The Real Estate market in San Miguel de Allende has shown significant gains for investors after the US recession in 2008. It has become one of the top destinations for buying a second home by US and Canadian residents. There are a number of reasons which make San Miguel de Allende an obvious choice for retirees, young expats, and real estate investors.
Its world heritage status by UNESCO, pleasant weather, thriving culture, colonial architecture and popularity as a tourist destination make it a great place for Mexican and US buyers to invest. The cost of buying land here varies depending upon whether it is located in Centro or the surrounding area. Centro is one of the most desirable areas to buy real estate in San Miguel de Allende and is full of activity. The cost of property in Centro Histórico is around $2,000 US per square meter. But outside of Centro Histórico you can find properties that are 10-15 minutes walking distance from Centro at a more affordable price range of $250-$500 per square meter.
San Miguel de Allende’s popularity has become a boon for the real estate market and subsequently, investors from the US and Canada have shown interest in setting up home offices and new business ventures here. Life here is less expensive compared to neighboring US and Canada, but because San Miguel de Allende is a small city, with high demand and low inventory, the real estate market is becoming the exception.
Most of the real Estate deals here are done in cash but some developers offer new homes for sale with payments between 12 and 36 months. Bank financing generally is not available for foreigners though some programs exist at higher interest rates then most foreigners are accustomed to, so they prefer to make purchases in cash if possible. A special permit from the Mexican government is required for foreigners before making any real estate purchase in San Miguel de Allende, and we can help you obtain this. If you are considering buying property in San Miguel de Allende we recommend you seek professional help from a realtor who is also a member of AMPI (the Association of Professional Realtors) in San Miguel. Ernesto and Glenn SMA is a CDR Christie’s real estate team and we are happy to guide you through the process from start to finish. Learn more about us.