Authored by the expert who managed and guided the team behind the Mexico Property Pack
Yes, the analysis of San Miguel de Allende's property market is included in our pack
This article breaks down the current housing prices in San Miguel de Allende, with data we constantly update to keep it fresh and reliable.
You will find median prices, price per square meter, neighborhood comparisons, and what you can realistically buy at different budget levels.
We also explain how listing prices compare to actual sale prices and how costs have changed over the past year and decade.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in San Miguel de Allende.
Insights
- The median housing price in San Miguel de Allende sits around MXN 6.2 million (about $346,000), but the average jumps to MXN 7.5 million because luxury colonial homes and gated estates pull the numbers up significantly.
- Buyers in San Miguel de Allende typically negotiate about 6% off the asking price, though luxury properties that sit on the market too long can see discounts of 12% or more.
- Centro properties in San Miguel de Allende command MXN 55,000 to 80,000 per square meter, roughly double what you would pay in more affordable neighborhoods like Olimpo.
- Over the past 10 years, San Miguel de Allende housing prices have more than doubled in nominal terms, but after adjusting for inflation, the real increase is closer to 40%.
- New construction in San Miguel de Allende runs about 12% higher per square meter than comparable existing homes, mainly due to modern amenities and no renovation surprises.
- About 35% of San Miguel de Allende's housing inventory consists of condos and apartments, another 35% are small to mid-sized houses, and luxury villas represent roughly 10% of listings.
- With a $200,000 budget in San Miguel de Allende, you can find a 2-bedroom condo around 80 square meters in La Lejona or Zirandaro, but $100,000 limits you to small studios on the outskirts.
- Closing costs in San Miguel de Allende, including acquisition tax, notary fees, and registration, typically add 5% to 7% on top of the purchase price.
What is the average housing price in San Miguel de Allende in 2026?
The median housing price is more useful than the average because San Miguel de Allende has a "two-speed" market where a small number of luxury colonial homes and gated estates pull the average significantly higher than what most buyers actually pay.
We are writing this as of the first half of 2026 using the latest data collected from authoritative sources like Propiedades.com, Properstar, and Inmuebles24, which we manually cross-checked for accuracy.
The median housing price in San Miguel de Allende in 2026 is around MXN 6.2 million (approximately $346,000 or €294,000), while the average housing price reaches MXN 7.5 million (about $418,000 or €355,000) due to high-end properties skewing the numbers upward.
About 80% of residential properties in San Miguel de Allende in 2026 fall within a price range of MXN 3 million to MXN 12 million (roughly $167,000 to $669,000).
A realistic entry-level range in San Miguel de Allende is MXN 2 million to MXN 3 million ($112,000 to $167,000 or €95,000 to €142,000), which typically gets you a small existing condo of 50 to 70 square meters with 1 to 2 bedrooms in neighborhoods like Olimpo or outer La Lejona.
Luxury properties in San Miguel de Allende in 2026 typically range from MXN 15 million to MXN 40 million ($837,000 to $2.23 million or €711,000 to €1.9 million), and this budget buys you large villas of 300 to 600 square meters with pools and gardens in premium enclaves like Ventanas, Malanquin, or beautifully restored colonials in Centro.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in San Miguel de Allende.
Are San Miguel de Allende property listing prices close to the actual sale price in 2026?
In San Miguel de Allende in 2026, the typical closed sale price is about 6% below the final asking price, with most deals falling somewhere between a 3% and 12% discount.
This gap exists because negotiation is a normal part of buying property in Mexico, and buyers expect some flexibility, especially on homes that have been listed for a while. The discount tends to be largest on overpriced luxury properties in the MXN 20 to 40 million range, where sellers often test ambitious prices first and where even small percentage reductions represent significant amounts of money.
Get fresh and reliable information about the market in San Miguel de Allende
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What is the price per sq m or per sq ft for properties in San Miguel de Allende in 2026?
As of early 2026, the median housing price in San Miguel de Allende is around MXN 40,000 per square meter ($2,230 per sqm or €1,896 per sqm), which translates to about MXN 3,716 per square foot ($207 per sqft or €176 per sqft). The average price per square meter is higher at MXN 48,000 ($2,678 per sqm or €2,275 per sqm), or roughly MXN 4,460 per square foot ($249 per sqft or €211 per sqft), because luxury properties push the mean upward.
Smaller, walkable properties close to Centro in San Miguel de Allende have the highest price per square meter because location scarcity and walkability command a premium, while larger homes on the outskirts have the lowest price per square meter since more space and distance from the center dilute the per-unit cost.
The highest prices per square meter in San Miguel de Allende in 2026 are found in Centro, Ventanas, Malanquin, and Hacienda La Presita, where you can expect to pay MXN 55,000 to 80,000 per sqm ($3,068 to $4,462). The lowest prices are in neighborhoods like Olimpo and entry sectors of Zirandaro, where typical rates range from MXN 25,000 to 35,000 per sqm ($1,395 to $1,953).
How have property prices evolved in San Miguel de Allende?
Compared to one year ago in January 2025, housing prices in San Miguel de Allende have risen about 9% in nominal terms, or roughly 5% after adjusting for inflation. This increase happened because interest rates eased while demand from lifestyle buyers and second-home seekers stayed strong, especially in areas close to Centro and in premium gated communities.
Over the past 10 years since January 2016, housing prices in San Miguel de Allende have more than doubled in nominal terms, rising about 120%, though the inflation-adjusted "real" increase is closer to 40%. This long-term growth reflects the limited supply of prime properties in Centro and nearby colonias, combined with sustained demand from retirees, expats, and lifestyle buyers who value San Miguel de Allende as a destination city.
By the way, we've written a blog article detailing the latest updates on property price variations in San Miguel de Allende.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in San Miguel de Allende.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Mexico versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
How do prices vary by housing type in San Miguel de Allende in 2026?
In San Miguel de Allende in 2026, roughly 35% of the market consists of condos and apartments, another 35% are small to mid-sized houses, about 20% are larger family detached homes, and the remaining 10% are luxury villas and estates, because the city attracts a mix of budget-conscious buyers, families, and high-end second-home seekers.
The average price for a condo or apartment in San Miguel de Allende in January 2026 is around MXN 4.2 million ($234,000 or €199,000). Small to mid-sized houses average about MXN 6 million ($335,000 or €284,000), while larger family homes run around MXN 8.8 million ($491,000 or €417,000). Luxury villas and estates average roughly MXN 22 million ($1.23 million or €1.04 million).
If you want to know more, you should read our dedicated analyses:
- How much do properties cost in San Miguel de Allende?
- How much should you pay for a house in San Miguel de Allende?
- How much should you pay for lands in San Miguel de Allende?
How do property prices compare between existing and new homes in San Miguel de Allende in 2026?
In San Miguel de Allende in 2026, new construction runs about 12% higher per square meter than comparable existing homes on average.
This premium exists because new builds come with modern amenities like proper parking, better insulation, and updated finishes, while existing homes carry the risk of hidden renovation costs for plumbing, roofing, or electrical work, though it is worth noting that a beautifully restored colonial in Centro can actually exceed new-build pricing because of its historical character and location scarcity.
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An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
How do property prices vary by neighborhood in San Miguel de Allende in 2026?
Centro is the most sought-after neighborhood in San Miguel de Allende for buyers who want walkability, historic architecture, and access to restaurants and galleries. Prices here typically range from MXN 7 million to MXN 12 million ($390,000 to $669,000), with prime restored colonials and premium condos making up most of the inventory, because the location scarcity and charm command a significant premium.
Guadalupe is a popular choice among expats who want to be close to Centro but at slightly better value. You will find small houses and renovated homes here priced between MXN 6 million and MXN 10 million ($335,000 to $558,000), because the colorful streets and near-center location attract buyers looking for character without paying top-tier Centro prices.
San Antonio is a well-established expat residential area known for its mix of condos and houses with good day-to-day livability. Prices range from MXN 5 million to MXN 7.8 million ($279,000 to $435,000), because the neighborhood offers a practical balance of convenience, community, and relative value compared to more premium enclaves.
You will find a much more detailed analysis by areas in our property pack about San Miguel de Allende. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Profile | Price Range (MXN / $) | Per sqm (MXN / $) | Per sqft (MXN / $) |
|---|---|---|---|---|
| Olimpo | Entry / Value | 1.8M - 2.8M / $100k - $156k | 25k - 32k / $1,395 - $1,785 | 2,323 - 2,973 / $130 - $166 |
| La Lejona | Family / Value | 3.5M - 5.5M / $195k - $307k | 30k - 40k / $1,673 - $2,230 | 2,788 - 3,716 / $156 - $207 |
| Zirandaro | Gated / Golf | 3M - 5.5M / $167k - $307k | 28k - 38k / $1,562 - $2,120 | 2,602 - 3,530 / $145 - $197 |
| Arcos de San Miguel | Family | 5.5M - 8M / $307k - $446k | 35k - 45k / $1,953 - $2,512 | 3,252 - 4,182 / $181 - $233 |
| San Antonio | Expat / Liveable | 5M - 7.8M / $279k - $435k | 38k - 50k / $2,120 - $2,789 | 3,530 - 4,646 / $197 - $259 |
| Villa de los Frailes | Quiet / Residential | 4.8M - 7.2M / $268k - $402k | 34k - 44k / $1,897 - $2,456 | 3,159 - 4,089 / $176 - $228 |
| Centro | Walkable / Prime | 7M - 12M / $390k - $669k | 55k - 80k / $3,068 - $4,462 | 5,110 - 7,432 / $285 - $415 |
| Guadalupe | Expat / Near-Center | 6M - 10M / $335k - $558k | 45k - 65k / $2,512 - $3,626 | 4,182 - 6,039 / $233 - $337 |
| Club de Golf Ventanas | Luxury / Gated | 7.5M - 14M / $418k - $781k | 50k - 75k / $2,789 - $4,184 | 4,646 - 6,968 / $259 - $389 |
| Residencial Malanquin | Luxury / Views | 8.5M - 16M / $474k - $893k | 55k - 78k / $3,068 - $4,351 | 5,110 - 7,245 / $285 - $404 |
| Atascadero | Luxury / Near Centro | 9M - 18M / $502k - $1M | 55k - 85k / $3,068 - $4,741 | 5,110 - 7,896 / $285 - $440 |
| Hacienda La Presita | Top Luxury / Gated | 10M - 22M / $558k - $1.23M | 55k - 85k / $3,068 - $4,741 | 5,110 - 7,896 / $285 - $440 |
How much more do you pay for properties in San Miguel de Allende when you include renovation work, taxes, and fees?
When buying property in San Miguel de Allende in 2026, you should expect to pay an additional 5% to 7% of the purchase price for closing costs including acquisition tax, notary fees, and registration, plus renovation expenses that vary widely based on the property condition.
For a property around $200,000 (about MXN 3.6 million) in San Miguel de Allende, closing costs would add roughly MXN 180,000 to 250,000 ($10,000 to $14,000). If the property needs a mid-level renovation like updating the kitchen and bathrooms, that could add another MXN 300,000 to 600,000 ($17,000 to $33,000), bringing your total investment to around $230,000 to $250,000.
For a $500,000 property (about MXN 9 million) in San Miguel de Allende, expect closing costs of roughly MXN 450,000 to 630,000 ($25,000 to $35,000). A mid-level renovation on a larger home could run MXN 600,000 to 1.2 million ($33,000 to $67,000), so your all-in cost might reach $565,000 to $600,000 depending on the work needed.
For a $1,000,000 property (about MXN 18 million) in San Miguel de Allende, closing costs would be around MXN 900,000 to 1.26 million ($50,000 to $70,000). At this level, properties are often already in good condition, but if renovation is needed, a high-end refresh could add MXN 1.5 million to 3 million ($84,000 to $167,000), pushing the total to $1.1 million to $1.2 million or more.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in San Miguel de Allende.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in San Miguel de Allende
| Expense | Category | Estimated Cost (MXN / $) |
|---|---|---|
| Acquisition Tax (ISAI) | Tax | Around 2% to 3% of the property value. For a MXN 6.2 million home, this would be roughly MXN 124,000 to 186,000 ($7,000 to $10,400). |
| Notary Fees | Legal | Typically 1.5% to 2.5% of the purchase price. For a MXN 6.2 million property, expect to pay around MXN 93,000 to 155,000 ($5,200 to $8,600). |
| Public Registry | Legal | Usually 0.5% to 1% of the property value. On a MXN 6.2 million home, this adds roughly MXN 31,000 to 62,000 ($1,700 to $3,500). |
| Certificate of No Liens | Legal | A fixed fee of roughly MXN 1,500 to 3,000 ($85 to $170) to verify the property has no outstanding debts or encumbrances. |
| Appraisal | Fees | Usually MXN 3,000 to 8,000 ($170 to $450) depending on property size and complexity. Required if you are financing the purchase. |
| Basic Refresh (paint, minor fixes) | Renovation | MXN 30,000 to 150,000 ($1,700 to $8,400). Covers cosmetic updates like fresh paint, small repairs, and minor touch-ups throughout the property. |
| Mid-Level Renovation | Renovation | MXN 6,000 to 15,000 per sqm ($335 to $837 per sqm). Includes updating kitchen and bathrooms, new flooring, and electrical or plumbing improvements. |
| Major / Luxury Renovation | Renovation | MXN 15,000 to 30,000+ per sqm ($837 to $1,674+ per sqm). Full gut renovations, high-end finishes, structural work, and premium materials for luxury restorations. |
We made this infographic to show you how property prices in Mexico compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in San Miguel de Allende in 2026 with different budgets?
With $100,000 (about MXN 1.8 million) in San Miguel de Allende in January 2026, your options are very limited because this budget falls below the entry point for most of the market. You might find a small studio or 1-bedroom condo of 35 to 50 square meters in outer Olimpo, a tiny existing apartment in far outer La Lejona, or occasionally a partial-build project on the outskirts, but inventory at this price is scarce.
With $200,000 (about MXN 3.6 million) in San Miguel de Allende, you can buy a 1 to 2 bedroom existing condo of 60 to 85 square meters in La Lejona, a 2-bedroom condo of 70 to 90 square meters in an entry sector of Zirandaro, or a small existing house of 90 to 120 square meters in an outer residential pocket that might need a light refresh.
With $300,000 (about MXN 5.4 million) in San Miguel de Allende, you can find a 2-bedroom existing condo of 90 to 110 square meters in San Antonio, a small house of 120 to 160 square meters in Zirandaro with a mix of new and existing options, or a compact house of 140 to 180 square meters in Villa de los Frailes.
With $500,000 (about MXN 9 million) in San Miguel de Allende, you can purchase a family home of 180 to 240 square meters in Guadalupe, an upgraded house of 200 to 280 square meters in Arcos de San Miguel, or a smaller renovated property of 110 to 160 square meters near the edge of Centro if you prioritize location over space.
With $1,000,000 (about MXN 18 million) in San Miguel de Allende, you can buy a premium home of 260 to 350 square meters in Ventanas with high-end finishes, a large renovated colonial of 250 to 400 square meters in Centro, or a luxury-view home of 300 to 450 square meters in Malanquin or Atascadero with top specifications.
With $2,000,000 (about MXN 36 million) in San Miguel de Allende, you are in the real luxury market and can purchase an estate of 450 to 700 square meters in Hacienda La Presita with luxury finishes, a trophy colonial of 400 to 800 square meters in the best parts of Centro with top restoration, or an ultra-premium gated estate in Ventanas or Malanquin with a large lot, pool, and high-end everything.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in San Miguel de Allende.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about San Miguel de Allende, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Banco de Mexico (Banxico) | Mexico's central bank publishes the official FIX exchange rate, which is the closest thing to an official USD/MXN benchmark. | We used the Banxico FIX rate to convert all MXN prices into USD. We treated the late December 2025 rate as a practical proxy for early January 2026. |
| European Central Bank (ECB) | A top-tier central bank that publishes transparent daily reference rates for currency conversions. | We used the ECB EUR/MXN reference rate to convert MXN prices into euros. We used the latest available reading right before January 2026 as our conversion anchor. |
| INEGI (Mexico CPI Bulletin) | INEGI is Mexico's official statistics agency, and the INPC is the country's headline inflation measure. | We used INEGI data to anchor inflation-corrected comparisons between nominal and real price changes. We also used it to justify the inflation backdrop going into January 2026. |
| World Bank Inflation Data | A major international organization with standardized macroeconomic series sourced from the IMF. | We used World Bank data to triangulate longer-run inflation for the 10-year real comparison. We combined it with INEGI's latest reading to extend the series into 2025 and early 2026. |
| Propiedades.com | A large, established Mexican property portal that publishes neighborhood-level listing aggregates. | We used Propiedades.com to ground neighborhood price levels and typical asking prices by area. We also cross-checked whether our entry and luxury examples look realistic for San Miguel de Allende. |
| Properstar | A recognized international property index site that publishes median price per square meter by location with timestamped snapshots. | We used Properstar to anchor median price-per-square-meter for houses versus apartments. We then converted that into plausible total prices using typical sizes in San Miguel de Allende's market. |
| Inmuebles24 | One of Mexico's biggest listing platforms, useful for checking what is actually advertised on the market. | We used Inmuebles24 for reality checks on price bands to see what shows up at MXN 3 to 5 million versus MXN 10 million and above. We also shaped our budget examples to match typical listing formats. |
| El Pais Mexico | A reputable news outlet that reports on Mexican housing market trends citing official SHF data. | We used El Pais reporting to anchor the one-year nominal growth rate based on national housing appreciation trends. We then adjusted slightly upward for San Miguel de Allende's premium demand profile. |
| Mexico SHF (Sociedad Hipotecaria Federal) | Mexico's federal mortgage society that tracks national housing price indices. | We referenced SHF-reported national growth trends as cited by reputable outlets to contextualize San Miguel de Allende's price appreciation against the broader Mexican market. |
| Local Real Estate Agents | On-the-ground professionals who see actual transaction prices and negotiation patterns daily. | We used local agent insights to estimate the typical gap between asking prices and closed sale prices. We also used their input to validate renovation cost ranges. |
| Guanajuato State Tax Authority | The official source for acquisition tax (ISAI) rates in the state where San Miguel de Allende is located. | We used state tax authority guidelines to estimate the acquisition tax component of closing costs. We presented a range because rates can vary based on property value and transaction structure. |
| Mexican Notary Fee Schedules | Notary fees in Mexico are regulated and published, providing a reliable basis for closing cost estimates. | We used standard notary fee schedules to estimate legal costs as a percentage of purchase price. We presented ranges to account for variation between notaries and transaction complexity. |
| Local Contractor Estimates | Contractors working in San Miguel de Allende provide current pricing for renovation work. | We collected renovation cost ranges from local contractors to estimate per-square-meter costs for basic, mid-level, and luxury renovations in San Miguel de Allende. |
| Expat Community Forums | Long-term expat residents share real experiences with buying costs, negotiations, and renovations. | We used expat community insights to validate our estimates for negotiation discounts and unexpected costs. We cross-referenced these with professional sources for accuracy. |
| Google Maps and Street View | Provides visual verification of neighborhood characteristics and property locations. | We used Google Maps to verify neighborhood boundaries and characteristics when categorizing areas by profile. We also used it to confirm the walkability claims for Centro properties. |
| Historical Listing Archives | Archived listing data shows how prices have changed over time in specific neighborhoods. | We compared current listings against historical data to validate our one-year and ten-year price change estimates. We used this to ensure our growth figures align with observable market trends. |
| Mexican Real Estate Law Resources | Legal resources explain the transaction process and required fees for foreign and domestic buyers. | We consulted legal resources to ensure our closing cost breakdown accurately reflects the Mexican property transaction process. We included all standard fees that buyers should expect. |
| Currency Conversion Historical Data | Historical exchange rate data provides context for currency fluctuations affecting foreign buyers. | We used historical currency data to ensure our USD and EUR conversions reflect recent market conditions. We selected rates from late December 2025 as the most relevant anchor for January 2026. |
| San Miguel de Allende Tourism Board | Provides context on the city's appeal to international visitors and potential property buyers. | We used tourism data to understand the demand drivers behind San Miguel de Allende's premium pricing. We factored this into our explanation of why prices exceed typical Mexican market levels. |
| Mexican Association of Real Estate Professionals (AMPI) | The professional association that sets standards for real estate practice in Mexico. | We referenced AMPI guidelines to understand standard practices around listing prices versus sale prices. We used this to validate our estimate of the typical negotiation discount. |
| International Property Rights Index | Tracks property rights protection and transaction transparency across countries. | We considered property rights context when explaining why closing costs include specific legal protections. We factored this into our recommendations for using qualified notaries. |
| Numbeo Cost of Living Data | Crowdsourced data on living costs including property prices in cities worldwide. | We cross-referenced Numbeo data as an additional check on our price-per-square-meter estimates. We used it to ensure our figures align with international property comparison standards. |
| Mexican Central Bank Monetary Policy Reports | Provides context on interest rates and economic conditions affecting the housing market. | We used monetary policy context to explain why housing demand remained resilient in 2025 despite earlier tightening. We factored this into our year-over-year price change analysis. |
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