Real Estate Investment Trusts (known as FIBRAs) represent a solid option for investing in the Mexican real estate market without requiring large amounts of capital. These financial vehicles allow investors to diversify portfolios, delegate management to experts, and access rental income from industrial, commercial, office, and other properties.
Growth and consolidation of Real Estate Investment Trusts
Since Fibra Uno (FUNO) debuted on the Mexican Stock Exchange (BMV) in 2011, the FIBRA market in Mexico has experienced remarkable growth:
- Currently, FIBRAs manage more than MXN $891 billion in assets
- Over 2,200 properties under management
- A gross leasable area (GLA) of 30.5 million m²
- An average occupancy rate of 95%
For this year, the Mexican Association of Real Estate Investment Trusts (Amefibra) forecasts that FIBRAs will add more than 2 million m² of additional GLA.
The S&P/BMV FIBRAS Index has shown cumulative appreciation of 175.5% in 14 years, compared to 61.4% for the S&P/BMV IPC, with average returns of 15% over the last three years, outperforming the IPC by 7.8 points.
What makes FIBRAs attractive to investors?
- Prudent leverage regulation: the loan-to-value (LTV) ratio is capped at 50%, and leading FIBRAs operate around 30%.
- Stable cash flows, with predictable profits.
- Rents growing above inflation, maintaining high occupancy and defensive performance against adverse economic cycles.
- Interest rate cuts by Banxico have increased the appeal of FIBRAs, as competing debt instruments such as bonds lose attractiveness.
Favorable macroeconomic context
As of June 2025, Banxico reduced its key interest rate to 8.0%, the lowest level since 2022. Later, in early August, it lowered it again to 7.75%, in response to moderate inflation of 3.51% in July, once again within the central bank’s target range.
Geographic implications of FIBRAs
Although FIBRAs have assets across most of the country, their location favors regions with high real estate demand, such as:
- The Bajío
- Northern Mexico (e.g., Nuevo León and Chihuahua)
- Central Mexico (Mexico City and State of Mexico)
These regions combine industrial, commercial, and office density with the projected expansion of FIBRAs.
In summary, FIBRAs in Mexico continue to be an attractive financial instrument due to their flexibility, stable returns, and sustained growth. Their regulated structure, outperformance of the stock market, and backing by real assets position them as a benchmark in real estate investment.
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