Summary
Yes, for a patient buyer who negotiates: Lima apartment prices rose 10.9% in dollars over the year to the first quarter of 2026, but fell 1.0% in soles once you take out inflation (BCRP). That's not a bubble.
In real soles, Lima apartments are 12.7% cheaper than in early 2019. The rent covers about 6.0% of the price a year before costs (BCRP), so prices are not out of line with rents.
Nobody publishes a price forecast for Lima. With Lima inflation at 4.55% in September 2026 and lots of unsold new stock, expect modest moves, not a crash or a new boom.
Your bargaining power comes from supply: 55,916 new apartments were for sale in Lima and Callao in August 2026, about 23 months of sales at the current pace (CODIP).
Credit is cheaper than it was: the average mortgage rate is 7.61% in soles (SBS, October 20, 2026), against 9.10% at the end of 2023 (BCRP). The same monthly payment now borrows about 10% more.
Rents keep rising: the Urbania index for a 60 m² 2-bedroom reached S/ 2,281 ($665) a month in July 2026, up 7.3% in a year. A well-priced unit in a central district usually rents in about 20 to 35 days.
Don't pay a metro premium yet: Line 2 civil works are 91% to 96% done, but stage 1B should open in 2029 and stage 2 in October 2030.
Don't wait for a better exchange rate either. The sol is at 3.44 per dollar, and forecasters see 3.25 to 3.45 by December 2026. Most apartments in Miraflores, San Isidro and Barranco are priced in dollars anyway.
New units are where the stock is: 29,246 of the 56,251 new homes on offer in the second quarter of 2026 were still in pre-sale (CAPECO). Finished units are rare, so check the developer before you sign.
Plan to hold at least 4 to 6 years. Buying and selling a $200,000 (about S/ 688,000) resale apartment costs about S/ 42,000 to S/ 57,000, or 6% to 8% of the price, before any tax on the gain.
Keiko Fujimori has been president since July 28, 2026, and the state of emergency against extortion in Lima and Callao was extended again for 60 days from October 28, 2026. Neither changed the rules for foreign buyers.
Our take: now is a fair time to buy a resale 1- or 2-bedroom in Miraflores, San Isidro, Barranco or their higher-yield neighbors Surquillo, Lince and Magdalena. Ask 5% or more off on new projects, and plan on about 4% net, not the 6% gross. This isn't financial advice.
Are Lima prices too high, or about to drop or jump?
Do real estate prices look too high in Lima?
Not overall. Lima apartments asked a median $2,042 per m² in the first quarter of 2026 across the 12 districts the central bank tracks, up 10.9% in a year in dollars (BCRP).
But in soles, after inflation, the same prices fell 1.0%. They fell 2.0% in Lima Top (Miraflores, San Isidro, Barranco, Surco, San Borja, La Molina) and rose 0.9% in Lima Moderna (BCRP, first quarter of 2026).
That gap is mostly the currency. Most homes in the best districts are priced in dollars, so they look expensive to a dollar buyer, while a local buyer paying in soles isn't seeing a boom.
Pricing pressure is very local. Good new apartments in Lima Moderna and Lima Top sell well, while tired resale units and big houses in La Molina, Monterrico, Chacarilla or Casuarinas can sit for months. The apartment market is stronger than the house market.
Does a property price drop look likely?
A real crash looks unlikely, but you can't count on prices going up either. In real soles, Lima prices have barely moved in a year, and the city has a lot of unsold new stock.
No bank or official body publishes a price forecast for Lima. Our reading: a mild dip in real terms is more likely than a big fall, and weaker results will hit overpriced large homes first.
The main risk is mortgage affordability. Many local buyers depend on bank credit or MiVivienda financing, and Lima inflation reached 4.55% over 12 months in September 2026, close to its highest in 15 years (INEI). If that pushes rates back up, demand slows.
For now, it's holding: the BCRP kept its policy rate at 4.25%, the same as a year earlier, and the mortgage book grew 7.6% in the year to August 2026.
Could property prices jump again?
In the best apartment districts, a few more years of dollar gains like the last one are possible. For the whole city, a jump looks less likely.
Over the year to the first quarter of 2026, San Isidro rose 21.5% in dollars, Jesús María 20.3% and Magdalena 14.8%, while Lince rose only 3.1% and La Molina 4.1% (BCRP). The gains were concentrated, not citywide.
The biggest trigger would be cheaper credit. The average mortgage rate fell from 9.10% at the end of 2023 to 7.66% in September 2026 (BCRP). The same S/ 3,533 ($1,050) monthly payment over 20 years now borrows about S/ 442,000 instead of S/ 400,000 (Acento).
Are we in a buyer or a seller market?
It depends on what you buy. Resale apartments in central districts are fairly balanced, big expensive houses are a buyer's market, and new projects with lots of unsold units are more negotiable than developers admit.
CODIP counted 55,916 new apartments for sale in Lima and Callao in August 2026. That's down from a peak of 62,111 in November 2025, but only 0.8% lower than a year earlier, and about 23 months of sales at the current pace.
On new apartments, units sold for about 5.5% less than the advertised prices in July 2026 (CODIP). On older resale homes there's usually more room, especially when the listing has been online for months.
Peru Property Market
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Are Lima homes overpriced against rents and incomes?
Are homes overpriced versus rents or versus incomes in Lima?
Against rents, no. Against local salaries, yes, especially in Miraflores, San Isidro, Barranco, San Borja and Surco.
A year's rent equals about 6.0% of the price on average in the 12 BCRP districts (first quarter of 2026), so a price of about 17 years of rent. That's more comfortable than the 20 to 21 years the BCRP measured in 2020 and 2021.
After the 5% rental tax, a vacant month, repairs and municipal taxes, a typical 2-bedroom nets about 4%, not 6%.
For locals, the picture is harder. A $155,000 (about S/ 533,000) 2-bedroom bought with 20% down on a 20-year dollar loan at 7.11% costs about $953 a month, and the bank wants about $3,177 of monthly net income. Few Lima households earn that.
Are home prices above the long-term average?
In soles you see on the price tag, yes. After inflation, no.
From the first quarter of 2019 to the first quarter of 2026, Lima apartment prices rose 13.0% in current soles but fell 12.7% in constant soles (BCRP data, Acento calculation). Over the last year: +10.9% in dollars, -1.0% in real soles.
So the market isn't at an old peak. The flip side: waiting hasn't made owners richer in real terms either, which is why rental income matters more than resale gains here.
What could move Lima prices in the next few years?
Are big infrastructure projects coming to Lima?
Metro Line 2, on the Ate to Callao axis, is the biggest one, with effects first around Ate, Santa Anita, El Agustino, San Luis, La Victoria, Cercado, Breña, Bellavista, Carmen de la Legua and Callao.
Civil works were 96% done on stage 1B and 91% on stage 2 in August 2026 (OSITRAN). But stage 1B is now expected to open to passengers in 2029 and stage 2 in October 2030. Don't pay today for a station that opens in three or four years.
The new Jorge Chávez airport terminal opened in June 2025. Its effect on housing stays local, around Callao and the western corridors.
Are zoning or building rules changing in Lima?
There's no single big rule change. What matters is how zoning, permits, neighbor opposition and scarce land limit new apartments in the central districts.
That friction supports prices where people most want to live, because fewer new projects get launched there.
The areas most affected are Lima Top and Lima Moderna: Miraflores, Barranco, San Isidro, San Borja, Jesús María, Lince, Magdalena, Pueblo Libre, Surquillo and San Miguel.
Are foreign-buyer or mortgage rules changing?
Foreign-buyer rules haven't changed. A foreigner, even a non-resident, can buy in their own name on the same terms as a Peruvian. The only ban is within 50 km of the borders, which doesn't touch Lima.
Mortgage conditions matter much more. The SBS average was 7.61% in soles on October 20, 2026, and 7.11% in dollars on October 16. Banks lend up to 90% over 30 years to eligible borrowers, but there's no standard loan for a non-resident without Peruvian income.
MiVivienda is a first-home program run through the banks, with eligibility rules. It isn't open to a non-resident foreigner by right.
70+pagesShould you wait for a better exchange rate before buying in Lima?
Probably not. The sol eased to about 3.44 per dollar in October 2026, from about 3.38 a month earlier, but it's still stronger than its 2025 average (3.56) and its 2024 average (3.75).
Forecasters don't expect a much weaker sol soon: 3.35 to 3.40 for December 2026 in the BCRP's September survey, 3.25 to 3.35 for December 2026 at BBVA, and 3.45 at Citi for the year-end.
What this means for you:
- Priced in dollars (the norm in Miraflores, San Isidro and Barranco): the dollar price didn't move with the sol. Your cost is the same; the seller got less in real soles.
- Priced in soles (more common in Jesús María, Pueblo Libre or Surco): it costs you more in dollars than in 2024-2025. A $200,000 budget buys about S/ 688,000 today, against about S/ 750,000 at 2024's average rate.
- Borrowing: borrow in the currency you earn. The gap between soles and dollar rates is only about half a point.
Will it be easy to find tenants in Lima?
Is the renter pool growing faster than new supply?
In the central districts, yes. Rents rose 7.3% in the year to July 2026 (Urbania), well above inflation, with Surco up 14.7%, San Isidro up 9.9% and Miraflores up 7.3%.
Demand is backed by jobs: Lima Metropolitana had about 5.62 million employed people in 2025, up 3.0% from 2024 (INEI).
On the supply side, most new units are still being built or sold off plan, so they won't add many rentals for a couple of years.
Are days-on-market for rentals falling?
Lima has no official series. Our estimate: a well-priced small apartment in a central district rents in about 20 to 35 days.
In weaker areas, or for large expensive homes, it can take 2 to 4 months, because the tenant pool is smaller and more price-sensitive.
For reference, the Urbania index puts a 60 m² 2-bedroom at S/ 2,281 ($665) a month in July 2026. Listing medians are higher in the best districts: S/ 3,390 ($985) in Miraflores and S/ 3,800 ($1,100) in San Isidro (Ad Valorem, October 2026). Price at or just under those and you'll let fast.
Are vacancies dropping in the best areas of Lima?
Probably, for compact apartments in Miraflores, Barranco, San Isidro, Magdalena, Jesús María, Lince, Surquillo, San Miguel and Pueblo Libre. Nobody publishes a vacancy rate, so the best signal is rent: up 7.3% in a year citywide.
Large houses, weak locations and overpriced units stay empty longer.
A practical sign of a tight market: landlords stop offering a free month and can turn down tenants with weaker papers in the same week of viewings.
70+pagesAre you buying into a tight market in Lima, or one with plenty of stock?
Is for-sale inventory shrinking in Lima?
Only a little, from a high level. CODIP counted 55,916 new apartments for sale in Lima and Callao in August 2026, 0.8% fewer than a year earlier and below the November 2025 peak of 62,111.
At 2,426 sales in August 2026, that's about 23 months of supply. That's not a tight market: it gives you room to negotiate, especially on projects with many unsold units.
CAPECO counts 56,251 new homes on offer (houses and apartments) in the second quarter of 2026: 29,246 in pre-sale, 23,250 under construction and only 3,755 finished. If you want to move in or rent out soon, finished units are the scarce ones.
Are homes selling faster?
New apartments are: CODIP counted 2,426 sold in August 2026, up 12.8% on a year earlier, after 24,713 in 2025.
No one publishes a resale selling time. Our estimate is about 2 to 4 months for a correctly priced apartment in a strong district; older resale homes are more mixed.
Are new listings slowing down?
New project launches fell 16.5% year on year in the first quarter of 2026, and projects with units still available fell 7.6%, to about 1,017 (CAPECO).
The likely reason isn't weak demand, but how hard it is to launch projects in the right places at prices buyers can still afford.
New units are also taking a bigger share of listings: 29.5% of apartment ads in the first quarter of 2026, against 16.2% a year earlier (BCRP data, Acento calculation). Citywide, new units ask about 21% to 26% more per m² than buildings over 5 years old.
Is new construction failing to keep up?
Not in numbers: there's a lot of new stock. Where it falls short is location, with few approved, well-located plots in the districts where buyers and renters actually want to live.
Construction overall is growing, and launches are falling. That combination should slowly absorb the stock without flooding the central districts.
The bottleneck is land and permits more than building capacity.
70+pagesWill it be easy to sell later in Lima?
Is resale liquidity strong enough?
Yes for well-priced apartments in the 12 districts the BCRP tracks, only moderate for expensive houses.
Our estimate: about 2 to 4 months for a good apartment, 6 months or more for an average home, and much longer for luxury houses.
What helps resale most is a practical size, about 45 to 100 m², in a district with jobs, services and transport.
Is selling time getting longer?
Not for good apartments. It can for overpriced homes and large houses in car-dependent areas.
Our estimate: 2 to 4 months for the best apartments, 4 to 7 months for average resale homes, and 8 to 14 months for high-end houses.
The main brake is affordability: local buyers compare the monthly payment with their salary, and at 7.61% in soles, few can stretch far.
Is it realistic to exit with profit?
Yes, if you hold a good apartment for several years and don't overpay. But in real soles, Lima prices fell 12.7% from 2019 to 2026, so most of your return will come from rent, not resale.
Plan to hold at least 4 to 6 years, because buying and selling costs eat short-term gains.
On a $200,000 (about S/ 688,000) resale apartment, buying costs about S/ 21,350 to S/ 22,600 (alcabala, SUNARP, notary). Selling through an agent at 3% to 5% adds S/ 20,640 to S/ 34,400, plus IGV if the agent charges it. That's about S/ 42,000 to S/ 57,000 ($12,000 to $16,500), or 6% to 8% of the price.
Then the tax on the gain: 5% for a non-resident. Without the SUNAT certificate of the capital you invested, the 5% applies to the whole price: $10,000 on a $200,000 sale instead of 5% of your gain.
The surest way to profit: buy a liquid apartment below market in Miraflores, Barranco, San Isidro, Magdalena, Jesús María, Lince, Surquillo, San Miguel or central Surco.
Has the new government or extortion changed the case for buying in Lima now?
Not the rules. Keiko Fujimori took office on July 28, 2026, after winning the June 7 runoff against Roberto Sánchez by fewer than 50,000 votes. She's the 9th president in a decade, and her stated priorities are political stability, crime and growth. Foreigners can still buy in their own name anywhere in Lima.
Extortion is the bigger day-to-day issue. The state of emergency in Lima Metropolitana and Callao has been extended several times in 2025 and 2026, most recently for 60 more days from October 28, 2026 (Decreto Supremo 142-2026-PCM, published October 25). It hits small businesses and transport in outer districts hardest.
What to do now:
- Negotiate on new projects: with about 23 months of stock, ask for 5% or more off, or free parking and storage. Check the developer's track record before paying for a pre-sale unit.
- Check building security: 24-hour doorman, cameras and controlled access matter as much as the district.
- Pay through a bank: every payment of S/ 2,000 or $500 or more must go through a traceable bank channel, and the notary should see the full trail.
- Check the title: ask SUNARP for the partida registral and any cargas y gravámenes before you sign.
- Don't buy for an event: the Lima 2027 Pan American Games (July 23 to August 8, 2027) may lift short-term rentals for a few weeks, not for years.
Our methodology
This article asks whether now is a good time to buy in Lima: price levels against rents, inflation and the past, supply of new homes, credit, the exchange rate, rental demand, resale and the political context.
Price levels and changes come from the BCRP's Nota de Estudios 51-2026 (first quarter of 2026, 12 districts) and BCRPData series, with the 2019-2026 comparison calculated by Acento. New-home stock and sales come from CODIP (August 2026) and CAPECO (second quarter of 2026); rents from the Urbania index (July 2026) and Ad Valorem listing medians (October 2026), kept separate. Costs and monthly payments were calculated by script.
Rules come from official sources: SAT Lima for the alcabala, SUNAT for taxes and bank-payment rules, SUNARP for registry fees and title checks, the SBS for mortgage rates and OSITRAN for Metro Line 2.
We checked these figures in October 2026. Sol amounts are converted at about 3.44 soles per US dollar (and 3.85 soles per euro), the SUNAT/SBS rate of October 22, 2026.
Where we had no direct figure, like vacancy, days on market, selling times or a price forecast, we gave our own estimate and said so, or removed the older figure. All prices here are asking prices. Your own costs will depend on the building, the exact street, your financing and how long you hold.
Key sources used for this analysis include BCRP Nota de Estudios 51-2026, BCRPData real-sol apartment prices, Acento on CODIP, CAPECO and BCRP data, the Urbania rent index reported by Infobae, INEI on Lima inflation, INEI on Lima employment, EximiaHaus on SBS mortgage rates, OSITRAN on Metro Line 2, Andina on CAPECO launches and SAT Lima on the alcabala.
