property in Mexico City
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Updated 3 weeks ago

People come from all over the world to settle in places like Latin America for its cultural vibrancy and generally easy-going pace of life, and Mexico City is no exception. It is a vibrant city that leaves you with a sense of both peace and wonder about what Mexican culture can show and teach you about yourself. This is why finding a place to live is a pleasant and fulfilling experience that you should look forward to.

The local real estate market

In Mexico City, there are a lot of housing options. Still, it can get pretty competitive finding a good house as there is a lot of demand from foreign parties, especially in what are referred to as ideal zones such as San Angel which still retains an old town charm, Escandón which offers easy access to iconic neighborhoods such as Condesa, Roma and Nápoles, and Del Valle that is wonderfully located if the Southside of the city calls your attention.

When it comes to the vast majority of neighbourhoods, finding an apartment in Mexico City is a lot easier than finding a detached house. This rings especially true when you’re interested in a place that won’t break the bank. The most sought after are those that are situated in the upscale neighbourhood of Polanco, southern Coyoacán and Copilco as these are emblematic areas with cobblestoned streets, colonial-style influences, and more history and tradition than you can shake a stick at.

Property prices in Mexico City

In the first months of 2019, the average cost for a two-bedroom apartment was four and half million pesos in Nápoles neighbourhood and 7 million pesos in Condesa, and 17 and half million pesos for an apartment of 160 square meters in Polanco. As the past years have shown an increase in buying interest, the local real estate market does fluctuate, as it did after the city was struck by an earthquake in 2017 and certain parts of the city were hit much harder than others.

How to buy property in Mexico City

You can buy a house as an expat in Mexico City, but you need to turn to a local real estate agent. This is a must as they are extremely helpful when you need walking through the procedures and limitations involved. For instance, how they cannot invoke protections from their government on property matters.

When you find a place, you can begin the purchasing process. It begins by making an earnest deposit that withers a real estate agent of the buyer’s attorney holds on to. Then, a promissory agreement is drawn-up where a timeframe for payment is established, and basic terms are locked up.

Once this is signed, the seller reaches out to your bank to begin the trust application. Your attorney then makes an order to the Ministry of Foreign Affairs in order to apply for a permit. What you will need is a passport, a driver’s license and a recent utility bill showing your name and home address.

When you have that, you will need to acquire the services of a public notary and bank trust officer to look over the written sales contract for the closing deed. The title is then transferred to the bank. It is encouraged that you hire a lawyer to ensure that all these steps are done correctly.

 Useful links:

Realtor
Point 2 Homes
Mexonline
Transferwise
Global Property Guide

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