Mexico City is a place of contrasts, and real estate prices are one indicator: a square meter of housing can cost anywhere between 9,000 and 73,000 pesos (US $510 to 4,150).
According to the July 2017 index compiled by the real estate website Inmuebles24, the most expensive area in Mexico City is the upscale Polanco district, with square-meter prices of 73,000 pesos or more.
Next are Lomas de Chapultepec and Santa Fe, where prices can surpass 50,000 pesos a square meter.
The neighborhoods of Condesa, Roma, Nápoles, Cuauhtémoc and Juárez were identified as being at the intermediate level with prices between 38,000 and 45,000 pesos.
Less posh are the boroughs of Álvaro Obregón, Benito Juárez and Cuauhtémoc, where the price of a square meter of residential construction ranges between 30,000 and 36,000 pesos.
Those on a budget can find options in the area made up of the boroughs of Tlalpan, Venustiano Carranza, Azcapotzalco and Xochimilco, where prices drop significantly in comparison and range from 16,000 to 25,000 pesos.
Inmuebles24 said housing prices in Mexico’s largest city have been consistently increasing at a 2% yearly rate. At the borough level, prices in Cuajimalpa, Venustiano Carranza, Tláhuac and Miguel Hidalgo are seeing a yearly rise of up to 9%.
On the other hand, prices remained stable in Magdalena Contreras, Álvaro Obregón and Xochimilco during the last year.
And on a downward trend were housing prices in Benito Juárez, Tlalpan, Gustavo A. Madero, Iztacalco, Azcapotzalco and Cuauhtémoc, where the average price of a square meter dropped between 1 and 8%.
There could be some relief for home buyers in the long term through changes to parking requirements intended to free up more space for housing. The city announced this week that new rules will reduce the number of parking spaces that residential developments must provide.
Mayor Miguel Ángel Mancera said there will be more housing units and fewer parking spaces, which will help address the demand for housing and reduce the incentive to use a vehicle.
The city has 6.5 million parking spaces that occupy 200 million square meters.