“Prices have continued to rise for many years,” although buyers are now negotiating more aggressively, said Carmella Peters Romero, an owner and broker at Peters & Romero Bienes Raices, a real estate agency in Mexico City.
But the market has recently slowed a bit, thanks to jitters about the approaching presidential election on July 1, Ms. de la Torre de Skipsey said. “People are a little bit frightened about the outcome,” she said, as the candidate currently favored to win, Andrés Manuel López Obrador, is a populist with a nationalist bent.
Two of Mexico City’s most desirable residential areas, Polanco and Lomas, have become all the more so because they are built on bedrock, making them less vulnerable to earthquakes, Ms. Peters Romero said. Surprisingly, two areas that suffered considerable damage, Roma and Condesa, also continue to attract buyers, she said, although potential buyers now tend to be more concerned about the quality of construction.
In general, “we’re seeing a lot more interest in well-built, lower-rise buildings with a maximum of four levels,” Ms. Peters Romero said. “Whereas before the earthquake, higher floors and penthouses in high-rise buildings were the most sought after.”
The price per square meter (about 10 square feet) varies greatly in affluent sections, based on the level of luxury. In Polanco and Lomas, the range is roughly $6,000 to $10,000 a square meter, Ms. Peters Romero said. In Santa Fe, the price per square meter averages about $3,500, Ms. de la Torre de Skipsey said.
WHO BUYS IN MEXICO CITY
Foreign buyers tend to be more interested in the tourist-friendly areas along Mexico’s Pacific Coast, and Cancún, on the Caribbean Sea, said Ana Laura Monsivais, a founder and broker at Home del Valle, a real estate agency in Mexico City. Few foreigners buy homes for themselves in Mexico City, she said, adding that foreigners who buy in the city are more likely to be investing in new construction or commercial properties.