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Lima's real estate market offers diverse price points from affordable emerging neighborhoods to luxury districts in Miraflores and San Isidro.
As of September 2025, residential property prices in Lima range from $800 per square meter in emerging areas to $3,800 per square meter in upscale districts. The city center commands premium prices with one-bedroom apartments averaging $120,000-$180,000, while suburban areas offer similar properties for $50,000-$80,000. Property values have grown steadily at approximately 5% annually over the past five years, making Lima an attractive market for both investors and residents.
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.
Lima's residential property costs vary significantly by location, with luxury districts like Miraflores commanding $2,500-$3,800 per square meter while emerging neighborhoods offer properties from $800-$1,200 per square meter.
Buyers should budget 4-6% of the purchase price for additional costs including notary fees, registration, and transfer taxes, with property taxes ranging from 0.2-1% annually of the cadastral value.
| Property Type | Location | Price Range |
|---|---|---|
| 1-bedroom apartment | City center (Miraflores/San Isidro) | $120,000 - $180,000 |
| 1-bedroom apartment | Suburbs/emerging districts | $50,000 - $80,000 |
| 2-bedroom condo | Mid-range neighborhood | $120,000 - $150,000 |
| Luxury apartment | Miraflores/San Isidro | $500,000 - $1,000,000+ |
| Single-family home | Central area | $300,000 - $500,000 |
| Land per sqm | Upscale districts | $2,000 - $2,500 |
| Land per sqm | Suburban areas | $800 - $1,400 |
What's the average price per square meter for residential properties in Lima right now?
As of September 2025, Lima's residential property market shows significant price variation depending on the district and property type.
The citywide average price per square meter ranges from $1,500 to $1,800 for residential properties. Upscale districts like Miraflores and San Isidro command premium prices between $2,500 and $3,800 per square meter, reflecting their prime locations, modern amenities, and proximity to business centers.
Mid-range neighborhoods such as La Molina and San Borja offer more affordable options with prices ranging from $1,200 to $2,000 per square meter. These areas provide good value for families seeking quality housing with decent infrastructure and services.
Emerging and suburban districts present the most budget-friendly options, with prices typically falling between $800 and $1,200 per square meter. These neighborhoods often offer significant potential for appreciation as Lima continues to expand and develop.
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How much does a typical one-bedroom apartment cost in the city center compared to the suburbs?
The price difference between city center and suburban one-bedroom apartments in Lima is substantial, often determining where young professionals and retirees choose to live.
In Lima's city center, particularly in prestigious districts like Miraflores and San Isidro, a typical one-bedroom apartment costs between $120,000 and $180,000. These apartments usually feature modern amenities, security systems, and proximity to restaurants, shopping centers, and business districts.
Suburban and emerging districts offer significantly more affordable options, with one-bedroom apartments priced between $50,000 and $80,000. This represents savings of 20% to 40% compared to central locations, making suburban areas attractive for first-time buyers and investors.
The price gap translates to potential savings of $40,000 to $100,000 when choosing suburban over central locations. However, buyers should consider factors like commute times, access to services, and long-term appreciation potential when making their decision.
What's the average selling price for a two-bedroom condo in a mid-range neighborhood?
Two-bedroom condominiums in Lima's mid-range neighborhoods represent excellent value for growing families and investors seeking rental income potential.
The average selling price for a two-bedroom condo in mid-range neighborhoods like La Molina, San Borja, or Magdalena ranges from $120,000 to $150,000. These properties typically offer 70-90 square meters of living space with modern finishes and building amenities.
Mid-range neighborhoods provide an ideal balance between affordability and quality of life, featuring established infrastructure, shopping centers, parks, and good transportation connections. Many of these areas have experienced steady appreciation over the past five years.
These condos often include parking spaces, storage units, and access to shared facilities like gyms, pools, or recreational areas, making them particularly attractive to families and young professionals.
How much do high-end luxury apartments in upscale districts like Miraflores or San Isidro usually sell for?
Lima's luxury real estate market in Miraflores and San Isidro caters to affluent buyers seeking premium locations and top-tier amenities.
High-end luxury apartments in these upscale districts typically command prices between $3,200 and $3,800 per square meter. A typical 3-4 bedroom luxury unit ranges from $500,000 to over $1,000,000, depending on size, finishes, and specific location within the district.
Ultra-luxury penthouses and exceptional properties can exceed $1 million to $1.5 million or more, featuring panoramic ocean views, private terraces, premium finishes, and exclusive building amenities. These properties often include concierge services, rooftop pools, and high-end security systems.
Miraflores offers beachfront luxury with stunning Pacific Ocean views, while San Isidro provides a more business-oriented luxury environment with proximity to Lima's financial district. Both areas feature world-class restaurants, shopping, and cultural attractions.
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What's the average price for a detached single-family home in a central area?
Detached single-family homes in Lima's central areas appeal to families seeking space, privacy, and prestige in established neighborhoods.
The average price for a detached single-family home in central Lima ranges from $300,000 to $500,000 for mid-size properties. Larger homes or those in prime locations within districts like San Isidro, Miraflores, or La Molina can reach $1 million or more.
These properties typically offer 200-400 square meters of living space with private gardens, multiple bedrooms, and often include additional features like swimming pools, garages for multiple vehicles, and domestic service quarters.
Central area homes provide excellent access to Lima's best schools, healthcare facilities, and business districts, making them particularly attractive to executive families and affluent retirees. The limited supply of quality single-family homes in central areas helps maintain their value appreciation over time.
How much cheaper are properties in emerging neighborhoods compared to established ones, in percentage and dollar terms?
| Zone | Avg. Price/sqm | % Difference vs. Upscale | Dollar Gap (for 70sqm apartment) |
|---|---|---|---|
| Miraflores/San Isidro | $3,500 | Reference point | — |
| Mid-range (La Molina) | $2,500 | -29% | -$70,000 |
| Emerging (Pueblo Libre) | $1,200 | -65% | -$161,000 |
| Suburban districts | $1,000 | -71% | -$175,000 |
| Peripheral areas | $800 | -77% | -$189,000 |
What's the typical price range for land per square meter in Lima's residential zones?
Land prices in Lima vary dramatically based on location, zoning regulations, and development potential, making careful selection crucial for builders and investors.
In upscale districts like Miraflores and San Isidro, residential land typically costs between $2,000 and $2,500 per square meter. These premium locations offer established infrastructure, proximity to amenities, and strong appreciation potential.
Suburban and peripheral residential zones offer more affordable land options, with prices ranging from $800 to $1,400 per square meter. These areas often present opportunities for future development as Lima continues to expand outward.
Land purchases require careful consideration of zoning regulations, building restrictions, and infrastructure availability. Many buyers choose land in emerging areas for long-term appreciation potential, while others prefer established areas for immediate development opportunities.
How much has the average property price increased or decreased over the past five years, in both percentage and currency terms?
Lima's property market has demonstrated consistent growth over the past five years, making it attractive for both local and international investors.
Property prices in Lima have increased at an average annual growth rate of approximately 5% from 2020 to 2025. This translates to a total appreciation of 28% to 42% over the five-year period, depending on the specific district and property type.
In currency terms, average prices have increased by approximately $300 to $450 per square meter citywide, with upscale districts experiencing even higher appreciation. Premium areas like Miraflores and San Isidro have seen increases of $500 to $700 per square meter during this period.
This steady appreciation reflects Lima's economic stability, population growth, and increasing demand for quality housing. The growth rate has remained relatively consistent, avoiding the dramatic spikes and crashes seen in some other Latin American markets.
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 average monthly mortgage payments for a mid-priced property, assuming standard local interest rates and a 20% down payment?
Mortgage financing in Lima remains accessible for qualified buyers, with local banks offering competitive rates for residential property purchases.
For a typical mid-priced condo valued at $150,000, assuming a 20% down payment of $30,000, the remaining balance of $120,000 would require financing. With current local interest rates around 8.3% for a 30-year mortgage, monthly payments would range from approximately $890 to $950 for principal and interest only.
Additional costs including property insurance, homeowners association fees, and property taxes would add roughly $200 to $400 monthly, bringing total housing costs to approximately $1,100 to $1,350 per month.
Buyers should note that Peruvian banks typically require documentation of stable income, employment history, and may request higher down payments for foreign buyers. Pre-approval processes usually take 2-4 weeks with proper documentation.
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How do prices differ between new builds and resale properties of similar size and location?
The choice between new construction and resale properties in Lima involves weighing premium costs against modern amenities and potential maintenance savings.
New build properties typically command a premium of 10% to 20% higher per square meter compared to resale properties in similar locations. For example, a new luxury unit might cost $3,200 per square meter while a comparable resale property sells for $2,650 per square meter.
New developments offer advantages including modern building systems, energy efficiency, contemporary design, warranty coverage, and often include amenities like gyms, pools, and security systems. Buyers also avoid immediate renovation costs and benefit from the latest building codes and safety standards.
Resale properties provide immediate availability, established neighborhoods, mature landscaping, and often larger room sizes typical of older construction. However, buyers may face higher maintenance costs and potential renovation needs.
What's the estimated annual property tax amount for a median-priced home in Lima?
Property taxes in Lima remain relatively modest compared to many international markets, making homeownership more affordable for residents and investors.
Annual property tax rates range from 0.2% to 1% of the cadastral value, which is the government-assessed value of the property. For a median-priced condo valued at $150,000, annual property taxes typically range from $300 to $1,500 per year.
The exact tax rate depends on the property value, with higher-value properties generally subject to higher rates. Luxury properties exceeding certain thresholds may face additional surcharges, while primary residences often receive preferential treatment.
Property taxes are typically paid in quarterly installments, and many municipalities offer discounts for early payment. Foreign owners pay the same rates as Peruvian citizens, making Lima attractive for international property investment.
How much do additional buying costs—like notary fees, registration, and agent commissions—add up to as a percentage of the purchase price?
| Cost Type | Typical % of Price | Who Pays |
|---|---|---|
| Notary Fees | 0.1% - 0.25% | Buyer |
| Registration | 0.3% - 0.81% | Buyer |
| Transfer Tax | 3% | Buyer |
| Legal Fees | 1% - 2% | Buyer |
| Agent Commission | 3% - 5% | Seller |
| Total for Buyer | 4% - 6% | Buyer |
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 real estate market offers compelling opportunities across all price segments, from affordable emerging neighborhoods to luxury districts commanding premium prices.
Buyers should carefully consider location preferences, budget for additional costs of 4-6% beyond the purchase price, and evaluate the long-term appreciation potential of different districts when making their investment decisions.
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Sources
- The LatinVestor - Lima Average Apartment Prices
- The LatinVestor - Lima Property Market
- The LatinVestor - Lima Real Estate Market Data
- The LatinVestor - Lima Price Forecasts
- New York Times - Lima Peru Homes for Sale
- Global Property Guide - Peru Square Meter Prices
- The LatinVestor - Buy Land Peru
- Global Property Guide - Peru Taxes and Costs
- The LatinVestor - Peru Real Estate for Foreigners
- Global Property Guide - Peru Buying Guide