San Miguel Allende has been voted World´s Best City by the readers of Travel + Leisure magazine. So what makes this city so attractive? And why are there so many expats moving here? What is the San Miguel de Allende real estate market like?
To find out I spoke with James Guzman, a San Miguel de Allende real estate buyer’s agent and resident of the the city.
“I think it’s a very beautiful place. The architecture is great, and it is a relatively inexpensive place to live, especially if you shop at the local markets.”
LatinCarib: What about San Miguel de Allende real estate costs?
“Less than $100,000 USD can get you a nice house in San Miguel de Allende. There are a lot of high-end, beautiful homes for those who have the money. It’s most expensive near the city centre, but once you go further outside of the city you can find a house for $150,000 USD. You will need a car, though, but that price will get you a 1 or 2 bedroom home in San Miguel.
There are also many lots available, between $150,000 and $170,000 range, and only a 10 minute drive from the town centre.”
LatinCarib: What types of homes can you expect to find here?
“There are many wood and brick ceiling and lots of rustic homes. There are also a lot of hacienda-style houses. San Miguel de Allende hacienda houses are built around a central courtyard. Some people will build 2 or 3 casitas on the property and rent them out.”
LatinCarib: What is life like for expats in San Miguel de Allende?
“The locals in this city are very used to expats. In fact, it is more Americanized than other parts of Mexico. So as a resident who does not yet speak the language you don’t need a lot of Spanish. Many Canadian snowbirds and American expats have made it their home. There are a lot of communities with apartments and condos in San Miguel de Allende.”
LatinCarib: What about vacation rentals in San Miguel? Can you get a good return on your real estate investment if you buy here?
“Yes. The San Miguel de Allende real estate vacation rental market is very good, it’s gone a bit crazy. You can find a 4 bedroom in the centro area. You are looking at about $750USD/month for vacation rentals.”
LatinCarib: What about medical care and health insurance in Mexico?
“There are several hospitals here, from low end to high end, and one that is private. They are in the process of building a new hospital in Queretaro, which is 40 min away. There are many clinics and 2 hospitals, and they are currently building a third. Also, a lot of people opt for expatriate health insurance for a piece of mind.
And the people here are at the centre of a green movement, so there is locally grown food and lots of markets and fresh local produce.”
LatinCarib: What can an expat expect in terms of a social life?
“It’s a place where you can make friends very quickly. There is a lot to do, with very friendly people living here.
There are many festivals throughout the year and plenty of culture. You don’t really need a car.”
LatinCarib: What else makes San Miguel de Allende so attractive?
“We have great weather year-around, with an average of 67-75 degrees. Close by we have a hot spring, a cathedral, a lot of good world class restaurants in many traditional styles.”
LatinCarib: What future do you see for the city? And real estate in San Miguel de Allende?
“It is growing as a tourist area and will continue to do so. There are going to be many changes to the infrastructure, so in 5-10 years it will be unrecognizable. It was ranked as #1 by Conde Nast 3 years ago.
And the award from Travel + Leisure this summer was a huge boost. More people will keep coming here, so there is a lot to look forward to.
Finally, there the San Miguel de Allende real estate market should remain a very strong real estate market in Mexico. The market is growing with new property developments filling in with new houses and condos developments aimed at all price points for San Miguel real estate buyers.”
To find our more about the San Miguel de Allende real estate market by contacting James Guzman. James also offers a San Miguel de Allende Relocation & Real Estate Tour.