Mexico City, the capital of Mexico, lies in a valley surrounded by mountains and volcanoes.
Before the Spanish colonized the territory, the area where the city is located was home to the Aztec tribe, who built their metropolis on top of a lake; later, the Spanish colonists would build over the Aztec city covering the water. Eventually the area dried up, but Mexico City still stands over the bed of the empty lake.
The soft base beneath and the heavy buildings above make it so that the city sinks a little each year. Mexico City, also known by Mexicans as Distrito Federal (Federal District), is home to the federal powers, and as federal territory it doesn’t belong to any of the 31 Mexican states. The city has grown exponentially, spanning to the neighboring municipalities of bordering states.
The population of the city and metropolitan area is now over 21 million people. The city is a major financial, political and cultural center in the world. Given that Mexico has taken important steps to draw both foreign and local investors in every sector – from commerce and tourism to infrastructure and telecommunications – and signed more free trade agreements than any other country in the world, it has become a very attractive place for investors worldwide.
Rental Market in Mexico City
There are many different types of housing in Mexico, from spacious houses on landscaped, private lots to high-rise apartments in a bustling city.
Rental properties can be found in four distinct suburbs – Central, Western, Northern, and Southern – each with its own rental pricing. It is a fast-paced market and choices may be limited by availability, budgets and costs. Finding a rental property requires flexibility and quick decision making during the housing search.
Real estate in Mexico City has become very expensive. Rent prices range from 1.200 USD to 13.500 USD per month. In the last two years, rental prices have increased approximately 10% annually due to increasing demand. It is a fast paced market and therefore requires quick decisions due to the lack of properties available. Internet information is neither reliable nor accurate, as most properties have not been updated. Be sure to contact your Global Mobility Consultant, who can provide you with more current information on listings. Desirable neighborhoods for transferees include:
- Santa Fe
- Bosques de las Lomas
- Lomas de Chapultepec
- Zona Esmeralda (North)
- Coyoacán & San Angel (South)
Polanco and Condesa are very trendy and expensive neighborhoods. Most available properties are two-bedroom apartments that have few additional amenities. These neighborhoods are filled with parks, popular outdoor cafés, and restaurants.
Santa Fe, Bosques de las Lomas and Interlomas are located in the suburbs and continue to grow rapidly. Properties tend to be newer with larger spaces and very good amenities. These neighborhoods have large malls and restaurants for family dining. Santa Fe in particular has become a major business district. It consists mainly of residential and office buildings, as well as hotels that surround the Santa Fe mall. Due to the heavy traffic of people that live and work in the vicinity, the area is filled with a wide variety of restaurants, bars, cinemas, and gyms.
Lomas de Chapultepec is one of the most expensive neighborhoods. Most properties are large houses that stand alone. There are a few streets with added security, although the area is quite safe. This neighborhood is mainly residential.
Zona Esmeralda is located to the north of the city. It is one of the nicest growing suburbs and least expensive due to the longer commute to downtown Mexico City. People working in the northern industrial area of the city generally prefer this neighborhood. Houses here have large lots of land; there are very few apartment buildings. There are also two golf courses in the area: Chiluca and Valle Escondido.
Coyoacan and San Angel are located in the south of the city. They are very old neighborhoods. Most of the houses are colonial, Mexican style. These neighborhoods are filled with parks, bazaars, galleries, restaurants, and cafes.
Other popular neighborhoods for expats further south are Pedregal and Jardines de la Montaña.