Lomas de Chapultepec continues to be a predominantly residential zone characterized by single-family homes, however there are commercial properties and high-rise developments at the neighborhood periphery.

In the early 1920s, Mexico City suffered a housing shortage as a result of internal migrants fleeing from uncertainty in the provinces caused by the Mexican Revolution.

[3] To meet demand, the Ayuntamientos of the Distrito Federal passed various city ordinances in order to make it easier for private investors to develop urban subdivisions.

[3] Also beneficial was Article 27 of the 1917 Constitution, which was used to promote agrarian land reform and indirectly encouraged the construction and emergence of new urban developments when it prompted the change of land-use of the properties surrounding the capital.

The early settlers attracted to the area were young professionals and some of the nouveau riche revolutionaries, bureaucrats and the new business class of Mexico City.

Sales in the northwestern part of Mexico City, which includes luxury areas like Lomas de Chapultepec, generally average US$1 million per house.

Lomas de Chapultepec is located in the northwestern hills of the Anahuac Valley, which is mostly contiguous with Mexico City, and was mostly created following the contour of the terrain, leaving the natural drainage as open space.