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Lima's apartment market offers diverse pricing options for both investors and residents looking to purchase property in Peru's capital city.
Apartment prices in Lima vary significantly based on location, with central districts like Miraflores and San Isidro commanding premium rates between $2,000-$3,000 per square meter, while emerging neighborhoods offer more affordable options at $800-$1,500 per square meter.
If you want to go deeper, you can check our pack of documents related to the real estate market in Peru, based on reliable facts and data, not opinions or rumors.
As of September 2025, Lima apartments cost an average of $1,500-$1,800 per square meter citywide, with luxury districts reaching $2,000-$3,000 per square meter.
Central one-bedroom apartments typically cost $70,000-$120,000 to purchase, while two-bedroom units range from $110,000-$180,000 in prime areas.
| Apartment Type | Central Lima Price | Non-Central Lima Price |
|---|---|---|
| One-bedroom (40-60m²) | $70,000-$120,000 | $48,000-$90,000 |
| Two-bedroom (60-80m²) | $110,000-$180,000 | $80,000-$120,000 |
| Three-bedroom (100m²) | $172,000-$310,000 | $120,000-$175,000 |
| Price per m² (Standard) | $1,800-$2,200 | $1,200-$1,500 |
| Price per m² (Luxury) | $2,500-$3,500 | $2,000-$2,500 |
| Monthly HOA Fees | $100-$250 | $50-$150 |
| Annual Property Tax (est.) | 0.2-1% of value | 0.2-1% of value |
What's the current average price per square meter for an apartment in Lima?
The current average price per square meter for apartments in Lima ranges from $1,500 to $1,800 across the entire city as of September 2025.
Premium districts like Miraflores and San Isidro command significantly higher prices, with luxury apartments reaching $2,000 to $3,000 per square meter. These upscale neighborhoods offer superior amenities, ocean views, and prime locations that justify the premium pricing.
More affordable and emerging districts throughout Lima offer apartments at $800 to $1,500 per square meter. These areas provide excellent value for money while still offering good connectivity to the city center and essential services.
The wide price range reflects Lima's diverse neighborhoods, each catering to different budget levels and lifestyle preferences. Central business districts and tourist areas naturally command higher prices due to demand and location advantages.
It's something we develop in our Peru property pack.
How much does a one-bedroom apartment cost on average in the city center?
One-bedroom apartments in Lima's city center typically cost between $70,000 and $120,000 to purchase as of September 2025.
These apartments usually range from 40 to 60 square meters in size, with the final price depending on the specific location, building quality, and amenities included. Modern buildings with elevators, security systems, and parking spaces command higher prices within this range.
The most expensive one-bedroom units are found in premium locations like Miraflores' oceanfront areas or San Isidro's financial district, where prices can reach the upper end of this range or even exceed it for luxury properties.
More affordable one-bedroom options within the city center can be found in transitional neighborhoods or older buildings that may require some renovation, allowing buyers to enter the market at lower price points.
How much does a one-bedroom apartment cost on average outside the city center?
One-bedroom apartments outside Lima's city center cost approximately $48,000 to $90,000 for purchase, representing significant savings compared to central locations.
These properties offer excellent value for money, particularly for first-time buyers or investors looking for higher rental yields. The lower purchase prices don't necessarily mean compromised quality, as many suburban areas feature modern developments with good amenities.
Districts like Surco, La Molina, and Pueblo Libre offer attractive one-bedroom options with good transportation links to the city center. These areas have seen considerable development in recent years, improving infrastructure and services.
The price difference between central and non-central locations can be substantial, often representing 30-40% savings while still maintaining reasonable commute times to downtown Lima.
What's the typical price range for a two-bedroom apartment in the city center?
Two-bedroom apartments in Lima's city center typically range from $110,000 to $180,000 for purchase as of September 2025.
| Location Type | Size Range | Price Range |
|---|---|---|
| Premium Central (Miraflores/San Isidro) | 70-90m² | $140,000-$180,000 |
| Standard Central Areas | 60-80m² | $110,000-$150,000 |
| Business District Properties | 65-85m² | $120,000-$170,000 |
| Historic Central Areas | 60-75m² | $100,000-$140,000 |
| Luxury New Developments | 80-100m² | $160,000-$200,000+ |
What's the typical price range for a two-bedroom apartment outside the city center?
Two-bedroom apartments outside Lima's city center range from $80,000 to $120,000, offering substantial savings compared to central locations.
These properties typically measure 60 to 80 square meters and are located in well-developed suburban districts with good infrastructure. Many of these areas have experienced significant growth and modernization in recent years.
Popular non-central districts like Surco, San Borja, and parts of La Molina offer excellent two-bedroom options with modern amenities, parking spaces, and security features. These areas often provide better value per square meter than central locations.
The lower prices in these areas make them particularly attractive for families and investors seeking rental properties, as they offer larger living spaces and often include additional amenities like gardens or recreational areas.
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What's the average total cost of a three-bedroom apartment in a central neighborhood?
Three-bedroom apartments in central Lima neighborhoods cost between $172,000 and $310,000 on average, depending on the specific location and luxury level.
These apartments typically measure around 100 square meters and are primarily located in premium districts like Miraflores, San Isidro, and Barranco. The wide price range reflects varying levels of luxury, building age, and specific micro-location within these neighborhoods.
High-end three-bedroom units in prime oceanfront locations or luxury towers can reach the upper end of this range or exceed it, particularly for properties with exceptional views, premium finishes, or exclusive amenities like rooftop pools and concierge services.
More affordable options within central neighborhoods can be found in older buildings or less prime streets, though they still benefit from the excellent location and access to services that central Lima provides.
It's something we develop in our Peru property pack.
What's the average total cost of a three-bedroom apartment in a non-central neighborhood?
Three-bedroom apartments in non-central Lima neighborhoods cost between $120,000 and $175,000 on average, representing excellent value for families and investors.
These properties typically offer around 100 square meters of living space and are located in well-established residential districts with good infrastructure and services. Many of these areas have seen significant development and improvement in recent years.
Districts like Surco, La Molina, and San Borja offer attractive three-bedroom options with modern amenities, often including parking spaces, security systems, and recreational facilities. These areas provide a suburban lifestyle while maintaining good connectivity to central Lima.
The substantial cost savings compared to central locations make these areas particularly attractive for families seeking more space and better value for money, often getting significantly larger apartments for the same budget.
How much do new-build apartments cost on average compared to older properties?
New-build and luxury apartments in Lima cost between $2,000 and $3,000 per square meter, while standard older properties range from $1,000 to $1,500 per square meter.
This represents a significant premium of approximately 50-100% for new construction, reflecting modern amenities, updated building codes, energy efficiency, and contemporary design. New-build properties often include features like central air conditioning, modern electrical systems, and smart home technologies.
Luxury new developments in premium locations can command even higher prices, particularly those offering exceptional amenities like rooftop pools, fitness centers, co-working spaces, and 24-hour concierge services. These properties target high-end buyers seeking turnkey solutions.
Older properties, while more affordable, may require renovation investments to modernize systems and finishes. However, they often offer larger spaces and are located in established neighborhoods with mature infrastructure and character.
The choice between new and older properties often depends on buyer preferences for modern amenities versus character and potential renovation opportunities.
What's the average monthly mortgage payment for a standard two-bedroom apartment, assuming a 20-year loan and a 20% down payment?
For a standard two-bedroom apartment costing $150,000 in central Lima, the monthly mortgage payment would be approximately $1,004, assuming a 20% down payment and a 20-year loan term.
This calculation is based on a $120,000 mortgage amount (after the $30,000 down payment) with an 8% annual interest rate, which is typical for Peru's mortgage market as of September 2025. The monthly payment includes both principal and interest components.
Interest rates in Peru's mortgage market typically range from 7% to 10% annually, depending on the bank, borrower's credit profile, and loan terms. Local banks often offer competitive rates for residents with stable income and good credit history.
Additional monthly costs should be factored into the budget, including property taxes, homeowners association fees, and insurance, which can add $200-$400 per month to the total housing costs depending on the property and location.
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's the average annual property tax for an apartment worth $100,000, $150,000, and $200,000 in Lima?
Property tax rates in Lima typically range from 0.2% to 1% of the assessed property value annually, varying by district and property value brackets.
| Property Value | Low Rate (0.2%) | High Rate (1%) |
|---|---|---|
| $100,000 | $200 | $1,000 |
| $150,000 | $300 | $1,500 |
| $200,000 | $400 | $2,000 |
| $250,000 | $500 | $2,500 |
| $300,000 | $600 | $3,000 |
What's the average monthly homeowners association or maintenance fee for apartments in central versus non-central neighborhoods?
Monthly homeowners association fees in central Lima districts typically range from $100 to $250, while non-central areas generally charge $50 to $150 per month.
Central district fees are higher due to premium amenities like 24-hour security, concierge services, fitness centers, rooftop pools, and high-end common area maintenance. Luxury buildings in Miraflores and San Isidro can charge $300 or more monthly for extensive amenities and services.
Non-central neighborhoods offer more basic but essential services, including security, building maintenance, and common area upkeep. These areas often provide excellent value while still maintaining good building standards and essential amenities.
The fee structure typically depends on apartment size, building amenities, and services provided. Larger apartments generally pay higher fees, and buildings with more extensive facilities command premium charges for their maintenance and operation.
It's something we develop in our Peru property pack.
What's the average price difference per square meter between luxury apartments and standard apartments in Lima?
The typical price difference between luxury and standard apartments in Lima ranges from $1,000 to $2,000 per square meter, representing a significant premium for high-end properties.
Luxury apartments in prime districts command $2,500 to $3,500 per square meter, featuring premium finishes, exceptional locations, and extensive amenities. These properties often include imported materials, designer fixtures, and access to exclusive facilities like private pools and rooftop terraces.
Standard apartments throughout Lima cost $1,000 to $1,500 per square meter, offering good quality construction and basic amenities without the premium features of luxury developments. These properties provide excellent value for money and meet the needs of most buyers and investors.
The luxury premium reflects not just superior finishes and amenities, but also exclusive locations, architectural design, and often better building management and services. Luxury properties also tend to maintain their value better over time and appeal to international buyers.
This price differential makes Lima's luxury market accessible compared to other major Latin American capitals, while still offering significant investment potential for those seeking premium properties.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Lima's apartment market offers diverse opportunities for both investors and residents, with prices ranging from affordable emerging neighborhoods to luxury central districts.
Understanding the significant price variations between central and non-central areas, as well as the premium for new construction, is essential for making informed property decisions in Peru's capital city.
Sources
- The LatinVestor - Lima Average Apartment Prices
- The LatinVestor - Lima Price Forecasts
- Numbeo - City Price Rankings
- The LatinVestor - Lima Property
- The LatinVestor - Peru Price Forecasts
- Travel Safe Abroad - Cost of Living Lima
- Numbeo - Cost of Living in Lima
- Global Property Guide - Peru Rental Yields
- International Living - Cost of Living in Peru
- The LatinVestor - Lima Property Taxes and Fees