A Hipster Haven Is at the Heart of Mexico City’s Rapid Change
The central neighborhood Roma Norte was once packed with significant historical homes, but youthful immigration and investor speculation is changing the makeup of the area
The area was established in the early 1900s as an affluent destination for the artist class, referenced by beautiful Art Nouveau and Art Deco buildings. In 1985, however, a massive earthquake leveled much of the history, leaving behind empty buildings and an opportunity to find large spaces with low rents as rebuilding got underway.
While some of its original history remains, Roma Norte today is nothing short of a bustling hipster haven.
“We’re seeing a lot of buyers aged 30 to 40 looking for that authentic Mexico City lifestyle,” said Chris Gill, managing director of Nest Seekers Mexico. “Digital nomads love the neighborhood as well.”
As a nod to just how hot the neighborhood is, there are several branded residential projects underway from big hospitality names including Thompson, Park Hyatt and Pendry. These condos, tucked within larger hotel concepts, typically start above US$1 million for a one-bedroom home and highlight the desirability of an area awash with foreign interest.
“We work closely with leading engineers to design a structure that responds to Mexico City’s unique ground conditions, using advanced foundation systems to accommodate the city’s gradual subsidence in a controlled and uniform manner while ensuring long-term stability and seismic resilience,” said Moises Ison, lead architect at Central de Arquitectura, whose firm is one of four partners working on the upcoming Pendry Residences Mexico City.
He also didn’t share much concern about the city’s growing water scarcity problem. Mexico City’s ongoing growth has depleted many of its underground aquifers with not enough rainfall to replenish them. While there are a number of factors at play (including the annual sinking damaging water infrastructure), it is an issue that will ultimately affect real estate and Ison noted that he and his team do build with drought resilience and tolerance in mind.
Prices
The ongoing volatility with the U.S. dollar has served adjacent currencies like the Mexican peso well.
“That volatility is actually in favor of Mexican buyers, so they’re jumping in,” Gill said.
There’s still considerable value for buyers trading with U.S. currency, though. While data wasn’t available for Roma Norte, in the nearby luxury-focused Polanco neighborhood, the average price range runs between US$840,000 and US$1.96 million, according to foreign investment consultancy TheLatinvestor. For a mid-range buyer coming from an expensive market, this demonstrates that there’s a lot of potential in the Mexico city high-end space.
According to Gill, immigration by younger, predominantly American dwellers is driving up rental prices while also adding upward pressure to more inexpensive homes as some decide to lay permanent roots in the area.
“It’s definitely a healthy annual price growth of as much as 10% per year, especially as there’s not much inventory available (in Roma Norte),” Gill said, also noting robust investor interest in the neighborhood.
Housing Stock
Buyers, renters and architectural enthusiasts flock to Roma Norte to live in the history of Mexico City. Even through generational transition and natural disasters, the bulk of the neighborhood still consists of historical homes dating back as early as the late 1890s.
Some of the earliest examples are from the Porfiriato Era (1890s-1910), during the reign of dictator Porfirio Díaz with inspiration from French and Italian estate living. Many of the surviving buildings are now public institutions for education and other uses.
Art Deco homes, seen with extravagant metalwork and exaggerated lettering, are also widely seen in Roma Norte, well noted by big chunks of concrete and glass block.
More middle-class parts of the neighborhood feature “Colonia”-style rowhouses that rise no more than two stories and blend into the area’s quieter domains. These often-colorful homes are also a popular choice for short-term vacation rentals.
As for the new generation of residential real estate in Roma Norte, when Pendry Residences Mexico City opens next year with 20 one- to-three bedroom homes, it will be the latest in a small and eclectic range of branded residences arriving in the area.
“We were trying for a contemporary but cozy theme,” said Ison.
The branded properties also reflect a desire to have more hospitality amenities on hand (in this case, the entire infrastructure of a boutique luxury hotel). Owners will have access to a spa, multiple dining venues and turnkey property management. Pricing starts at US$1.4 million.
In contrast, the three-bedroom, four-bath condominium on Jalapa 91 shows what high-end living looks like situated mere steps from a desirable locale. The home, which includes a private rooftop and is dressed in neutral tones and modern styling, is only one block from the Plaza Rio de Janeiro and one block in the other direction to the major Avenida Álvaro Obregón. The renovated residence is currently listed at US$1.075 million.
Roma Norte is one of the city’s vibrant neighborhoods. Trending restaurants, shopping and nightlife dot the area while being right next to three main parks: Parque España, Parque México and the expansive greenspace that’s home to the Bosque de Chapultepec—one of Mexico City’s major tourist attractions.
The area has retained its bohemian and artist charm with all kinds of independent bookstores, museums, art spaces and the like. Another popular activity is to simply wander any of the main thoroughfares that cut through the heart of the area. This is a bustling part of the city and many find magic in just being a part of the energy.
