As the region’s economy continues to develop, more executives are buying properties in Monterrey’s best neighborhoods and suburbs, agents said. Most prized is San Pedro Garza García, just outside the city center, where real estate prices are among the highest in Mexico.
Gerardo Gutierrez, chief executive of Gerencia RED, a national real estate agency, said prices of luxury properties there typically range from $1 million to $6 million. Prices in desirable areas of Monterrey have increased sharply in the past two years, he said, from about $2,000 to $3,000 a square meter ($185 to $285 a square foot), because of rising demand.
Maria Fernanda Camacho Bermudez, managing director of Century 21 Camber, an agency in Monterrey, pointed to other high-end neighborhoods, including Las Estancias and La Herradura, within the city, and Las Misiones, a suburb. Luxury properties there go for about $1.24 million to $1.98 million, she said, while the average for the city is around $200,000.
The city’s real estate stock has been shifting in recent years, she added, from predominantly “horizontal” designs to more “vertical” developments that include both residential and office towers.
Who Buys in Monterrey
There aren’t many foreigners buying homes for vacation or retirement in Monterrey, agents said. And foreigners who move to the city for work usually do so on a contract basis, so they rent.
Ms. Bermudez estimated that only about 10 to 20 percent of her agency’s buyers are from outside Mexico, noting that the number includes buyers of commercial, industrial and residential properties.
Mr. Gutierrez said about 15 percent of the luxury home buyers he sees in Monterrey are foreign, most of them from the United States, South Korea and China, usually relocating for work.