Authored by the expert who managed and guided the team behind the Peru Property Pack
Yes, the analysis of Lima's property market is included in our pack
So you're wondering if now is the right time to buy property in Lima, and you want real data instead of just opinions.
In this article, we break down Lima's current housing prices in January 2026, using official sources and verified indicators to help you make an informed decision.
We constantly update this blog post as new data becomes available, so you're always looking at the freshest numbers.
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 Lima.
So, is now a good time?
As of early 2026, the answer is rather yes for buying property in Lima, though buyers should negotiate hard and pick the right district.
The strongest signal is that Lima's price-to-income ratio is at its lowest level since 2014, meaning homes are more affordable relative to local salaries than they've been in over a decade.
Another strong signal is that real prices (adjusted for inflation) are actually declining year-over-year, even while asking prices in dollars appear stable, which gives buyers negotiating room.
The macro environment also supports this timing: Peru's central bank, the IMF, and the World Bank all describe stable economic conditions with no signs of a credit crisis that would trigger a crash.
The best strategy is to focus on apartments in high-demand districts like Miraflores, San Isidro, Barranco, or Surco for resale value, or mid-market areas like Jesus Maria and Lince for rental income, and plan to hold for at least five years.
This is not financial or investment advice, we don't know your personal situation, and you should always do your own research before making any property purchase.
Is it smart to buy now in Lima, or should I wait as of 2026?
Do real estate prices look too high in Lima as of 2026?
As of early 2026, Lima property prices do not look "bubble-high" because the two main affordability indicators (price-to-income and price-to-rent) are both within reasonable ranges, not flashing red.
One clear on-the-ground signal is that real prices (adjusted for inflation) are actually falling year-over-year in Lima's core districts, which suggests sellers cannot simply name any price they want and buyers have room to negotiate.
Another supporting signal is that the price-to-income ratio in Lima is around 12 years of household income, which Peru's central bank notes is the lowest (meaning most affordable) since 2014.
You can also read our latest update regarding the housing prices in Lima.
Does a property price drop look likely in Lima as of 2026?
As of early 2026, the likelihood of a sharp property price crash in Lima is low, though a soft decline in real (inflation-adjusted) terms is already happening and could continue.
Looking at the plausible range, Lima property prices could move anywhere from minus 5% to plus 8% in nominal terms over the next 12 months, with the most likely scenario being flat to slightly positive in dollars but flat to slightly negative in real soles.
The single most important factor that could trigger a meaningful price drop in Lima would be a sudden spike in unemployment or a credit squeeze that forces homeowners to sell, but neither is currently forecast by major institutions.
Based on the latest projections from Peru's central bank, the IMF, and the World Bank, this risk factor remains unlikely in 2026, as all three institutions describe a stable macroeconomic environment with inflation under control and gradual rate easing.
Finally, please note that we cover the price trends for next year in our pack about the property market in Lima.
Could property prices jump again in Lima as of 2026?
As of early 2026, the likelihood of a renewed price surge across all of Lima is medium-low, but a selective rebound in high-demand districts like Miraflores, San Isidro, and Barranco is more plausible.
If conditions turn favorable, Lima property prices could realistically jump by 5% to 12% in dollar terms over the next 12 months, though this would likely be concentrated in premium and well-connected districts rather than citywide.
The single biggest demand-side trigger that could drive prices up in Lima is further mortgage rate easing, which Peru's central bank has signaled is possible if inflation stays under control, making financing more accessible for middle-class buyers.
Please also note that we regularly publish and update real estate price forecasts for Lima here.
Are we in a buyer or a seller market in Lima as of 2026?
As of early 2026, Lima's property market is balanced with a slight lean toward buyers, meaning you have more negotiating power than you would have had a few years ago.
While Peru does not publish a standard "months-of-inventory" figure like some countries do, the combination of strong transaction volume (SUNARP reported record purchase registrations in 2025) with declining real prices suggests supply is adequate and sellers cannot simply dictate terms.
The share of listings with price reductions is not officially tracked in Lima, but the fact that real prices are falling year-over-year while nominal dollar prices stay flat is a clear proxy: it tells you that sellers are effectively cutting prices when you account for inflation.
We have made this infographic to give you a quick and clear snapshot of the property market in Peru. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Are homes overpriced, or fairly priced in Lima as of 2026?
Are homes overpriced versus rents or versus incomes in Lima as of 2026?
As of early 2026, Lima homes look fairly priced rather than overpriced when you compare purchase costs to both rents and local incomes, especially compared to a few years ago.
Lima's price-to-rent ratio sits at around 17 years of rent to pay back the purchase price, which is neither cheap nor obviously expensive for a Latin American capital, suggesting the market is roughly balanced between buying and renting.
Lima's price-to-income multiple is around 12 years of household income, which Peru's central bank highlights as the most affordable reading since 2014, meaning local salaries have been catching up to property prices.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Lima.
Are home prices above the long-term average in Lima as of 2026?
As of early 2026, Lima property prices do not appear to be stretched above a long-term extreme, largely because real (inflation-adjusted) prices are actually declining year-over-year rather than surging.
Over the past 12 months, Lima apartment prices rose around 3% to 5% in dollar terms, which is slower than the pre-pandemic pace and suggests the market has cooled rather than overheated.
When you look at inflation-adjusted (real) prices, Lima is below its prior cycle peak, meaning if you adjust for what your money can actually buy, homes are cheaper now than they were at the height of the last boom.
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What local changes could move prices in Lima as of 2026?
Are big infrastructure projects coming to Lima as of 2026?
As of early 2026, Lima's biggest infrastructure story is ongoing metro and mass transit expansion, which tends to reprice specific corridors and districts rather than lifting the entire city at once.
The Lima Metro Line 2 (connecting east to west across the city) continues construction with sections gradually opening, and areas near new stations in districts like Ate and Santa Anita are expected to see property value gains as accessibility improves over the next two to four years.
For the latest updates on the local projects, you can read our property market analysis about Lima here.
Are zoning or building rules changing in Lima as of 2026?
As of early 2026, the most concrete rule change affecting Lima property is the annual update to official building unit values, which affects how properties are appraised for tax purposes and can influence developer feasibility calculations at the margin.
These valuation rules, published in Peru's official gazette El Peruano, do not dramatically move market prices on their own, but they set a floor for how authorities assess property worth and can gradually shift what developers find profitable to build.
The areas most affected by any zoning adjustments in Lima tend to be densifying mid-rise corridors in districts like Jesus Maria, Lince, Pueblo Libre, and Magdalena, where the city is trying to add housing supply near transit without dramatically changing neighborhood character.
Are foreign-buyer or mortgage rules changing in Lima as of 2026?
As of early 2026, there are no major foreign-buyer restrictions or mortgage rule changes on the horizon for Lima, so the more practical factor to watch is simply the direction of financing costs as the central bank adjusts policy rates.
Peru has historically been open to foreign property buyers with no special taxes, quotas, or bans, and there is no current legislative push to change this, making Lima one of the more accessible Latin American capitals for international investors.
On the mortgage side, the key variable is not new regulations but rather whether banks continue to pass through the central bank's rate cuts to borrowers, which would make financing cheaper and boost buyer demand in 2026.
You can also read our latest update about mortgage and interest rates in Peru.
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.
Will it be easy to find tenants in Lima as of 2026?
Is the renter pool growing faster than new supply in Lima as of 2026?
As of early 2026, tenant demand in Lima appears resilient and is keeping pace with new supply, meaning landlords are not facing a sudden glut of empty units.
The best demand signal is that rents remain stable enough to move Peru's central bank's price-to-rent ratio, which tells you tenants are actively competing for units rather than disappearing from the market.
On the supply side, construction activity tracked by CAPECO shows the market is active but not dramatically overbuilding, with new completions roughly matching absorption rather than flooding Lima with excess inventory.
Are days-on-market for rentals falling in Lima as of 2026?
As of early 2026, we cannot confidently cite an official "days-on-market" figure for Lima rentals because this metric is not published by government sources, but indirect signals suggest well-located units are renting within reasonable timeframes.
In Lima's prime districts like Miraflores, San Isidro, and Barranco, quality rentals typically find tenants within two to four weeks, while less desirable areas or overpriced units can sit for two months or longer.
One common reason days-on-market can fall quickly in Lima is when corporate relocations or expat arrivals spike, since these tenants often need housing fast and are willing to pay market rates for good locations.
Are vacancies dropping in the best areas of Lima as of 2026?
As of early 2026, vacancy trends in Lima's best rental districts like Miraflores, San Isidro, Barranco, Surco, and San Borja appear to be tightening as demand returns, though no official vacancy rate is published for Lima.
These premium districts typically run lower vacancy than the citywide average because they attract corporate tenants, expats, and higher-income professionals who prioritize location and amenities.
One practical sign that these "best areas" are tightening first is when landlords stop offering move-in incentives like free first months or flexible lease terms, which signals they no longer need to compete as hard for tenants.
By the way, we've written a blog article detailing what are the current rent levels in Lima.
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An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Am I buying into a tightening market in Lima as of 2026?
Is for-sale inventory shrinking in Lima as of 2026?
As of early 2026, Lima's for-sale inventory does not appear to be shrinking dramatically, instead remaining relatively stable with enough supply that buyers retain some negotiating power.
Peru does not publish a standard "months-of-supply" metric, but the combination of high transaction volume (SUNARP reported record registrations in 2025) with flat-to-declining real prices suggests the market is balanced rather than starved for listings.
Are homes selling faster in Lima as of 2026?
As of early 2026, we cannot cite an official median days-on-market figure for Lima home sales because this statistic is not published by government agencies, but market signals suggest selling speed is moderate rather than frantic.
Based on transaction volume and pricing patterns, homes in Lima are selling at a steady pace, with well-priced properties in districts like Miraflores and Surco moving within one to three months, while overpriced listings can sit much longer.
Are new listings slowing down in Lima as of 2026?
As of early 2026, we do not have confident data on new listing flow in Lima because this metric is tracked by private portals rather than official sources, though the market appears active with both buyers and sellers present.
Lima's seasonal pattern typically sees more listings in the first half of the year (March through June) and a slowdown around holidays, which means current listing levels in early January may appear quieter but should pick up in the coming months.
Is new construction failing to keep up in Lima as of 2026?
As of early 2026, new construction in Lima appears to be roughly keeping pace with demand rather than dramatically falling short, though rising construction costs are making some projects less feasible.
Permits and starts tracked by CAPECO show steady activity, with developers focusing on mid-rise apartment buildings in densifying districts rather than a construction boom or bust.
The single biggest bottleneck limiting new construction in Lima is rising material and labor costs, as tracked by INEI's construction price indices, which squeeze developer margins and slow the pipeline of new projects.
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.
Will it be easy to sell later in Lima as of 2026?
Is resale liquidity strong enough in Lima as of 2026?
As of early 2026, resale liquidity in Lima's core districts is decent, meaning well-priced homes in good locations do sell within a reasonable timeframe, though you should not expect instant transactions.
While no official median days-on-market is published, market activity suggests properties in districts like Miraflores, San Isidro, Surco, and San Borja typically sell within two to four months when priced realistically, which is healthy liquidity for a Latin American capital.
The single property characteristic that most improves resale liquidity in Lima is location within the BCRP-tracked "core" districts, since these areas have the deepest buyer pools and the most consistent transaction volume.
Is selling time getting longer in Lima as of 2026?
As of early 2026, selling time in Lima appears to be stable or slightly longer than peak market conditions, reflecting the buyer-friendly environment where sellers need to be more flexible on price.
Based on market patterns, the realistic range for selling time in Lima runs from around four weeks for a well-priced apartment in Miraflores to six months or more for overpriced or less desirable properties.
One clear reason selling time can lengthen in Lima is affordability pressure: when buyers face higher mortgage rates or stricter bank requirements, they take longer to qualify or simply cannot pay asking prices, which forces sellers to wait or cut.
Is it realistic to exit with profit in Lima as of 2026?
As of early 2026, the likelihood of selling with a profit in Lima is medium, achievable if you buy well, hold for at least five years, and choose a district with consistent demand.
The estimated minimum holding period in Lima that most often makes exiting with profit realistic is around five to seven years, which gives you time to recover transaction costs and ride out any short-term market softness.
Round-trip costs in Lima (buying plus selling) typically run around 8% to 12% of the property value, which translates to roughly 25,000 to 40,000 USD or 23,000 to 37,000 EUR on a 300,000 USD apartment.
The single factor that most increases your profit odds in Lima is buying below market value in a soft pricing environment like the current one, then holding in a high-demand district like Miraflores, San Isidro, Barranco, or Surco where resale liquidity is strongest.
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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 Lima, 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 |
|---|---|---|
| BCRP Real Estate Indicators Hub | Peru's central bank with official district-level property data. | We used it as our primary anchor for Lima price trends and district coverage. We relied on its consistent methodology to keep our analysis Lima-specific. |
| BCRP Q3 2025 Real Estate Note | Official central bank research with defined methodology. | We used it for the latest Lima cycle signals including real price direction and affordability ratios. We drew price-to-income and price-to-rent benchmarks directly from this note. |
| BCRP Inflation Report December 2025 | Central bank's flagship macro report on inflation, rates, and growth. | We used it to frame 2026 financing conditions and mortgage outlook. We relied on its projections to assess crash risk probability. |
| IMF Peru 2025 Article IV | Top-tier international institution with standardized, reviewed reports. | We used it to triangulate Peru's macro risks for 2025-2026. We cross-checked financial stability signals against BCRP projections. |
| World Bank Peru Overview | International authority with transparent country projections. | We used it to verify growth expectations for 2026. We balanced local market sentiment with this external perspective. |
| SUNARP Transaction Registrations | Official property registry with real transaction pipeline data. | We used it to judge market demand and liquidity. We treated registration volumes as a reality check against listing-based indicators. |
| CAPECO Construction Reports | National construction chamber widely cited for supply conditions. | We used it to frame new supply pressure and construction cycle trends. We interpreted whether supply is likely to surge or stay constrained. |
| INEI Construction Cost Index | Peru's official statistics agency for construction cost tracking. | We used it to ground our discussion of developer costs. We explained why prices may not fall sharply if replacement costs stay firm. |
| El Peruano Official Building Values | Official gazette publication of legal valuation norms. | We used it to anchor the valuation framework discussion. We treated it as policy context rather than a market price index. |
| BIS Property Price Dashboard | Cross-country property statistics with consistent definitions. | We used it to check whether Peru is in a national upswing or not. We treated it as a global-standard cross-check alongside Lima-specific data. |
| FRED Peru Real Property Prices | Reputable public data platform with BIS-sourced housing data. | We used it to cross-check national real price direction. We relied on it as a triangulation layer alongside BCRP Lima data. |
| BCRP Monetary Program Presentation | Official BCRP communication on inflation and rate stance. | We used it to corroborate the inflation and rate environment for 2026. We cross-checked it alongside the full Inflation Report. |
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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