San Miguel de Allende is one of Mexicos best-known Spanish-colonial towns and has been a top expat haven for decades. Its cobbled streets are lined with gaily-painted houses and the town attracts artists, writers, and musicians from around the world.
Although San Miguel has been popular with expats for the past 50 years, real estate is at bargain prices right nowdown as much as 55% from highs in 2007/2008.
But youd better move fast, warns InternationalLiving.com Mexico editor, Glynna Prentice.
In the euphoric early 2000s, prices in San Miguel rose dizzyingly. Real estate firms saw prices nearly double up to 2007. Then, with the recession, the market dried up. Buyers just didnt have the liquidity, explains Prentice.
But in the last yearand especially in the last six to eight monthsthe trend has been reversing. Buyers from Canada, Europe, the U.S., and elsewhere are back and properties are selling at all price points. There is plenty of selection in the $200,000 to $300,000 range. But even properties in the $800,000 to million-dollar-plus range are moving.
Centro is where 70% of expat buyers choose to bewithin easy walking distance of all the action. Properties here have generally held their value slightly better than those in outlying neighborhoods.
Yet Centro doesnt have to be expensive, says Prentice. Listed right now, for instance, is a fully-furnished, one-bedroom/one-bath apartment, with nearly 1,000 square feet of space, for just $189,000. A slightly larger fixer-upper, with three bedrooms and two bathrooms, is on sale for $130,000.
Youll find two- to three-bedroom homesin Centro, though maybe a few minutes farther from El Jardin (ground zero for San Miguels action)starting in the mid-$200,000s.
Outside of Centro, there are plenty of properties available in neighborhoods like San Antonio and Guadalupeabout a 10-minute walk away. Here, you could buy a two-story house in San Antonio, for example, for $199,000.
And you can still find fixer-uppers or basic properties in these neighborhoods starting in the low $100,000s.
The full report on real estate in San Miguel de Allende, which appeared in the June edition of International Living magazine, can be read here: San Miguel de Allende - Why Now is the Time to Buy Property There.
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For more than 30 years, InternationalLiving.com has been the leading authority for anyone looking for global retirement or relocation opportunities. Through its monthly magazine and related e-letters, extensive website, podcasts, online bookstore, and events held around the world, InternationalLiving.com provides information and services to help its readers live better, travel farther, have more fun, save more money, and find better business opportunities when they expand their world beyond their own shores. InternationalLiving.com has more than 200 correspondents traveling the globe, investigating the best opportunities for travel, retirement, real estate, and investment.
News source: PRWeb
Source:
Best Property Values in a Decade in San Miguel de Allende, Mexico InternationalLiving.com
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