Discover the keys to real estate investment in CDMX and get the best returns buying luxury properties.
Are you looking for the best real estate investment in CDMX? The luxury real estate rental market has become a dynamic and attractive scenario where opportunities for better returns flourish every day. Discover below the main market insights to buy high end properties wisely in 2024 and get the best in the future.
Thanks to the geographical dimensions of the city, Mexico City's rental property market contains a diversity of options that can fit pockets with a low budget, and even super luxury properties in the best areas of the city, such as Polanco, Bosques de las Lomas or Lomas de Chapultepec. In this context, there are certain types of properties which are highly sought after due to their unique and attractive characteristics. Taking this into account could help you choose the ideal project to buy and get the best returns on your investment.
Luxury apartments are the jewel of the real estate market in the CDMX. With privileged locations in neighborhoods such as Condesa, Polanco and Santa Fe, these spaces offer exceptional amenities and panoramic views of the city. They often feature advanced security systems, contemporary architectural design and access to exclusive amenities such as private gyms, spa areas and subway parking.
Main characteristics:
For those families looking for a more private and spacious experience, luxury residences in the CDMX are the preferred option. These properties offer an oasis of luxury in the middle of the city, with spacious patios, gardens and, in some cases, private pools. Neighborhoods such as Lomas de Chapultepec, Bosques de las Lomas, Interlomas, Lomas de Chapultepec, Bosques de las Lomas and other sought-after neighborhoods in the west of the city are known for housing these exclusive residences.
Main characteristics:
Penthouses represent the pinnacle of luxury in the rental market. Located on top of exclusive buildings, they offer unparalleled panoramic views of the city. These spaces often feature high-end design details, private elevator access and expansive terraces for outdoor living, usually connected internally to the apartment. The preferred areas to choose one of these properties in the city are Polanco, Roma, Condesa and Narvarte.
Main characteristics:
With the growing popularity of certain areas in the city, lofts have become a modern and sophisticated option for couples or people looking for a unique experience. These open-concept spaces, located in neighborhoods such as Juárez, Roma, Condesa and Nápoles, combine industrial elements with contemporary design. Lofts are ideal for those who value versatility and avant-garde style.
Main characteristics:
According to data collected during the last half of 2023, the occupancy rate of rental properties in Mexico City remains at high levels. The demand for luxury housing has generated a steady increase in occupancy, especially in the neighborhoods considered the most exclusive.
Mexico City has historically been the main financial center of the country, so naturally one would anticipate a higher cost of living compared to other cities within the republic, even in Latin America.
However, in the last decade, the rental market has experienced an unusual increase in demand, and consequently, the cost of leasing luxury properties. Areas such as Roma and Condesa have experienced significant growth; according to data from Inmuebles24, the average rental price increased by 13.63% in the first half of 2023. Likewise, the type of properties with the highest demand are apartments, followed by luxury homes.
In the case of the CDMX, the Cuauhtémoc mayor's office, especially in neighborhoods like Condesa and Roma, leads the way in price increases with an astounding 34.5%. On the other hand, Benito Juarez also experienced an increase in rental prices of 16.3%, Many property owners in this area have benefited.
On the other hand, living in Polanco or in exclusive residential areas in the west of the city, represents an improvement in the quality of life in many ways. Currently the average rental price in Polanco is around $50,000 MXN per month. It is expected that this value will be maintained for a few years and will tend to increase with the development of new projects in some of the best streets of the polygon, such as Campos Elíseos or Rubén Darío.
The migration of people from all over the world to Mexico's major cities has completely transformed the leasing landscape for property owners.
A recent Forbes Mexico article mentioned that Mexico is the country with the highest number of digital nomads in all of Mexico. According to Restart estimates there are more than 90,000 foreigners in Mexico under the concept of Digital Nomads .
Colonies such as Condesa, Roma, Juarez and Polanco have emerged as trendy areas, driven by the arrival of foreigners in search of a much richer quality of life in cultural matters. Added to this is the signing of an agreement between the government of the CDMX and Airbnb to attract these remote professionals, which has generated a significant increase in the demand for rental properties in these areas, and consequently, in prices.
On the other hand, phenomena such as nearshoring nearshoring has also boosted the arrival of expats who are looking for residences to live for one, two or more years, and not only in CDMX, but also in other key cities such as Monterrey, Guadalajara and vacation destinations on the coast of Mexico.
According to Forbes, Mexico captured more than US$40 million in foreign investment in 2023 alone. Francisco Cervantes Díaz, president of the Consejo Coordinador Empresarial (CCE), concluded in the article that the Mexican entrepreneurs are experts in generating very high value opportunities for foreign companies, This makes Mexico a country of diversified investments in all sectors of the economy.
It is critical for investors to understand the local regulations governing leasing. In the CDMX, the lease regulations establish the rights and responsibilities of both the lessor and the lessee. Within the Federal Civil Code, article 2398 establishes the lease as the agreement where one party grants the use of a property temporarily, while the other party pays for such use.
It will always be advisable to approach a lawyer specialized in the real estate sector for the development of a solid contract. This contract stipulates the main clauses of the lease agreement, some of the most important of which are as follows:
Rights and obligations of the lessee: The lessee, who takes control and enjoys the property, has rights and obligations as defined in the Federal Civil Code, such as the right to receive the property in good condition and the obligation to pay the lease price.
Rights and obligations of the lessor: The lessor, who temporarily assigns his property, has rights such as receiving the rents at the agreed time and in the agreed manner, and the obligation to guarantee the peaceful use of the property.
Can a tenant keep the rental property in Mexico? Although the tenant has possession, he does not become the owner. The lease agreement specifies the lessee's obligations to the lessor.
Profitability in the luxury property market remains attractive. Previously we talked about how to calculate the rental price of a property and how to obtain the best returns with this investment model.
In this sense, we find that a solid yield is considered to be between 8 and 10% per year with respect to the total value of the property. However, it is important to take into account factors such as location, dimensions and amenities or added values that the property may have. Inmuebles24's analysis shows a 7% increase in profitability during the first half of 2023. Benito Juarez stands out with an impressive 13.3% growth in profitability, as one of the municipalities with the greatest projection.
On the other hand, the capital gain of a luxury property is an essential element to consider in this type of investment. It is estimated that properties in high-growth areas, such as Mexico City, will experience an increase in value. The Cuauhtémoc mayor's office, despite high rental prices, has proven to be an attractive investment with a 10.1 times increase compared to the previous period.
Understanding the profile of the type of tenant you are looking for is critical to success in the Mexico City luxury rental market. The relationship between the location of the property and the characteristics of the prospective tenant plays a crucial role in landlord and tenant satisfaction.
Each area of Mexico City has its own identity and unique attractions. From the elegance of Polanco to the bohemian atmosphere of the Condesa, each colonia attracts a specific type of resident. Knowing these characteristics allows you to customize your rental offers to attract the ideal tenant. However, in the same area, needs may vary according to age, gender and profession. It is important to tailor properties to these characteristics in order to attract the ideal tenants. Here are a few practical examples:
- Zona Condesa and Roma: If your property is located in these neighborhoods, it is likely to attract creative professionals and young entrepreneurs. Offering modern spaces, with flexibility to accept pets, and with an ideal location for day-to-day activities on foot can be a key attraction.
- Santa Fe Zone: If your property is in Santa Fe, an area characterized by business growth, you may attract professionals looking for modern amenities as well as a luxurious and tranquil lifestyle. Offering well-equipped home workspaces could be an advantage.
- Polanco Zone: Given its reputation for exclusivity, properties in Polanco could attract high net worth executives and expatriates. Offering high-end concierge and security services can justify higher rents and ensure a clientele willing to pay for these amenities.
The luxury rental property market in Mexico City presents significant opportunities, but also challenges. Understanding trends, local regulations, profitability and tenant profiles is essential to making informed decisions. Investors should carefully consider infrastructure, urban development projects and potential risks to maximize their return on investment.
Selling your luxury property can be a challenging task. The secret to selling with confidence is to approach this process with the help of real estate specialists in your area. Here are some recommendations.
At Nolab we have an innovative 360° methodology for the marketing of luxury properties with total security. In addition, our newly renovated marketplace offers access to 100% qualified leads providing a comprehensive approach that guarantees not only effective results but also a smooth and secure transaction.Your luxury property deserves the best attention and security! Contact us and speak to an expert today.
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Alfredo Obregón is the co-founder and CEO of Nolab, a real estate platform focused on investment, sales, and property management across international markets.
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