Polanco: a chic, park-side neighborhood in Mexico City with culture and the best shops
Mexico City’s peaceful residential Polanco neighborhood is full of chic and trendy places to shop, eat, and see art.
The bourgeois district is both multicultural and rich in culture. It has global residents, upscale boutiques, contemporary art galleries, and proximity to parks. It also has fine dining restaurants and remarkable theaters.
Polanco sits between Mexico City’s financial district and trendy residential neighborhoods and has lush, elegant streets, expensive housing, and a bustling social scene. For residents, there is always a cocktail to attend and a new restaurant or bar to discover.
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The Polanco neighborhood is located five miles west of downtown Mexico City, just north of Chapultepec, Mexico City’s largest park.
The district is bordered by Avenida Mariano Escobedo to the east, Anillo Periferico to the west, Ejercito Nacional avenue to the north and Paseo de la Reforma avenue to the south.
The most valuable areas are near Ruben Dario Road, which runs alongside Chapultepec Park, and those near Lincoln Park, said Rodrigo Pérez del Toro, partner at Mexico Sotheby’s International Realty.
The average price of an apartment in Polanco is $ 1 million, said Manuel Díaz, managing director of Coldwell Banker Invest in Mexico City, adding that the starting price for such a house is around $ 600,000. Prices for luxury properties are generally listed and agreed upon in US dollars, although some properties are traded in Mexican pesos even though their prices are listed in US dollars.
Polanco has a number of Spanish Colonial Revival style homes, which date from the 1920s to the 1940s. Some of these have been converted into high end boutiques while others remain homes and cost between 3 and 4 million dollars, Mr. Díaz said.
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Polanco single-family homes are located on leafy side streets on plots averaging 5,400 square feet and interiors typically range from 1,076 square feet to 2,100 square feet, Díaz said.
The majority of the homes, however, are luxury apartments located in high-rise complexes with common amenities including gymnasiums, rooftop gardens, swimming pools and elevators, Díaz said.
The new homes under construction in the area are mostly high-end apartment complexes, Pérez del Toro said. “They offer a location, large terraces, kitchens and social spaces, which are important features for buyers.”
Contemporary architecture is crucial for the design of new developments, he added. “These new buildings attract the highest prices and have a swimming pool, gym, concierge, hotel services, business centers, pet area, bays. bikes, library, games room, restaurant / café and spa. ”
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Mr. Pérez del Toro gives the example of the Elysée Polanco on the Campos Elíseos road – an apartment complex that has a swimming pool with a drink bar and views over the rooftops. It has two to four bedroom homes ranging from 1,600 square feet to 3,800 square feet, with prices starting at over $ 1 million.
What makes it unique
Polanco was developed between the beginning and the middle of the 20e century as a neighborhood for the emerging middle classes of expatriates from the Jewish, Lebanese and Spanish communities and was built to mimic the city centers of European cities of the time instead of a suburban-style design, said M Pérez del Toro.
The area suffered in the 1970s and 1980s when people moved to the suburbs, but by the late 1990s Polanco had started to flourish as restaurants, galleries, museums, bars, location and proximity to Chapultepec offered an unprecedented urban lifestyle to wealthy buyers. , added Pérez del Toro.
It was a stylish, leafy place with culture in abundance and a great restaurant and bar scene. And despite the criminal security concerns in Mexico, Polanco is considered a very safe place to live, Mr. Diaz said.
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Residents of Polanco have the luxury of Lincoln Park, a charming lunch spot with bike paths, a reflecting pool, a weekly farmer’s market, and a statue of Martin Luther King. Meanwhile, Bosque de Chapultepec, Mexico City’s most iconic park, sits on its southern edge.
The park has 17,000 acres, with excellent jogging trails and a national history museum housed in a castle and an anthropology museum, which are hot spots for visitors. It also has a cinema-boat on the lake where the pedal boats serve as seats for the open-air theater.
Polanco has the best contemporary art galleries and museums in Mexico, which are home to some of the best works of art in the world.
The bowtie-shaped, foil-clad Soumaya Museum in the neighborhood’s Plaza Carso is one of two art museum buildings funded by billionaire Mexican business tycoon Carlos Slim. It is named after Slim’s late wife and houses the main part of his 66,000-piece art collection, which spans 3,000 years and includes works by Picasso and Dali.
Meanwhile, the David Chipperfield-designed Museo Jumex has a striking profile with its jagged roof and features a wide range of contemporary art exhibits. There is also the Sala de Arte Publico Siqueiros, a museum dedicated to the work of Mexican muralist David Alfaro Siqueiros.
Avenida Presidente Masaryk, Polanco’s main street, has drawn comparisons to the world’s best shopping streets for its luxury retail offerings. It has boutiques in Cartier, Louis Viutton, Zegna, Gucci, Uterque, Salvatore Ferragamo, Chopard and others, as well as showrooms for Porsche and Mercedes-Benz cars.
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There are also excellent stores at Antara Fashion Hall and the Palacio de Hierro shopping malls while the Plaza Carso development has a Saks Fifth Avenue store.
Bars and restaurants are one of the main attractions in Polanco, said Pérez del Toro, adding that “it offers well-known names and local gastronomy as well as a diverse range of foods in a wide range of places. price”.
Top spots include the famous gourmet restaurant Pujol, which serves modern Mexican cuisine with native ingredients and a signature mole dish. It is ranked # 12 in the 50 Most Recent World’s Best Restaurants, compiled by an organization that ranks restaurants in the world.
Contemporary Farm-to-Fork Mexican Restaurant Quintonil is ranked # 24 on the World’s 50 Best Restaurants list and offers a nine-course tasting menu with meat and seafood dishes created from sustainable food sources . Another dining staple is Hacienda de los Morales, which sits on a 17th-century farmhouse and serves Mexican classics.
Polanco also owns a number of hotels from the five star Hyatt Regency, W, JW Marriott and Four Seasons hoteliers.
For families with young children, Polanco’s proximity to the American School Foundation is a highlight. The independent coeducational institution for students aged 3-18 is located in the Las Americas neighborhood (3.5 miles) and is recognized as one of the best schools in Mexico. Other top schools include Lycée Franco-Mexicain (Franco-Mexican school), which is located in Polanco and is one of the largest French high schools in the world, providing education to students from kindergarten through 12th grade.
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Who lives here
Polanco is described as a cosmopolitan place with a wide range of residents and a mix of cultures, as it is home to the headquarters of multinational companies such as Coca-Cola and Nestle.
It includes longtime Jewish and Lebanese communities, Spanish and French residents and Mexicans from wealthy families, as well as expatriates from Japan, China and Argentina, Díaz said.
International buyers are a growing market in Polanco as Mexico City has gained international recognition for its incredible food, culture and climate in recent years, said Pérez del Toro. “European buyers, like England, France and Italy, as well as Canada and the United States, fall in love with the city and decide to invest in a first and second home.
Polanco attracts a wide range of people, but its main markets are wealthy empty nesters, families with young children, singles and couples, said Pérez del Toro.
Mexican film actress and singer María Félix, who starred in Latin American films in the 1940s and 1950s, lived in the neighborhood and her house still stands, which was built for her in the 1950s.
Officers were unable to provide the names of current notable residents.
Click to view luxury homes for sale in Polanco, Mexico
The high-end market in Mexico City is more turbulent these days, Mr. Díaz said. “A decade ago the seller set the price, but the power has shifted to the buyer over the past two years,” he said. “Buyers are pushing for lower prices and the pandemic has exacerbated the trend. Properties are selling for 10-15% below their asking price.
Buyers have also become more cautious when buying off-plan, Díaz continued. “They want to buy a property that’s ready to go, not one that’s ready in 16 months. I think confidence will grow if the vaccine rollout continues successfully and things should become more stable now that Mexico held its midterm elections in June 2021. ”
Polanco prices are at their lowest for five years, Pérez del Toro said. “A buyer’s market has prevailed since 2017, and it takes an average of two years to sell a property in Polanco,” he said. “But the best properties with low prices are selling every day, so my forecast is that the market will start to recover in 2022.”
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