Discover the Top 4 Reasons Behind the Booming Real Estate Market in San Miguel de Allende

San Miguel de Allende

San Miguel de Allende is a world-famous non-beach tourist destination. Its exquisite colonial architecture, romantic cobblestone streets, iconic church, restaurants, bars, and terraces with extraordinary views are just a few of the reasons why.

Whether people want to escape a freezing winter, spend a romantic weekend in an elegant getaway, or simply work remotely to improve their quality of life and work-life balance, San Miguel seems to be the number one option when it comes to investing in properties.

It’s no wonder that people flock to San Miguel de Allende from all corners of the world to take a piece of this magical town with them.

To better understand what makes this city unique and a lucrative place to invest in real estate, keep reading!

This small mountainous town in Guanajuato has been named one of the most beautiful places on the planet and for the fifth time as the best (small) city in the world by prestigious international travel magazines such as “Conde Nast” and “Travel and Leisure”.

This UNESCO Heritage site was also voted as one of the 10 best destinations for retirees by Forbes magazine, making San Miguel de Allende one of the most sought-after tourist destinations in the world. The place sells itself, all you have to do is get on board!

Here are the main reasons why there is so much demand and therefore real estate investment opportunities:

San Miguel de Allende is one of the most popular wedding destinations in Mexico.

San Miguel de Allende

San Miguel is becoming the most popular wedding destination in Mexico, making it an excellent place to invest in real estate.

I don’t know anyone who hasn’t come to at least one wedding in San Miguel de Allende. Before the pandemic, we conducted a study for a hotel and the numbers were impressive, around 800 weddings were held every year. If we calculate with an average of 150 people per wedding, there are 120,000 people visiting us whether they like it or not, who will need to stay in a hotel, rent or Airbnb.

Foreign tourism is on the rise.

Foreign investment is increasing the value of properties in San Miguel de Allende.

After a forced pause due to the pandemic, the number of foreign tourists visiting this Mexican city has increased by an average of 27% each year, according to figures published by the General Tourism Office of the State.

The city has been a popular destination for foreigners since at least the early 1990s, when it became a favorite among retirees and expatriates looking for cheap places to live with a high quality of life.

San Miguel de Allende’s charm has attracted many foreigners, mostly Americans, who have decided to buy a property here and make it their home away from home.

Many American retirees are moving to San Miguel de Allende

American retirees are also flocking to San Miguel de Allende, drawn by its stunning scenery and relatively low cost of living.

Se ha hecho popular entre los jubilados de Estados Unidos por su bajo coste de vida, su clima cálido y su riqueza cultural. San Miguel de Allende también ofrece muchos servicios médicos para aquellos que lo necesiten.

Tras haber sido galardonada como una de las mejores ciudades para jubilarse del mundo por la revista Forbes, los estadounidenses que deciden retirarse aquí ha aumentado exponencialmente generando una demanda de vivienda y negocios de alto nivel para nuestros estándares nacionales.

A New Foreign Market Emerges in San Miguel de Allende.

San Miguel de Allende is experiencing a new wave of young buyers with purchasing power equal to or greater than that of the retirement generation. 

Young high-income buyers are becoming increasingly attracted to San Miguel’s vibrant culture, quality of life, and investment opportunities. The COVID-19 pandemic and its accompanying recession in the US have driven many entrepreneurs to seek out more attractive lifestyle options, and when they search for “best places to live” online, they often find pictures of this charming Mexican town, just a few hours away by direct flight from Queretaro or Leon. With a cost of living that is a fraction of what they’re used to, it’s no surprise that many fall in love and make the purchase. For them, the investment is small, and owning a second home that generates rental income when they’re not using it is an easy decision. With the intention of eventually occupying it full-time in the near future.

San Miguel de Allende is an excellent place to invest in real estate due to the growing tourism industry and the increasing number of American retirees moving to the city. The demand is already there and will continue to grow, making now the perfect time to invest, whether you’re looking to buy a rental property, start an Airbnb, or develop your own property while enjoying all the town has to offer. We can help you find the best real estate investment in San Miguel de Allende.

Main picture courtesy of @casakarinasma,
Rent the amazing property Casa Karina – Live in San Miguel de Allende Rentals