Mexico City Property Market and Real Estate Guide
(Mexico City, Federal District, Mexico)
Mexico City is one of the most populated cities in the world, and is the centre of cultural, economic, and political activity in the country. Although negative media publicity concerning smog has been published in the past, the 20 million+ residents of the Mexico City Greater Metropolitan Area have managed to survive and the city has been cleaned up dramatically during the past 20 years.
Geographically, the city is enormous, which allows for plenty of opportunity to find a place to live, hopefully close to your place of work as, while the city's air has improved, the traffic has not. A few of the many desirable neighbourhoods are Ciudad Satélite, Valle Dorado, Coyoacán and Polanco, which is near the beautiful Chapultepec Forest.
Mexico City has a wide array of serviced apartments, both for rent and purchase, in addition to condos, haciendas and numerous other types of property. The size and variety of the city makes either leasing or purchasing property an attractive option.
Renting Serviced Apartments
There are many serviced apartments in Mexico City, ranging in price from the very cheap to the exorbitantly expensive. Those here for a long-term stay need to take into consideration where they plan on spending the majority of their time, as travel throughout the city can be trying.
Renters will most likely be required to pay at least two months' rent prior to moving in. This charge includes the first month's rent and a security deposit equal to one month's rent. The concept of direct payment via a bank has not been widely implemented in Mexico City, and so paying the landlord directly is normal. Note also that contracts in Mexico are usually for a term of one year, and that if you choose to extend the lease, the rent will usually increase.
Buying Apartments and Houses
The one factor which prevents many people, including local residents, from purchasing a home in Mexico City is the high rate of interest, 15 percent, charged by Mexican banks, although this figure is now lower than in past years.
Opportunities to purchase property do exist, and a large percentage of foreigners choose to buy a home here as the cost of living, while not incredibly low, is much more affordable than in many other large cities outside Mexico. Foreigners who choose to purchase a home in Mexico must first obtain a permit from the Mexican government's foreign relations office.
Real Estate Agents
Finding the correct real estate agent is important in Mexico, since the sector is not regulated and there are no licensing mandates. Make sure you use an agent registered with the Asociación Mexicana de Profesionales Inmobiliarios (AMPI).
Check out the following Mexico City real estate agents:
Address: San Jerónimo Avenue 630 Local Centro Comercial, San Jerónimo, Mexico City, 01090, Mexico, MX
Tel: +52 55 5668 1222
Century 21 is an international real estate agency with a large presence in North America, as well as offices in Mexico.
BAI Bienes Raices
Address: Av. de los Pinos 35, Interior 1, Esq. Calle 16, Mexico City, 03800, Mexico, MX
Tel: +52 55 3095 4801
BAI is a nationally recognised Inmobilario office and has reliable representatives.
Address: Paseo de las Palmas 820, 5 Piso Col. Lomas de Chapultepec, Mexico City, 11000, Mexico, MX
Tel: +52 55 5202 2282
Coldwell Banker has helpful and personable agents to help you find a home or serviced apartment in Mexico City.