The deterioration of privately owned property considered part of the built heritage environment is a problem that affects various Mexican cities. The preservation process of buildings, particularly privately owned property, is inscribed in the dichotomy of the public and the private, as these edifices, while being part of the general real estate market, are also considered public goods. These characteristics, augmented by the importance of buildings as contributors of identity and social cohesion, have justified state intervention for their protection and continued use. This research focuses on examining privately owned heritage property as well as the effects of public policies implemented for its protection in Mexico, thus contributing to the knowledge of urban problems related to heritage preservation in the country's historic centres and filling a scholarship gap.