If you were asked which CDMX neighborhood is the most expensive to rent, would you answer the following question Countess o Polanco?
If we told you that rents in the Countess dropped 8% over the last year, would you change your answer?
You are right if you bet on the most famous neighborhood in the Cuauhtémoc district.
One square meter rents for 326 pesos per month. This means that for a 60-square-meter apartment, the average monthly rent would (or will) cost you $19,950. And let’s not talk about a larger apartment, about 150 square meters, because the amount rises to $48,900.
According to data reported by the Forbes Mexico website, rents in the Condesa are so expensive that they even exceed those in more exclusive areas.
For example, we can use Lomas de Chapultepec in the Miguel Hidalgo district for the same exercise. There, you could live in the same 60-square-meter apartment for $15,000, while the 150-square-meter apartment would rent for $37,500 per month.
Applying this case to Tecamachalco, which is already in Mexico (part of it is in Naucalpan and part in Huixquilucan), the price goes down again. The rent for the small apartment would be $10,700 (I’m almost there! 🫠), while the large apartment would be $26,550.
And why is the rent in La Condesa the most expensive in CDMX?
Undoubtedly, gentrification is the main problem.
According to Forbes, the rise of digital nomads who can work from home for their cities in Europe or the U.S. while earning in euros or dollars has been the key to all of this.
Their high salaries allow them to afford real estate at prices that are impossible for local people, who are also being expelled from neighborhoods such as Roma, San Rafael, Escandón, or Anzures. Can you locate another one?
One official response to this phenomenon is actions such as the recently announced program for low-cost rentals for youths. However, it is not enough.
Another striking fact of the real estate report, initially published by the firm Beleta, is that the situation changes if we talk about sales prices.
La Condesa is no longer the most expensive Zone in CDMX but drops to fourth place, with an average price of $72,000 per square meter.
The 60-square-meter apartment then costs 4.3 million pesos, while the 150-square-meter apartment soars to 10.8 million pesos.
Even with that, there are three neighborhoods where it is even more expensive to buy housing in our city: Polanco, Roma, and Lomas de Chapultepec.
Polanco tops the list, with an average price of 100 thousand pesos per square meter. The math doesn’t disappoint you: the 60-square-meter apartment costs 6 million pesos, and the 150-square-meter apartment costs 15 million. 😰
The report talks about real estate rental and sales prices during the first quarter of the year.