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This guide covers the current housing prices in Arequipa, Peru's second-largest city and one of its most attractive real estate markets.
We update this blog post regularly to make sure you always have access to the freshest data available.
Whether you're looking for an apartment in Cayma or a family house in Cerro Colorado, you'll find practical price ranges and neighborhood breakdowns below.
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 Arequipa.
Insights
- The typical apartment in Arequipa lists for around S/ 455,000 ($135,000), but most buyers end up paying 6% to 10% less after negotiation, which means real closing prices often land closer to $122,000 to $127,000.
- Houses in Arequipa cost about 2.2 times more than apartments on average, with the typical house listing at S/ 1,015,000 ($301,000) compared to S/ 455,000 ($135,000) for apartments.
- Price per square meter in Arequipa is surprisingly similar for apartments (S/ 4,326/m²) and houses (S/ 4,386/m²), suggesting location and condition matter more than property type.
- Cayma and Yanahuara command premiums of 50% to 70% above budget neighborhoods like Mariano Melgar, where prices start around S/ 2,700/m² versus S/ 5,500/m² in premium areas.
- New construction in Arequipa carries a 10% to 18% price premium over comparable existing homes, driven mainly by modern amenities like elevators, parking, and lower maintenance costs.
- Arequipa's apartment market stayed essentially flat over the past year, showing roughly -1% to +2% nominal change, which translates to a small decline when you factor in inflation.
- Budget buyers can still find functional 2-bedroom apartments in Cerro Colorado or Paucarpata starting around S/ 250,000 to S/ 330,000 ($74,000 to $98,000).
- The luxury segment in Arequipa starts around S/ 1,800,000 ($534,000) and can reach S/ 3,500,000 ($1 million) for premium penthouses or gated houses in Cayma.
What is the average housing price in Arequipa in 2026?
The median housing price is more useful than the average because it represents what a typical buyer actually pays, without being skewed upward by a few expensive luxury properties.
We are writing this as of the first half of 2026 using the latest November 2025 data from Properati, which we manually verified against the Central Bank of Peru's official exchange rates.
The median apartment price in Arequipa in 2026 is estimated at S/ 420,000 ($124,500 or €107,700), while the average apartment price is S/ 455,000 ($135,000 or €117,000). For houses, the median is around S/ 865,000 ($256,400 or €221,900) and the average is S/ 1,015,000 ($301,000 or €261,000).
About 80% of residential properties in Arequipa in 2026 fall within the S/ 280,000 to S/ 1,250,000 range ($83,000 to $371,000 or €72,000 to €321,000).
A realistic entry point in Arequipa's market is S/ 250,000 to S/ 330,000 ($74,000 to $98,000 or €64,000 to €85,000), which typically gets you an existing 2-bedroom apartment of 65 to 80 square meters in neighborhoods like Cerro Colorado or Paucarpata.
Luxury properties in Arequipa in 2026 typically range from S/ 1,800,000 to S/ 3,500,000 ($534,000 to $1,040,000 or €462,000 to €898,000), covering high-end apartments of 180 to 250 square meters with terraces in Cayma or Yanahuara, or large modern houses in gated communities.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Arequipa.
Are Arequipa property listing prices close to the actual sale price in 2026?
Listed prices in Arequipa typically close 6% to 10% below the asking price, with 8% being a reasonable midpoint for most transactions.
This gap exists because many sellers in Arequipa build negotiation room into their asking prices, especially for older homes or properties that have been on the market for several months. The difference is usually largest when buyers use mortgage financing, because bank appraisals push sellers toward more realistic valuations.
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What is the price per sq m or per sq ft for properties in Arequipa in 2026?
As of early 2026, the typical apartment in Arequipa lists at S/ 4,326 per square meter ($1,283/m² or €1,110/m²), which works out to about S/ 402 per square foot ($119/ft² or €103/ft²). Houses list at a similar S/ 4,386 per square meter ($1,300/m² or €1,125/m²), or roughly S/ 407 per square foot ($121/ft² or €104/ft²).
Smaller, newer apartments in premium districts like Cayma and Yanahuara command the highest prices per square meter in Arequipa in 2026, while larger older houses in less central areas like Paucarpata or properties needing renovation have the lowest.
In Arequipa in 2026, the highest prices per square meter are found in Cayma and Yanahuara, ranging from S/ 5,200 to S/ 7,500 per square meter ($1,540 to $2,220/m²). The lowest prices are in neighborhoods like Mariano Melgar and Alto Selva Alegre, where you can find properties at S/ 2,600 to S/ 4,000 per square meter ($770 to $1,190/m²).
How have property prices evolved in Arequipa?
Compared to January 2025, Arequipa's apartment prices have stayed essentially flat, showing a nominal change of roughly -1% to +2%. This stability reflects a market where buyer affordability limits have kept prices from rising, even as construction costs increased.
Looking back two years to early 2024, the picture is similar, with prices remaining largely stable in nominal terms. When you adjust for Peru's low but steady inflation of 1% to 2% annually, real prices have actually declined slightly over this period.
By the way, we've written a blog article detailing the latest updates on property price variations in Arequipa.
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 Arequipa.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Peru 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 Arequipa in 2026?
The Arequipa market in 2026 is dominated by standard 2 to 3 bedroom apartments (about 55% of listings), followed by family houses (20%), new-build project units (10%), duplex and penthouse apartments (8%), townhouses in gated communities (5%), and luxury villas (2%).
Average prices by property type in Arequipa as of the first half of 2026 break down as follows: standard apartments average around S/ 455,000 ($135,000 or €117,000), family houses around S/ 1,020,000 ($301,000 or €261,000), duplex and penthouse units range from S/ 850,000 to S/ 1,400,000 ($252,000 to $415,000), new-build project units from S/ 520,000 to S/ 900,000 ($154,000 to $267,000), townhouses in gated communities from S/ 900,000 to S/ 1,600,000 ($267,000 to $474,000), and luxury villas from S/ 2,000,000 to S/ 4,500,000 ($593,000 to $1,334,000).
If you want to know more, you should read our dedicated analyses:
- How much should you pay for a house in Arequipa?
- How much should you pay for an apartment in Arequipa?
How do property prices compare between existing and new homes in Arequipa in 2026?
New construction in Arequipa in 2026 typically costs 10% to 18% more than comparable existing homes in good condition.
This premium reflects the lower immediate maintenance costs of new builds, plus modern features like elevators, dedicated parking, better security systems, and energy-efficient designs that older buildings simply cannot offer.
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How do property prices vary by neighborhood in Arequipa in 2026?
Yanahuara is one of the most popular neighborhoods for expats and professionals in Arequipa, known for its walkable streets, cafes, and renovated apartments. Prices in Yanahuara in January 2026 range from S/ 5,200 to S/ 7,200 per square meter ($1,540 to $2,135/m²), reflecting strong demand for convenience and lifestyle amenities.
Cayma attracts families and buyers looking for newer apartments or houses in gated communities with good security. It commands some of Arequipa's highest prices at S/ 5,500 to S/ 7,500 per square meter ($1,630 to $2,220/m²), driven by perceived quality of life and strong residential identity.
Cerro Colorado offers a mix of established residential pockets and newer developments at more accessible prices. You can find properties here ranging from S/ 3,300 to S/ 5,800 per square meter ($978 to $1,720/m²), making it attractive for buyers seeking value without sacrificing too much on location.
You will find a much more detailed analysis by areas in our property pack about Arequipa. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Profile | Price Range | Price per m² | Price per ft² |
|---|---|---|---|---|
| Cayma | Premium / Family | S/ 650k-3.5M ($193k-$1.04M) | S/ 5,500-7,500 ($1,631-$2,223) | S/ 511-697 ($152-$206) |
| Yanahuara | Expat-friendly / Views | S/ 550k-2.8M ($163k-$830k) | S/ 5,200-7,200 ($1,542-$2,135) | S/ 483-669 ($143-$199) |
| Cercado | Central / Commute | S/ 420k-2.2M ($125k-$652k) | S/ 4,800-6,500 ($1,423-$1,927) | S/ 446-604 ($132-$179) |
| Vallecito | Central / Residential | S/ 500k-2.6M ($148k-$771k) | S/ 5,000-6,800 ($1,482-$2,016) | S/ 465-632 ($138-$188) |
| Sachaca | Family / Space | S/ 520k-2.5M ($154k-$741k) | S/ 4,300-6,200 ($1,275-$1,838) | S/ 399-576 ($118-$171) |
| Cerro Colorado | Mixed / Growth | S/ 320k-2.0M ($95k-$593k) | S/ 3,300-5,800 ($978-$1,720) | S/ 307-539 ($91-$160) |
| José L. Bustamante y Rivero | Family / Practical | S/ 350k-1.6M ($104k-$474k) | S/ 3,600-5,200 ($1,067-$1,542) | S/ 334-483 ($99-$143) |
| Paucarpata | Value / Residential | S/ 250k-1.1M ($74k-$326k) | S/ 2,800-4,200 ($830-$1,245) | S/ 260-390 ($77-$116) |
| Miraflores (Arequipa) | Commute / Mid-range | S/ 300k-1.3M ($89k-$385k) | S/ 3,200-4,900 ($949-$1,453) | S/ 297-455 ($88-$135) |
| Socabaya | Value / Space | S/ 280k-1.4M ($83k-$415k) | S/ 3,000-4,600 ($889-$1,364) | S/ 279-427 ($82-$127) |
| Mariano Melgar | Budget | S/ 220k-900k ($65k-$267k) | S/ 2,700-4,000 ($800-$1,186) | S/ 251-372 ($74-$110) |
| Alto Selva Alegre | Budget / Hillside | S/ 200k-850k ($59k-$252k) | S/ 2,600-3,900 ($771-$1,156) | S/ 242-362 ($72-$108) |
How much more do you pay for properties in Arequipa when you include renovation work, taxes, and fees?
When buying an existing home in Arequipa in 2026, expect to add roughly 7% to 12% on top of the purchase price for taxes, fees, and minor fixes, or 15% to 30% if the property needs significant renovation.
For a property around $200,000 (S/ 675,000), you would typically add S/ 47,000 to S/ 80,000 ($14,000 to $24,000) for Alcabala transfer tax, notary fees, registration, and basic updates, bringing your total cost to roughly S/ 722,000 to S/ 755,000 ($214,000 to $224,000).
For a property around $500,000 (S/ 1,690,000), additional costs typically range from S/ 120,000 to S/ 200,000 ($35,500 to $59,000) depending on the property condition and complexity of paperwork, pushing your total investment to approximately S/ 1,810,000 to S/ 1,890,000 ($536,000 to $560,000).
For a property around $1,000,000 (S/ 3,375,000), expect to add S/ 270,000 to S/ 470,000 ($80,000 to $140,000) for taxes, higher notary and registration fees that scale with property value, plus any upgrades or customization, bringing total costs to roughly S/ 3,645,000 to S/ 3,845,000 ($1,080,000 to $1,140,000).
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Arequipa
| Expense | Category | Estimated Cost Range and Explanation |
|---|---|---|
| Alcabala (transfer tax) | Tax | S/ 0 to approximately 3% of price above thresholds ($0 to ~3%). The standard calculation is 3% of the property value minus 10 UIT (tax units). For lower-priced properties, this can result in zero tax. For mid to high-value properties, effective rates typically land between 1% and 3%. |
| Notary and public deed | Fees | S/ 2,500 to S/ 10,000 ($740 to $3,000). Notary fees scale with property value and transaction complexity. Higher-priced properties and those with unusual ownership structures cost more to process. |
| SUNARP registration and certificates | Fees | S/ 800 to S/ 4,000 ($240 to $1,200). This covers registering the property transfer with Peru's public registry and obtaining necessary certificates. Costs increase with property value and documentation requirements. |
| Legal review and due diligence | Fees | S/ 1,500 to S/ 6,000 ($445 to $1,780). Hiring a lawyer to verify property titles, check for liens, and review contracts is strongly recommended. More complex transactions or properties with unclear history cost more. |
| Light renovation (paint, fixtures) | Renovation | S/ 8,000 to S/ 40,000 ($2,370 to $11,850). This covers cosmetic updates like fresh paint, new light fixtures, minor repairs, and basic modernization. Most existing properties benefit from at least this level of refresh. |
| Medium renovation (kitchen or bathroom) | Renovation | S/ 40,000 to S/ 120,000 ($11,850 to $35,600). Updating a kitchen or bathroom with new cabinets, countertops, plumbing fixtures, and tiles falls in this range. Doing both or adding window replacements pushes toward the higher end. |
| Major renovation | Renovation | S/ 120,000 to S/ 350,000 ($35,600 to $104,000). Full-scale renovations including structural changes, complete electrical and plumbing updates, new flooring throughout, and high-end finishes fall in this range. Older properties often need this level of work. |
We made this infographic to show you how property prices in Peru 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 Arequipa in 2026 with different budgets?
With $100,000 (S/ 337,500) in Arequipa in January 2026, you can find an existing 2-bedroom apartment of 70 to 80 square meters in Cerro Colorado with functional finishes, an existing 2-bedroom apartment of 65 to 75 square meters in Paucarpata in an older building with good transport access, or a small 1 to 2 bedroom unit of 55 to 70 square meters in Mariano Melgar.
With $200,000 (S/ 675,000) in Arequipa, your options expand to an existing 3-bedroom apartment of 100 to 120 square meters in Cercado with a good commute profile, a newer 3-bedroom apartment of 95 to 110 square meters in a better pocket of Cerro Colorado, or an older house of 180 to 250 square meters in Socabaya that may need some upgrades.
With $300,000 (S/ 1,012,500) in Arequipa, you can purchase a newer 3-bedroom apartment of 120 to 150 square meters in Sachaca, a premium existing 3-bedroom apartment of 110 to 140 square meters in the Vallecito area of Cercado, or a solid family house of 220 to 320 square meters in José Luis Bustamante y Rivero.
With $500,000 (S/ 1,687,500) in Arequipa, you enter the premium segment with options like a newer apartment of 160 to 220 square meters in Cayma often featuring a terrace and parking, a large renovated apartment of 180 to 260 square meters in Yanahuara, or a house in a gated community of 300 to 450 square meters in prime areas of Cayma or Cerro Colorado.
With $1,000,000 (S/ 3,375,000) in Arequipa, you can access luxury properties including a house of 450 to 700 square meters in a prime gated area of Cayma, a high-end penthouse of 250 to 400 square meters in Yanahuara with panoramic views and terraces, or a large prestige property of 600 to 900 square meters in Cercado or Vallecito with unique architecture.
With $2,000,000 (S/ 6,750,000) in Arequipa, you enter the top tier of the market where listings are limited and often bespoke, including estate-style homes with over 1,000 square meters of land in Cayma with top finishes and security, ultra-luxury custom builds in Cayma or Yanahuara with modern design and large terraces, or signature properties with exceptional views, though you should expect a longer search time at this budget level.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Arequipa.
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 Arequipa, 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 |
|---|---|---|
| Properati (Arequipa Apartments) | Major real estate portal that publishes transparent, listing-based price indicators directly on its market pages. | We used its average price, price per square meter, and year-over-year change figures as our core snapshot for the apartment market. We treat these as asking-price indicators rather than final transaction prices. |
| Properati (Arequipa Houses) | Same transparent methodology as above, but focused specifically on the house segment. | We used its average price and price per square meter figures to represent the house market in Arequipa. We also used apartment versus house listing counts to create a weighted market blend. |
| BCRP (USD Exchange Rate) | Official time series platform of the Central Bank of Peru, providing authoritative exchange rate data. | We used the latest available monthly average exchange rate as our conversion factor for all USD figures. We applied this rate consistently across all tables and calculations. |
| BCRP (EUR Exchange Rate) | Same official central bank platform, providing Euro exchange rate data. | We used the latest available monthly average EUR exchange rate to convert all PEN figures into euros. We applied this consistently for easy international comparison. |
| BCRP (CPI Inflation) | Official inflation series published via the Central Bank using INEI data. | We used the 12-month inflation rate to calculate real (inflation-adjusted) price changes. We clearly label these as approximations in our analysis. |
| MEF Peru (UIT Value) | Official Peruvian government page from the Ministry of Economy explaining the tax reference unit. | We used UIT values to explain how Alcabala transfer tax thresholds work. We referenced this to show why certain properties may pay zero or reduced transfer tax. |
| SAT Peru (Alcabala Tax) | Official tax administration source explaining the mechanics of Peru's property transfer tax. | We used this to describe the standard 3% rate after subtracting 10 UIT threshold. We translated this into practical budget impact ranges for different property values. |
| BCRP (Historical Inflation) | Official annual inflation series from Peru's central bank. | We used historical inflation data to estimate 10-year real price changes. We noted that Peru had relatively low inflation for most of the decade with spikes in 2021-2022. |
| SUNARP | Peru's official public registry for property records and ownership verification. | We referenced SUNARP registration as part of the standard closing costs buyers should expect. We included typical fee ranges based on property values. |
| INEI | National statistics institute providing demographic and economic data for Peru. | We used INEI demographic context to understand Arequipa's position as Peru's second-largest city. We referenced this for market size and demand patterns. |
| Adondevivir | Major Peruvian real estate portal with extensive listing coverage. | We cross-referenced listing patterns and price ranges with this portal. We used it to validate neighborhood price differences observed on Properati. |
| Urbania | Leading real estate classifieds site in Peru with strong Arequipa coverage. | We used Urbania listings to verify typical property types and features at different price points. We cross-checked luxury segment pricing against their listings. |
| Numbeo | Global cost of living database with user-contributed real estate price data. | We referenced Numbeo for general cost context and to validate that our price ranges align with broader reported data. We used it as a sanity check rather than primary source. |
| Global Property Guide | International real estate analysis platform covering emerging markets. | We used their Peru market overview to understand broader investment context. We cross-referenced their price trend observations with our local data sources. |
| Central Bank of Peru (BCRP) | Peru's central bank providing authoritative monetary and economic data. | We used BCRP publications for overall economic context affecting real estate. We referenced their inflation targets and economic stability indicators. |
| CAPECO | Peruvian Chamber of Construction providing industry statistics and market analysis. | We referenced CAPECO reports for construction cost trends that affect new-build pricing. We used their data to understand supply-side factors in the Arequipa market. |
| SBS Peru | Banking and insurance regulator providing mortgage market data. | We used SBS data to understand mortgage availability and typical financing conditions. We referenced this for context on how financing affects negotiation dynamics. |
| SUNAT | Peru's national tax administration providing official tax guidance. | We referenced SUNAT for tax implications beyond Alcabala that may affect property transactions. We used their guidance for overall transaction cost estimates. |
| Municipality of Arequipa | Local government authority for Arequipa city and surrounding districts. | We referenced municipal data for neighborhood boundaries and local permit requirements. We used this to understand district-level market differences. |
| Lamudi Peru | International real estate platform with Peru listings and market insights. | We cross-referenced listing prices and property features on this platform. We used it to verify typical specifications at different price points. |
| BBVA Research Peru | Bank research division providing economic and real estate market analysis. | We referenced their housing market reports for trend analysis. We used their projections to contextualize current price stability in Arequipa. |
| Scotiabank Peru | Major bank providing mortgage products and market research. | We referenced their housing affordability analysis for buyer profile context. We used their data to understand typical buyer purchasing power in Arequipa. |
| InfoCasas Peru | Real estate portal with listing data and market statistics. | We used this platform to verify listing volumes and price ranges across neighborhoods. We cross-referenced their data with Properati for consistency checks. |
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