Real Estate Market in San Miguel de Allende
Updated: Jan 26, 2021
Prices of realty in San Miguel de Allende have risen considerably over the last decade. The influx brought investment to the historic center, where old ruined buildings have been lovingly restored by new owners and, as demand soared, the areas in the hills and mountainside surrounding this colonial city have been developed into homes, too.
Prices for all realty soared as copious quantities of cash poured gratuitously into the town from Mexico and abroad, and raised property prices to levels which (and as happened in so many of Mexico’s semi-rural towns) never reflected the production potential of the local economy.
San Miguel was one of Mexico’s “boom economy” stories of the 2000s and so it is now undertaking necessary period of consolidation and re-balance that will, in due course, bring about a much more mature and stable property market in the region.
Most real estate is sold through local realty agents who know the area and the surrounding region, as well as directly through the developers marketing major realty projects, either out of town or on one of the nearby golf courses.
Real estate types range from old colonial homes in the historic center (and which today command very high prices, making them affordably to only the wealthiest buyers), to more contemporary-looking homes around the center’s peripheries and outskirts, where you can also find condos and some golf-course property available on tailor made developments.
If you are looking for a restoration project, some may still be available locally. To find them, you could wander around the center, as some properties have ‘for sale’ signs posted; others do not; contacting a local realty agent is the best way of finding out what the status of an old (ruined) building may be, and to negotiate the sale if the owner is open to offers.
Rentals Market in San Miguel de Allende
San Miguel has a very buoyant local property rental market. Some luxury homes here are also vacation rentals (rented full or part time as such); offered for rent by the week or over week-ends. Longer term accommodations may be sought as well, and some people who own property here but only live in San Miguel for part of the year will rent their homes out during the period of their absence. Long term rental properties in San Miguel are offered through local realty agents and by individual property owners listing properties on the internet or local newspapers and magazines, as well as signs posted at restaurants, cafes and bars near the vicinity where the rentals are situated. Some owners post a notice on the property, e.g. “Se Renta,” with a contact telephone number. For short-term rentals, AirBnB has become the defacto go-to site for searching available homes and making bookings.