Real Estate in Monterrey, Mexico
Last updated on Feb 05, 2023
Summary: The most desirable neighborhoods in Monterrey, Mexico are San Pedro Garza Garcia, Santa Catarina, San Nicolas de los Garza, and San Jeronimo. On average, a nice 2 bedroom home in Monterrey can cost anywhere from $100,000 to $200,000 USD, while a nice 3 bedroom home can cost anywhere from $150,000 to $300,000 USD. These properties typically include modern amenities such as air conditioning, high-speed internet, and security systems. Foreigners are allowed to purchase property in Monterrey, however, they must obtain a permit from the Mexican government in order to do so. When searching for a home to buy in Monterrey, it is important to research the area and the local market. It is also important to work with a reputable real estate agent who is familiar with the area and can provide guidance on the best neighborhoods and properties. Additionally, it is important to obtain legal advice from a qualified lawyer to ensure that all paperwork is in order and that the purchase is in compliance with Mexican law.
How do I find a place to live in Monterrey?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Monterrey can be done by searching through websites such as Easy Roomate, Craiglist and Expat.com. Additionally, it is possible to find shared apartments, housing through universities and rental offers on social media sites such as Facebook and Twitter. It is also possible to find properties by using local newspapers, online and physical real estate agents as well as visiting popular sites. Once you have identified a particular property, it is best to visit it in person or contact the real estate agency responsible for the rental," explained one person living in Monterrey, Mexico.
"We needed an area that was convenient to my husband's job. The plant he works at is outside the city in an area that is not very nice, so we had to strike a balance between amenities and convenience. We bought our property so we also wanted to find an area where we thought that prices may rise over the next few years. We ended up choosing a property in an undeveloped area on the outskirts of the city. It was particularly appealing as we knew the surrounding areas were earmarked for development. We also have the convenience of having the green areas of the countryside on our doorstep, with the convenience of the city just 5 minutes drive away," said another expat in Monterrey.
What is a typical expat home or apartment like in Monterrey?
"Expat homes and apartments in Monterrey vary but typically have the necessary amenities and can range from basic to luxury. They are typically modern and well-appointed, typically featuring multiple bedrooms and bathrooms, a kitchen and living area, and private outdoor spaces. In more upscale homes and apartments, contemporary appliances, furniture and fixtures are part of the package. Some homes and apartments come with common amenities such as a pool or gym, while others can offer access to city-wide amenities such as golf courses and other activities. Security is also a key factor when selecting a place to live in Monterrey," said another person in Monterrey.
"We live in a 3 bedroom house on a new development. The style of the house is pretty typical - modern, reasonably spacious but with a small back yard - as is the street - a gated community with green areas and a communal pool. However, we don't live in a 'typical' ex-pat area. Most foreigners choose to live in San Pedro Garza Garcia, the most expensive neighbourhood in the whole country. There is a large American community here, not least because many ex-pats have their housing paid for by the company they transferred here with. San Pedro was not really an option for us as we wanted a house not an apartment (and a house in this area costs roughly the same as its equivalent in the UK or LA) and as we both speak Spanish, we didn't feel the need to settle in an ex-pat community," added another expat who made the move to Monterrey.
What is the average cost of housing in Monterrey?
If you are thinking about moving to Monterrey, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The average cost of housing in Monterrey is relatively affordable compared to other cities in Mexico. The cost of renting or buying an apartment or house in Monterrey is typically lower than the national average in Mexico," said another person in Monterrey.
"Lower. However, some parts of Monterrey are seriously expensive. If we consider the 'nicer' (safe, clean, reasonably located) neighbourhoods, average prices range from MXN $7,000-MXN $16,000 per month rental on a 2 bedroom apartment and MXN $10,000-MXN $27,000 per month on a 3-bed house. Purchase prices for these same areas range from MXN $950,000-MXN $2,200,000 for a 2-bed apartment and MXN $2,000,000-MXN$5,000,000 for a 3-bed house. The above prices are averages for these areas. There are plenty properties available above and below these prices in decent areas of the city," added another expat who made the move to Monterrey.
Should I buy or rent a home in Monterrey?
If you have not spent a lot of time in Monterrey, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"The decision to buy or rent a home in Monterrey will depend on your individual preferences, lifestyle, and financial situation. Buying a home is a long-term investment that can increase in value, whereas renting typically does not provide any potential financial benefit. When purchasing a home, you will need to consider the cost of a down payment, closing costs, taxes, and other expenses. Renting is usually the lower-cost option and comes with fewer responsibilities, such as maintenance or repairs; however, you may not have the same flexibility or freedom as homeowners have. Ultimately, it is important to consider your budget, long-term goals, and other factors before deciding to buy or rent a home in Monterrey," said another person in Monterrey.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
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- Healthcare & Health Insurance in Mexico
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- Pros and Cons of Living in Mexico 2023
- 2023 Guide to Moving to Mexico
- Members Talk about the Cost of Living in Mexico