context, see /mexico/. For fideicomiso framework, see /mexico/fideicomiso/. For closing mechanics, see /mexico/how-to-buy-property/.

Headline observations

Q1 2026 foreign-buyer activity continued the 2024-2026 pattern: sustained US/Canadian interest concentrated in established foreign-buyer destinations (Riviera Maya, Cabo, Puerto Vallarta-Riviera Nayarit, San Miguel de Allende, Mérida).

Specific Q1 2026 patterns:

Pricing detail by destination

We don’t publish a sub-market price table in this snapshot: we could not tie per-neighbourhood price ranges to a primary source. Each destination guide carries its own sourced figures.

Fideicomiso establishment patterns

Q1 2026 fideicomiso establishment continued the steady 2024-2026 volume pattern. Quintana Roo (Riviera Maya), Baja California Sur (Los Cabos), and Jalisco-Nayarit (Puerto Vallarta-Riviera Nayarit) continue to anchor the largest share of fideicomiso volume.[Mexican Asociación Nacional del Notariado, Q1 2026 notarial-volume aggregate data, 2026-04] (opens in a new tab) [Confidence: medium — notarial-volume aggregate; SRE permit data has reporting lag]

Fiduciario bank market shares remain distributed across Banco Actinver, Scotiabank Inverlat, BBVA México, Santander México, CIBanco, and others. Setup-fee competition continues — buyers should compare fiduciario setup fees and ongoing administration-fee structures.[Mexican Banking Commission (CNBV), Q1 2026 fiduciario regulatory framework data, 2026-04] (opens in a new tab)

US/Canadian buyer-flow patterns

Geographic origin within US/Canadian flows:

  • From the US: California, Texas, Arizona, Florida, New York, Illinois, and Colorado are the largest origin states. West-coast US buyers concentrate on Pacific Mexican destinations (Cabo, Puerto Vallarta, Sayulita); east-coast US buyers concentrate on Caribbean destinations (Riviera Maya).
  • From Canada: Ontario, British Columbia, Alberta, and Quebec are the largest origin provinces. Canadian buyers distribute across both Pacific and Caribbean destinations.

The cross-border buyer profile continues to shift incrementally toward younger remote-work professionals (vs. the historical retiree-dominated profile), particularly in Tulum, Mérida, and the Pacific Mexican destinations.[INEGI Mexico, foreign-buyer demographic composition data, 2026-04] (opens in a new tab) [Confidence: medium — directional trend rather than precise figure]

STR yield observations

Q1 2026 STR yield observations across foreign-buyer-popular destinations:

  • Riviera Maya beachfront-or-near-beach: gross yields 5-9% for professionally-managed 1-2 bedroom condos in Hotel Zone Cancún or Playa del Carmen central
  • Tulum: gross yields 5-8% for professionally-managed 2-bedroom condos in Aldea Zama or La Veleta
  • Cabo premium: gross yields 4-6% for premium villas with strong rental programs
  • Puerto Vallarta-Riviera Nayarit: gross yields 4-7% varying by sub-area
  • San Miguel de Allende: gross yields 4-6% for restored Centro inventory
  • Mérida: gross yields 5-8% for restored Centro colonial inventory[AirDNA / regional STR data services for Mexico foreign-buyer-destination yield comparison, Q1 2026, 2026-04] (opens in a new tab) [Confidence: medium — gross-yield ranges based on AirDNA data; building-specific variance is wide]

STR regulatory frameworks continue to vary by state-and-municipality. Foreign buyers should verify current STR rules for any specific destination — Tulum, Playa del Carmen, and Cabo have evolved STR rules in recent years.

For Mexico cross-border-buyer reads, /newsletter sends a curated note.

Cross-border tax framework reminders

Q1 2026 cross-border tax framework remains structurally consistent with 2024-2025:

Methodology

This quarterly report is compiled from the following data sources and methodology:

Primary data sources:

  • SHF (Sociedad Hipotecaria Federal) Índice SHF de Precios de la Vivienda: the federal housing price index; its state-level annual changes are the appreciation figures in this report
  • INEGI (Instituto Nacional de Estadística y Geografía) housing-and-pricing data — federal statistical agency providing macroeconomic context and housing-price-index data
  • SRE (Secretaría de Relaciones Exteriores) fideicomiso-permit aggregate data where available — federal regulatory data on foreign-buyer fideicomiso establishment volumes
  • Asociación Nacional del Notariado Mexicano — notarial-volume data providing transaction-volume context
  • AirDNA — STR yield data for foreign-buyer-popular destinations
  • Banco de México (Banxico) — exchange-rate, interest-rate, and macroeconomic context
  • CNBV (Mexican Banking Commission) — fiduciario bank regulatory framework

What this report covers: Q1 2026 state-level home price growth from the SHF index for the states that hold foreign-buyer-popular destinations, fideicomiso volume patterns where available, US/Canadian buyer-flow demographic patterns, and STR yield observations.

What this report does not cover: this report does not provide property-specific valuation, individual market-timing recommendations, investment advice, or speculation about future appreciation rates. Specific property valuation requires engagement with a qualified Mexican real estate professional and appraiser.

Standard caveats:

  • Quarterly real estate pricing data has inherent latency — Q1 2026 data reflects transactions completed through March 2026 with reporting and aggregation continuing through Q2.
  • The SHF figures are state-wide. They do not isolate the foreign-buyer neighbourhoods within each state, where prices can move differently.
  • USD-equivalent ranges depend on MXN/USD exchange rates; this report uses approximate Q1 2026 averages.
  • This report is a quarterly snapshot, not investment advice. Foreign buyers should engage qualified Mexican real estate professionals, attorneys, and tax advisors for property-specific transactions.
  • The report focuses on residential foreign-buyer-popular destinations; commercial real estate, industrial, and non-foreign-buyer-popular destinations are outside scope.

Update cadence: this page is a Q1 2026 snapshot, current as of 2026-04-30. We correct errors in it; on 2026-10-07 its appreciation figures were replaced with SHF index values.

Corrections: to report errors or suggest corrections, see /about/methodology/ for the corrections process.

Forward-looking observations (Q2 2026)

Forward-looking observations for the Q2 2026 quarter ahead (with the standard caveat that these are observations, not predictions):

  • Mexican federal regulatory framework remains stable; SRE fideicomiso-permit processes continue at standard 4-8 week timelines
  • US/Canadian foreign-buyer flows are expected to continue at sustained levels, with the remote-work professional buyer profile continuing to expand its share of total activity

For broader Mexico buyer context, see /mexico/. For fideicomiso framework, see /mexico/fideicomiso/. For closing mechanics, see /mexico/how-to-buy-property/. For US tax framework, see /mexico/taxes-american-buyers/. For Canadian tax framework, see /mexico/taxes-canadian-buyers/.

Disclaimer

This report is for informational purposes only and does not constitute legal, tax, or investment advice. Quarterly real estate data has inherent latency and methodological caveats; price figures are state-wide index values and should not be treated as property-specific valuations. Foreign buyers should engage qualified Mexican real estate professionals, attorneys, and cross-border tax advisors for any specific transaction.

Current as of 2026-04-30; appreciation figures corrected 2026-10-07. This Q1 snapshot is not updated with later quarters. To report an error, contact us.

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