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Arequipa is Peru's second-largest city and has become one of the most attractive real estate markets for foreigners looking at apartments in 2026.
Prices here are significantly lower than in Lima, yet Arequipa offers excellent infrastructure, pleasant year-round weather, and a growing economy driven by mining and services.
We constantly update this blog post to reflect the latest market conditions and pricing data available.
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
- New-build apartments in Arequipa command a 20% to 30% premium over resale units, with new construction averaging around S/ 5,200 per square meter compared to S/ 4,200 for resale properties.
- The Cayma and Cerro Colorado districts have crossed the S/ 6,000 per square meter threshold in 2026, making them the priciest neighborhoods in Arequipa for apartment buyers.
- A typical 80 square meter two-bedroom apartment in Arequipa costs around S/ 336,000 (approximately US$ 100,000), which is roughly 40% cheaper than equivalent units in Lima.
- Buyer closing costs in Arequipa run between 4% and 6.5% of the purchase price, with the alcabala transfer tax (3% after deducting 10 UIT) being the largest single expense.
- Monthly HOA fees in Arequipa range from S/ 120 for basic buildings to over S/ 800 for buildings with 24/7 security, elevators, and premium amenities.
- Three-bedroom apartments dominate the new-build market in Arequipa, with the average new construction ticket sitting at approximately S/ 451,000 (US$ 134,000).
- Budget-friendly districts like Paucarpata and Mariano Melgar offer apartments at S/ 2,800 to S/ 3,600 per square meter, making homeownership accessible to first-time buyers.
- Property tax in Arequipa follows a progressive scale starting at just 0.2% for properties valued under 15 UIT, keeping annual tax bills relatively modest for most apartment owners.
How much do apartments really cost in Arequipa in 2026?
What's the average and median apartment price in Arequipa in 2026?
As of January 2026, the median apartment price in Arequipa sits around S/ 336,000 (approximately US$ 100,000 or €96,000), while the average leans slightly higher at S/ 360,000 to S/ 400,000 (US$ 107,000 to US$ 119,000 or €103,000 to €114,000) due to pricier new-build inventory pulling the numbers up.
When you look at price per square meter, resale apartments in Arequipa typically fall between S/ 3,800 and S/ 4,600 per m² (US$ 1,130 to US$ 1,370 or €1,090 to €1,320 per m²), with a median around S/ 4,200 per m² (US$ 1,250 or €1,200 per m²), which works out to roughly US$ 116 to US$ 127 per square foot.
For most standard apartments in Arequipa, you should expect total prices ranging from S/ 250,000 to S/ 500,000 (US$ 74,000 to US$ 149,000 or €71,000 to €143,000), which covers the bulk of two and three-bedroom units that make up the market's core inventory.
How much is a studio apartment in Arequipa in 2026?
As of January 2026, a typical studio apartment in Arequipa costs between S/ 130,000 and S/ 190,000 (US$ 39,000 to US$ 57,000 or €37,000 to €55,000), though studios are less standardized than larger units in this market.
Entry-level studios in outer districts like Paucarpata or Mariano Melgar can start around S/ 100,000 (US$ 30,000 or €29,000), while high-end studios in premium areas like Cayma or Yanahuara may reach S/ 220,000 to S/ 260,000 (US$ 65,000 to US$ 77,000 or €63,000 to €74,000).
Studios in Arequipa typically measure between 30 and 40 square meters, which is fairly consistent with what you find across other Peruvian cities.
How much is a one-bedroom apartment in Arequipa in 2026?
As of January 2026, a typical one-bedroom apartment in Arequipa costs between S/ 190,000 and S/ 280,000 (US$ 57,000 to US$ 83,000 or €55,000 to €80,000), depending heavily on location and building amenities.
Budget-friendly one-bedroom apartments in districts like Alto Selva Alegre or Hunter can be found starting around S/ 160,000 (US$ 48,000 or €46,000), while luxury one-bedroom units in Cayma with modern finishes and building services can exceed S/ 350,000 (US$ 104,000 or €100,000).
One-bedroom apartments in Arequipa typically range from 45 to 60 square meters, with pricing driven more by building features like elevators, doormen, and parking than by interior finishes alone.
How much is a two-bedroom apartment in Arequipa in 2026?
As of January 2026, a typical two-bedroom apartment in Arequipa costs between S/ 300,000 and S/ 420,000 (US$ 89,000 to US$ 125,000 or €86,000 to €120,000), making this the most popular segment for both local families and foreign buyers.
Entry-level two-bedroom apartments in value districts like Paucarpata start around S/ 230,000 (US$ 68,000 or €65,000), while high-end two-bedroom units in Yanahuara or upscale parts of Cayma can reach S/ 550,000 to S/ 650,000 (US$ 164,000 to US$ 193,000 or €157,000 to €186,000).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Arequipa.
How much is a three-bedroom apartment in Arequipa in 2026?
As of January 2026, a typical three-bedroom apartment in Arequipa costs between S/ 410,000 and S/ 600,000 (US$ 122,000 to US$ 179,000 or €117,000 to €172,000), with the new-build market particularly focused on this family-oriented segment.
More affordable three-bedroom options in districts like Sachaca or José Luis Bustamante y Rivero start around S/ 350,000 (US$ 104,000 or €100,000), while premium three-bedroom apartments in Cayma's best urbanizaciones can exceed S/ 750,000 (US$ 223,000 or €214,000).
Three-bedroom apartments in Arequipa typically measure between 95 and 120 square meters, and the average new-build ticket of approximately S/ 451,000 aligns closely with a mid-sized three-bedroom unit.
What's the price gap between new and resale apartments in Arequipa in 2026?
As of January 2026, new-build apartments in Arequipa carry a premium of roughly 20% to 30% over comparable resale units, reflecting the value buyers place on modern construction standards and developer warranties.
New-build apartments in Arequipa average around S/ 5,200 per square meter (US$ 1,550 or €1,490 per m²), with premium developments in Cayma and Cerro Colorado pushing past S/ 6,000 per m² (US$ 1,790 or €1,720 per m²).
Resale apartments in Arequipa typically trade at S/ 4,000 to S/ 4,400 per square meter (US$ 1,190 to US$ 1,310 or €1,140 to €1,260 per m²), offering significant savings for buyers willing to purchase older stock.
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Can I afford to buy in Arequipa in 2026?
What's the typical total budget (all-in) to buy an apartment in Arequipa in 2026?
As of January 2026, you should budget approximately S/ 350,000 to S/ 425,000 (US$ 104,000 to US$ 126,000 or €100,000 to €121,000) as the all-in cost for a standard two-bedroom apartment in Arequipa, including purchase price and closing costs.
Beyond the purchase price itself, your all-in budget in Arequipa needs to cover the alcabala transfer tax, notary fees for the public deed, SUNARP registry fees, and various certificates and administrative costs that typically add 4% to 6.5% to your total outlay.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Arequipa property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Arequipa.
What down payment is typical to buy in Arequipa in 2026?
As of January 2026, the typical down payment for an apartment in Arequipa is 20% of the purchase price, which means around S/ 67,000 to S/ 80,000 (US$ 20,000 to US$ 24,000 or €19,000 to €23,000) for a standard two-bedroom unit.
Most Peruvian banks require a minimum down payment of 10% for mortgage approval, though this often comes with stricter income documentation requirements and higher interest rates.
To secure the most favorable mortgage terms in Arequipa, including lower interest rates and easier approvals, planning for a 20% down payment is the recommended approach that most local buyers follow.
You can also read our latest update about mortgage and interest rates in Peru.
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.
Which neighborhoods are cheapest or priciest in Arequipa in 2026?
How much does the price per m² for apartments vary by neighborhood in Arequipa in 2026?
As of January 2026, apartment prices in Arequipa range dramatically from around S/ 2,800 per m² (US$ 830 or €800 per m²) in budget districts to over S/ 6,100 per m² (US$ 1,820 or €1,750 per m²) in the most exclusive neighborhoods.
The most affordable neighborhoods in Arequipa include Paucarpata, Mariano Melgar, Alto Selva Alegre, and parts of Hunter, where you can find apartments priced at S/ 2,800 to S/ 3,600 per m² (US$ 830 to US$ 1,070 or €800 to €1,030 per m²).
The most expensive neighborhoods in Arequipa are Cayma (particularly urbanizaciones like Macondo), Yanahuara near the famous mirador, and premium pockets of Cerro Colorado (such as Teresa de Jesús), where prices reach S/ 5,500 to S/ 6,100+ per m² (US$ 1,640 to US$ 1,820+ or €1,570 to €1,750+ per m²).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Arequipa.
What neighborhoods are best for first-time buyers on a budget in Arequipa in 2026?
As of January 2026, the three best neighborhoods for budget-conscious first-time buyers in Arequipa are Paucarpata, Mariano Melgar, and Alto Selva Alegre, all offering significantly lower entry prices than the city's premium districts.
In these budget-friendly Arequipa neighborhoods, you can find two-bedroom apartments priced between S/ 200,000 and S/ 300,000 (US$ 60,000 to US$ 89,000 or €58,000 to €86,000), which is roughly 30% to 40% below citywide averages.
These neighborhoods offer practical advantages including established commercial corridors, public transport connections, schools, and markets that make daily life convenient for young families and first-time homeowners.
The main trade-off with these budget districts is that building quality and registry documentation can be inconsistent, so first-time buyers in Arequipa should conduct thorough due diligence and verify all paperwork before purchasing.
Which neighborhoods have the fastest-rising apartment prices in Arequipa in 2026?
As of January 2026, the three neighborhoods with the fastest-rising apartment prices in Arequipa are Cayma, select parts of Cerro Colorado, and areas near new development corridors where developer activity is concentrated.
These fast-appreciating Arequipa neighborhoods have seen price growth estimated at 8% to 12% over the past year, with Cayma and premium Cerro Colorado pockets pushing into the S/ 6,000+ per m² territory that was previously unheard of in Arequipa.
The main driver behind rapid price growth in these Arequipa neighborhoods is concentrated new-build development activity, as developers cluster projects that attract higher-income buyers seeking modern amenities, security, and proximity to commercial centers.
You can also read our latest update about property price forecasts in Arequipa.
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What extra costs will I pay on top of the apartment price in Arequipa in 2026?
What are all the buyer closing costs when you buy an apartment in Arequipa?
For a typical S/ 336,000 apartment in Arequipa, total buyer closing costs run approximately S/ 13,000 to S/ 22,000 (US$ 3,900 to US$ 6,500 or €3,700 to €6,300), covering all the mandatory fees and taxes required to complete your purchase.
The main categories of closing costs in Arequipa include the alcabala transfer tax (paid to the municipality), notary fees for drafting the public deed, SUNARP registry fees for officially recording your ownership, and various certificates and administrative paperwork.
The alcabala transfer tax is typically the largest single closing cost for buyers in Arequipa, calculated as 3% of the purchase price after deducting 10 UIT (S/ 55,000 in 2026), which means you pay 3% on roughly S/ 281,000 for a median-priced apartment.
Notary fees in Arequipa are negotiable and can vary between notaries depending on the complexity of the transaction, while SUNARP registry fees follow a fixed formula, so it pays to get quotes from multiple notaries before choosing one.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Arequipa?
Buyers in Arequipa should budget approximately 4% to 5% of the purchase price for closing costs on a typical transaction, though this can stretch to 6% or higher for more complex deals or mortgage-financed purchases.
The realistic range for buyer closing costs in Arequipa runs from about 4% for straightforward cash purchases with minimal complications to 6.5% when you add mortgage-related appraisals, bank administrative fees, and required insurances.
We actually cover all these costs and strategies to minimize them in our pack about the real estate 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.
What are the ongoing monthly and yearly costs of an apartment in Arequipa in 2026?
What are typical HOA fees in Arequipa right now?
Monthly HOA fees (called "mantenimiento" locally) for apartments in Arequipa typically range from S/ 120 to S/ 450 (US$ 36 to US$ 134 or €34 to €129) for mid-market buildings, though these can vary significantly based on building services.
Basic buildings with minimal common areas and no elevator charge on the lower end around S/ 120 to S/ 200 per month (US$ 36 to US$ 60 or €34 to €57), while buildings with 24/7 security, elevators, gyms, or extensive common areas can charge S/ 450 to S/ 800+ per month (US$ 134 to US$ 238+ or €129 to €229+).
What utilities should I budget monthly in Arequipa right now?
A typical apartment in Arequipa requires a monthly utility budget of approximately S/ 250 to S/ 350 (US$ 74 to US$ 104 or €71 to €100), covering all essential services for a household of one to three people.
The realistic range extends from S/ 180 per month (US$ 54 or €51) for a single person in a small studio with modest usage to S/ 480 per month (US$ 143 or €137) for a larger family apartment with heavier consumption.
This monthly utility budget in Arequipa covers electricity, water, natural gas (where available), and home internet, with electricity typically being the largest variable expense depending on your air conditioning and appliance usage.
Electricity tends to be the most expensive utility for apartment owners in Arequipa, especially during warmer months or if you work from home and run equipment throughout the day.
How much is property tax on apartments in Arequipa?
Annual property tax (impuesto predial) for a typical apartment in Arequipa generally falls between S/ 300 and S/ 1,500 per year (US$ 89 to US$ 446 or €86 to €429), depending on the official assessed value of your property.
Property tax in Arequipa follows Peru's progressive municipal tax scale: 0.2% on assessed value up to 15 UIT (S/ 82,500 in 2026), 0.6% on the portion between 15 and 60 UIT, and 1.0% on any value exceeding 60 UIT.
For most standard apartments in Arequipa, the assessed value (autoavalúo) is significantly lower than market price, which keeps annual property tax bills relatively modest compared to what foreign buyers might expect from their home countries.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Arequipa.
What's the yearly building maintenance cost in Arequipa?
Yearly building maintenance costs for apartment owners in Arequipa typically run S/ 1,440 to S/ 5,400 per year (US$ 428 to US$ 1,607 or €411 to €1,543), which is simply your monthly HOA fee multiplied by twelve months.
The realistic range stretches from S/ 1,440 per year (US$ 428 or €411) for basic buildings with minimal services to S/ 9,600+ per year (US$ 2,857+ or €2,743+) for premium buildings with full amenities, security, and extensive common areas.
Building maintenance costs in Arequipa cover items like common area cleaning, elevator maintenance, security personnel, lighting, gardening, and a reserve fund for major repairs like repainting or equipment replacement.
In Arequipa, building maintenance costs are typically included within your monthly HOA fee rather than charged separately, so the "mantenimiento" amount you see in listings already covers these ongoing expenses.
How much does home insurance cost in Arequipa?
Annual home insurance for an apartment in Arequipa typically costs between S/ 500 and S/ 1,440 per year (US$ 149 to US$ 428 or €143 to €411), depending on coverage levels and the insured value you select.
Basic contents-only insurance starts around S/ 240 to S/ 720 per year (US$ 71 to US$ 214 or €69 to €206), while comprehensive coverage including building components and broader protections runs S/ 480 to S/ 1,440+ per year (US$ 143 to US$ 428+ or €137 to €411+).
Home insurance is optional for apartment owners in Arequipa unless you have a mortgage, in which case your lender will require specific coverage as a condition of the loan.
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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 |
|---|---|---|
| Tinsa Peru | Major real estate valuation firm with published methodology for market reports. | We used it as the anchor for new-build apartment pricing in Arequipa. We derived the average ticket and per m² figures from their primary market snapshot. |
| CAPECO | Peru's national construction chamber and standard reference for housing indicators. | We used it to validate industry-level pricing data for Arequipa. We also cross-checked which unit types dominate market demand. |
| Encuentro | Local news outlet that explicitly attributes numbers to CAPECO sources. | We used it to pin down top-end neighborhood prices in Cayma and Cerro Colorado. We treated it as industry-data confirmation rather than standalone estimates. |
| Nexo Inmobiliario | Official platform of the national developers' confederation (CODIP). | We used it to sanity-check new-build price bands in Arequipa. We triangulated their listings against Tinsa and CAPECO data. |
| SUNARP Calculator | Official Peruvian government service for registry fee calculations. | We used it to structure the registry fee portion of buyer closing costs. We avoided guessing fees that SUNARP already formalizes. |
| SUNARP Compraventa | SUNARP's own guidance with fee formulas and required documents. | We used it to quantify the registration fee logic and list required paperwork. We built a step-by-step closing checklist from their requirements. |
| SAT Lima | Public tax administrator that clearly states the alcabala rate and deduction rules. | We used it for the 3% alcabala rule and 10 UIT deduction calculation. We adapted the payment point to local municipalities as appropriate. |
| Andina | Peruvian state news agency, reliable for official MEF announcements. | We used it to set the UIT value for 2026 at S/ 5,500. We converted the 10 UIT deduction into actual soles for our calculations. |
| Ley de Tributación Municipal | Official legal text from the Peruvian Congress document repository. | We used it to explain the progressive property tax rates of 0.2%, 0.6%, and 1.0%. We translated those into practical annual payment estimates. |
| Municipalidad Provincial de Arequipa | Official municipality website where local tax payment logistics are published. | We used it to anchor the local payment side of annual municipal obligations. We referenced it for Arequipa-specific timelines and channels. |
| SBS Peru | Peru's financial regulator with the standard reference for retail credit rates. | We used it to ground mortgage discussions in official rate statistics. We framed typical financing costs for early 2026 buyers. |
| BCRP Financial Stability Report | Central bank's most authoritative system-level view of credit conditions. | We used it to support macro context on mortgage credit growth and conditions. We kept financing sections consistent with central bank reporting. |
| BCRP Exchange Rate Data | Central bank's official data portal for exchange rates. | We used it to justify using BCRP-referenced exchange rates for USD conversions. We expressed all key costs in both soles and dollars. |
| MINJUSDH Constitution | Ministry of Justice publishing an official constitution edition. | We used it for the foreigner ownership rule including the 50km border restriction. We explained what this means in practice for Arequipa buyers. |
| Adondevivir | Major property portal with large listing volume and transparent asking prices. | We used it to sanity-check current asking price ranges across unit types. We also inferred typical HOA fees shown in listings. |
| InfoCasas | Large portal useful to cross-check pricing and identify outliers. | We used it to cross-check pricing bands and typical sizes by bedroom count. We treated portal prices as asking prices and adjusted accordingly. |
| Rimac Seguros | One of Peru's largest insurers with published product terms. | We used it to ground the existence and structure of home insurance products. We estimated realistic premium bands for Arequipa apartments. |
| Pacífico Seguros | Major SBS-regulated insurer providing a solid second reference point. | We used it as a second insurer benchmark to avoid relying on one provider. We triangulated typical coverages and eligibility conditions. |
| Expatistan | Transparent crowdsourced cost-of-living data useful for budgeting utilities. | We used it only for utility budget ranges since official city-level data is scarce. We kept it as a sanity check rather than the core pricing source. |
| Properati Blog | Real estate platform with historical price evolution data for Peruvian cities. | We used it to understand price trends and validate typical unit-type segmentation. We cross-referenced their data with other portal observations. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Peru. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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