Mexico City has seen an influx of people migrating to the historic metropolis, especially during the pandemic when remote work made it possible to work from different places. Currently, 1.6 million Americans live in Mexico, according to State Department.
While foreigners have reaped the benefits of cheaper housing as they spend money on the local economy, some critics say it’s created more inequality for local Mexicans who are feeling priced out.
Hector Romero, a partner at Peter & Romero, a real estate company based in Mexico City, has seen the surge in foreigners looking to live in the capital since the pandemic, with young professionals at the forefront of the movement.He emphasized Mexico City isn’t cheap, but in comparison to other countries digital nomads are migrating from, it’s considerably more affordable.
“I know there has been a great migration of people who have left and foreigners come and take their place,” he said. “I know many neighbors who do not live in the area anymore due to the rent rising ... I know people who had mortgages but they had to sell them, they could not keep paying.” At a press conference, she said the city hasn't seen a link between more Airbnb rentals and higher rent prices, adding most digital nomads choose to stay in the expensive neighborhoods, such as Condesa, Roma and Polanco, which already had high rents.One of the most popular ways foreigners are generating income in the city is by purchasing properties and renting them out as Airbnbs.
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