Land or lots in the absolute prime area of Centro San Miguel de Allende are certainly limited quantity. The cost of land in the best parts of Centro San Miguel de Allende is US $120-$150 per square foot. Most of the lots in San Miguel de Allende are 2,500 square foot, which is very small by American standards, and would cost at least $300,000 to $400,000. If you want to have a substantial sized house, you need to do vertical construction because your urban lot is in the middle of town, and with some exceptions, generally speaking you're talking about 250-300 square meter (2,600-3,200 square foot) lots.
The same 2,500 square foot lot in places that are 20-minute walk from Centro, would cost $150,000 or less. The average lot size in my neighborhood, for example, is 2,500 square feet and the typical asking price is $100,000 to $120,000. This lot pricing also applies to a number of areas that are not in the center of town that would still be considered desirable. Out here in Ventanas de San Miguel, our smallest lot size is around 3,000 sq ft. and the starting price is $100,000 for lots that don't really join the golf course itself, but are still part of the gated community. Ventanas de San Miguel is over a mile from the Parroquia (the main church in the center of San Miguel de Allende). So depending on which part of Centro, San Miguel de Allende the lot is located, the price of premium lots is at least double and in some instances could almost be triple. If you get a lot that is a mile or two outside of Centro San Miguel de Allende, the cost would be substantially less.
Here in Ventanas de San Miguel, there are some really nice areas that have bigger properties and more land, wherein you can get to the heart of Centro San Miguel de Allende in five minutes or a 25-30 minute walk from here. We have a shuttle that takes people in and out of town, which is nice as far as not having parking issues.
What's interesting with San Miguel de Allende is that it's not like a bigger city where the vibe or property values change when you go a few miles away from town. In San Miguel de Allende, a couple blocks can make an enormous amount of difference as far as price goes for lots.
(Lots available in Los Ventanas de San Miguel, San Miguel de Allende, Mexico, pictured.)