Are Foreigners Driving Up Luxury Home Prices in Mexico City?
The influx of foreigners, particularly digital nomads, has led to a surge in luxury home purchases in Mexico City's most exclusive neighborhoods. Lower housing prices, flexible financing options, and better quality real estate compared to their countries of origin have attracted thousands of mainly North American buyers to the bustling city.
According to Sotheby's International Realty, approximately 40% of residential and luxury housing sales in Mexico City were made to foreigners in 2022 alone. This number is expected to rise to 60% or more within the next two years, says Karim Goudiaby, CEO of Neximo real estate 1.
Luxury properties, valued between 12 and 17 million pesos, are selling the most due to this phenomenon. Attractive prices and increased purchasing power have turned high-end homes into both second residences and investment opportunities for foreigners. Many of these property owners are renting out their homes on digital platforms like Airbnb to capitalize on their investments 2.
While tourist destinations remain popular among foreign investors, there's a growing interest in areas close to urban centers. For example, some regions in Morelos are gaining popularity due to their proximity to Mexico City and Puerto Vallarta 3.
As Mexico City's luxury housing market continues to grow, it's crucial for potential buyers and investors to stay informed about the latest trends and opportunities. With a combination of lower prices, flexible financing, and high-quality real estate, Mexico City remains an attractive destination for foreigners looking to purchase luxury homes.
The growing trend of foreigners, especially digital nomads, investing in Mexico City's luxury housing market presents a unique opportunity for those looking to expand their real estate portfolio or find their dream home.
With lower prices, better quality properties, and flexible financing options, there has never been a better time to invest in this thriving market. If you're a U.S. citizen considering purchasing a home in Mexico, MoXi is here to help you navigate the financing and refinancing process with ease.
Don't miss out on this exciting opportunity – contact MoXi today to discuss your options and take the first step towards owning a piece of Mexico's vibrant real estate market.