Summary
Lima prices are rising in dollars and flat in real soles: apartment asking 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). No bank or official body publishes a price forecast for Lima.
A typical Lima apartment asks a median $1,950 per m² (TuLugar, September 2026), and the median 2-bedroom about $155,000. These are asking prices; new apartments sold about 5.5% below the advertised price in July 2026 (CODIP).
The rise was uneven: +21.5% in dollars in San Isidro and +20.3% in Jesús María, but only +3.1% in Lince and +4.1% in La Molina.
New builds cost more and are taking over the listings: they ask about 21% to 26% more per m² than buildings over 5 years old, and made up 29.5% of apartment ads in the first quarter of 2026, against 16.2% a year earlier.
Cheaper credit pushed prices up (the average mortgage rate fell from 9.10% at the end of 2023 to 7.66% in September 2026). Supply holds them back: 55,916 new apartments were for sale in August 2026, about 23 months of sales.
For the next 12 months, our working assumption is a small rise in dollars and roughly flat prices after inflation. BBVA expects inflation near 5% in December 2026 and two small rate hikes, which doesn't help.
Rates matter more than any forecast: one extra point on a $155,000 apartment bought with 20% down takes the monthly payment from $953 to about $1,024.
For a landlord, a gross yield of about 6.0% (BCRP) becomes about 4% net. That's below the 7.11% dollar mortgage rate, so borrowing to buy a rental loses money.
Forecasters see the sol at 3.25 to 3.45 per dollar by December 2026 and 3.20 to 3.55 by the end of 2027. It's about 3.44 today.
Our 5-year scenarios for a $200,000 (about S/ 688,000) home: +9.3% if prices keep their 2019-2026 pace in soles, +24.6% if they keep up with today's 4.55% Lima inflation. Rent, not resale, makes most of the return.
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.
Over 10 years, the same scenarios give +19.5% to +55.3% in soles. For perspective, Lima apartments rose 13.0% in current soles from 2019 to 2026 but fell 12.7% after inflation.
Keiko Fujimori has been president since July 28, 2026, and new-apartment sales were still up 12.8% in August. The election didn't stop the market.
Bottom line: don't buy Lima for a price jump. Buy a well-priced 1- or 2-bedroom you can rent, negotiate 5% or more off on new projects, and plan to hold at least 4 to 6 years.
Are Lima prices going up right now, and where?
Up in dollars, flat in real soles. Most homes in the best districts are priced in dollars, so a foreign buyer sees rising prices, while a local buyer paying in soles, with Lima inflation at 4.55%, doesn't see a boom.
Lima also isn't one market. Miraflores, San Isidro, Barranco, Jesús María, Surquillo, Ate and Callao all move differently, so compare a district with itself, not with a citywide average.
What does a typical home cost in Lima?
Apartments for sale in Lima asked a median $1,950 per m² (about S/ 6,700) in September 2026 (TuLugar, 21,108 listings). The central bank's 12-district measure gives $2,042 per m² for the first quarter of 2026, and Urbania's index S/ 6,886 per m² in April 2026.
Lima is about 93% of the apartments TuLugar tracks in Peru, so the national medians are basically Lima's: about $118,000 for a 1-bedroom, $155,000 (about S/ 533,000) for a 2-bedroom and $224,000 for a 3-bedroom.
District by district, the median 2-bedroom goes from about $115,000 in La Victoria to about $237,000 (about S/ 815,000) in Miraflores. These are asking prices: on new apartments, units sold for about 5.5% less than advertised in July 2026 (CODIP).
How much have property prices increased in Lima over the past 12 months?
In dollars, 10.9%: from $1,841 to $2,042 per m² between the first quarter of 2025 and the first quarter of 2026 (BCRP, 12 districts). In soles, after inflation, they fell 1.0%: -2.0% in Lima Top (Miraflores, San Isidro, Barranco, Surco, San Borja, La Molina) and +0.9% in Lima Moderna.
Sales were stronger than prices: about 8,000 new homes sold in Lima and Callao in the first quarter of 2026 (+25%), and 2,426 new apartments in August 2026 (+12.8% on a year earlier) (CODIP).
Nobody publishes a price series for houses, townhouses or duplexes in Lima, so there's no reliable separate figure for them. Treat any precise growth rate for Lima houses with suspicion.
Which neighborhoods have the fastest rising property prices?
San Isidro (+21.5% in dollars), Jesús María (+20.3%) and Magdalena del Mar (+14.8%) led the year to the first quarter of 2026, followed by Pueblo Libre (+13.4%) and Miraflores (+10.5%) (BCRP).
At the other end, Lince rose 3.1%, La Molina 4.1% and Surco 6.6%. So the districts next to Miraflores and San Isidro didn't all go up: Jesús María and Magdalena did, Lince and Surquillo much less.
San Miguel and Bellavista aren't among the 12 districts the BCRP tracks, so we have no reliable price change for them.
| District | One-year change (BCRP, in $) | Asking price per m² (TuLugar, Sept. 2026) |
|---|---|---|
| San Isidro | +21.5% | $2,529 |
| Jesús María | +20.3% | $2,141 |
| Magdalena del Mar | +14.8% | $2,135 |
| Pueblo Libre | +13.4% | $1,868 |
| Miraflores | +10.5% | $2,474 |
| San Borja | +7.9% | $1,958 |
| Barranco | +7.6% | $2,523 |
| Surquillo | +7.2% | $1,939 |
| Santiago de Surco | +6.6% | $1,813 |
| La Molina | +4.1% | $1,410 |
| Lince | +3.1% | $2,236 |
Which property types are increasing faster in value?
New apartments carry the market. They made up 29.5% of apartment ads in the first quarter of 2026, against 16.2% a year earlier, and across Lima they ask about 21% to 26% more per m² than buildings over 5 years old (BCRP data, Acento calculation).
Houses are a thinner, slower market. They're mostly in La Molina and Surco, where the median house asks about $847,000 and $615,000 (TuLugar, October 2026). There's no price series to say whether they rose faster or slower than apartments.
Compact 1- and 2-bedroom apartments are the easiest to finance, rent and resell, which is why they hold value best when the market slows.
What is driving property prices up or down?
Pushing up: cheaper credit (the average mortgage rate fell from 9.10% at the end of 2023 to 7.66% in September 2026, BCRP), a mortgage book up 7.6% in a year (August 2026), rents up 7.3% (Urbania, July 2026) and jobs: employment in Lima Metropolitana grew 4.7% in the first quarter of 2026 (INEI).
Holding back: 55,916 new apartments for sale in Lima and Callao in August 2026, about 23 months of sales (CODIP), Lima inflation at 4.55% over 12 months to September 2026, and local salaries that can't stretch much further in the prime districts.
And the currency: the sol is at about 3.44 per dollar, stronger than its 2025 average of 3.56. A dollar-priced apartment didn't move in dollars, but the Peruvian seller gets fewer real soles. That's a negotiating argument for you.
Peru Property Market
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What's the price forecast for Lima through 2027?
There isn't one. No bank, no central bank report and no portal publishes a numeric price forecast for Lima. The precise growth figures you see online are estimates without a published source.
What is published: forecasts for growth, inflation, interest rates and the sol. Those point to a calm market, not a boom.
How much are Lima prices expected to rise over the next 12 months?
No source gives a figure. Our working assumption: a small rise in dollars, roughly flat in soles after inflation. After last year's +10.9% in dollars, we wouldn't plan on a repeat.
Why: there are still about 23 months of new stock to sell, new apartments already sell about 5.5% below the advertised price, and BBVA expects inflation near 5% in December 2026, which eats into any gain in soles.
Which neighborhoods could see the most price growth in Lima over the next year?
Nobody forecasts by district. What the data shows: San Isidro and Jesús María already jumped about 20% in dollars in a year, so they're no longer cheap, and the room for another jump is smaller.
The better value is where rents are high against prices: Surquillo (6.7% gross yield), Lince (6.6%) and Magdalena (6.5%), against 5.6% in Miraflores (BCRP, first quarter of 2026). If prices move, those are the ones with rent to back them.
Bellavista and the other Line 2 districts toward Callao may gain later, but the trains won't run before 2029, and we found no reliable price data for them.
What property types could appreciate the most in Lima?
Compact apartments in walkable central districts: they have the most buyers, the most tenants and the lowest total price, which counts when local buyers live on their monthly payment.
Watch the new-build premium. New units ask 21% to 26% more per m² than older ones, but only 3,755 of the 56,251 new homes on offer in the second quarter of 2026 were finished; 29,246 were still in pre-sale (CAPECO). Paying a pre-sale price for something you'll get in two years carries developer risk.
Large houses and villas have a small buyer pool, so they usually lag in percentage terms, even where the land in San Isidro, Miraflores or La Molina stays valuable.
How will interest rates affect property prices?
They're the biggest lever. The BCRP kept its policy rate at 4.25% in October 2026, the same as a year earlier. BBVA expects two hikes of 0.25 points. The average mortgage rate is 7.61% in soles (SBS, October 20, 2026) and 7.11% in dollars (October 16, 2026).
Here's what one point does: on a $155,000 (about S/ 533,000) 2-bedroom with 20% down over 20 years, the monthly payment goes from $953 at 7.11% to about $1,024 at 8.11%. Put the other way, the same $953 a month borrows about $115,400 instead of $124,000.
So if rates go up, local buyers move to smaller units or cheaper districts first. Prices don't fall everywhere at once.
What are the biggest risks for property prices?
Affordability first. That $953 a month on a median 2-bedroom means the bank wants about $3,177 of monthly net income, which few Lima households earn.
Then supply (55,916 unsold new apartments), inflation (4.55% in Lima, close to its highest in 15 years), politics (Keiko Fujimori is the 9th president in a decade) and extortion: 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).
And the ground itself: Lima is an earthquake city, and the Municipalidad counts 65 critical landslide points on the Costa Verde cliffs (31 in Miraflores, 18 in Barranco, 16 in Magdalena). Check the exact location of a clifftop building.
Is it a good time to buy a rental property?
Yes, if you buy cash or with little debt, and the apartment is well priced and easy to rent. A year's rent covers about 6.0% of the price on average in the 12 BCRP districts, and rents rose 7.3% in a year (a 60 m² 2-bedroom at S/ 2,281 ($665) a month, Urbania, July 2026).
After the 5% rental tax, a month empty, repairs and municipal taxes, that 6% becomes about 4% net. Borrowing in dollars at 7.11% to earn 4% loses money, so don't buy a rental on a big mortgage.
The case for waiting: with 23 months of new stock, developers with many unsold units will still negotiate next year.
70+pagesWhat do banks and economists actually forecast for Peru?
Growth, inflation, rates and the sol, not house prices. BBVA Research (October 20, 2026) expects GDP growth of 2.9% in 2026 and 2027, inflation near 5% in December 2026 and two 0.25-point hikes of the policy rate.
For the exchange rate, here's what the main forecasters published in September and October 2026:
| Forecaster | Sol per dollar, December 2026 | Sol per dollar, December 2027 |
|---|---|---|
| BCRP expectations survey (September 2026) | 3.35 to 3.40 | 3.40 to 3.45 |
| BBVA Research (December average) | 3.25 to 3.35 | 3.20 to 3.30 |
| Scotiabank | 3.35 to 3.40 | not given |
| Citi | 3.45 | 3.55 |
What it means for you: an apartment priced at S/ 688,000 costs $200,000 at today's 3.44, about $211,700 at 3.25 and about $193,800 at 3.55. That's a 9% spread, more than most negotiations. If the seller quotes in soles, fix the price and currency in the contract before you send money. If they quote in dollars (the norm in Miraflores, San Isidro and Barranco), the rate doesn't change your price.
Where will property prices be in 5 years in Lima?
What is the 5-year outlook for Lima prices?
Nobody publishes one, so here are scenarios instead of a forecast, applied to a home priced at S/ 688,000 ($200,000) today. They're arithmetic on stated assumptions, not predictions.
| Scenario (price change per year, in soles) | Value in 5 years | Value in 10 years |
|---|---|---|
| Flat prices: 0% a year | S/ 688,000 (0%) | S/ 688,000 (0%) |
| Same pace as 2019-2026: about 1.8% a year | S/ 752,000 (+9.3%) | S/ 822,000 (+19.5%) |
| Keeps up with inflation at the top of the BCRP's 1% to 3% target: 3% a year | S/ 798,000 (+15.9%) | S/ 925,000 (+34.4%) |
| Keeps up with today's Lima inflation: 4.5% a year | S/ 857,000 (+24.6%) | S/ 1,068,000 (+55.3%) |
The 1.8% row isn't pessimism: it's what happened. From the first quarter of 2019 to the first quarter of 2026, Lima apartment prices rose 13.0% in current soles, and fell 12.7% after inflation (BCRP data, Acento calculation).
Our reading: unless incomes rise faster or rates fall a lot, something between the second and third row is the reasonable base. Don't plan on the last one.
Which areas in Lima will have the best price growth over the next 5 years?
The Line 2 corridor is the one real catalyst: Ate, Santa Anita, El Agustino, San Luis, La Victoria, Cercado de Lima, Breña, Bellavista and Callao. But stage 1B is expected to open in 2029 and stage 2 in October 2030, so the five years are mostly waiting.
The central value districts next to Miraflores and San Isidro (Surquillo, Lince, Magdalena, Pueblo Libre) have the rent to support prices, with gross yields of 5.9% to 6.7% (BCRP).
We found no credible district-level 5-year forecast, so we don't give a number per district.
What property type will give the best return in Lima over 5 years?
A 40 m² to 70 m² apartment near jobs, universities, clinics and transport, in Miraflores, San Isidro, Barranco or nearby Surquillo, Lince, Magdalena or Pueblo Libre.
Most of the return comes from rent. With about 4% a year net rent and 6% to 8% of the price lost on buying and selling, the total over 5 years is roughly +13% if prices stay flat, +22% at the 2019-2026 pace and +38% if prices keep up with today's inflation (in soles, before tax on the gain).
A non-resident pays 5% when selling, and without the SUNAT certificate of the capital you invested, that 5% applies to the whole price: $10,000 on a $200,000 sale.
How will new infrastructure projects affect property prices in Lima over 5 years?
Line 2 matters most. Civil works were 96% done on stage 1B and 91% on stage 2 in August 2026 (OSITRAN), with the airport branch along Faucett and Gambetta avenues built under the same contract. Lines 3, 4 and 7 are still years away.
No study measures how much a station adds to Lima prices. Prices usually move once trains run and travel times really drop. Don't pay today for a station that opens in 2029 or 2030.
The new Jorge Chávez airport terminal opened in June 2025. Its effect on housing stays local, around Callao.
How will population growth and other factors impact property values in Lima in 5 years?
Gently. Lima Metropolitana had about 5.62 million employed people in 2025, up 3.0% from 2024, and employment grew 4.7% in the first quarter of 2026 (INEI). Households are also getting smaller, so more homes are needed for the same population.
That shows up in rents (+7.3% in a year) more than in prices, because what local buyers can pay is capped by their salary and the bank.
The biggest beneficiaries should be compact apartments in central, connected districts like Jesús María, Pueblo Libre, Magdalena, Surquillo and Lince.
70+pagesWhat is the 10 year property price outlook in Lima?
What could Lima prices look like by 2036?
Using the same scenarios, a S/ 688,000 home today would be worth about S/ 822,000 (+19.5%) at the 2019-2026 pace, S/ 925,000 (+34.4%) if prices keep up with 3% inflation, and S/ 1,068,000 (+55.3%) if they keep up with today's 4.5%.
With about 4% net rent a year, the 10-year total return is roughly +33% with flat prices, +53% at the 2019-2026 pace and +88% at 4.5% a year, after buying and selling costs and before tax on the gain.
The biggest unknowns are politics and execution: metro dates, mortgage access and economic stability can all shift over a decade.
What long-term economic factors will shape property prices?
Salaries, credit and land. Salaries decide what locals can pay; credit decides how much they can borrow (the average rate fell from 9.10% at the end of 2023 to 7.66% in September 2026); and scarce, well-located land in the central districts keeps a floor under prices there.
Transport is the upside: Line 2 and later lines can make middle districts more useful without turning them into luxury areas.
The structural risk is affordability: prices can rise on paper while local families move to smaller units or cheaper districts. That's what happened from 2019 to 2026, when Lima prices fell 12.7% in real terms.
Will the Fujimori government or rising rates push Lima prices down?
Not so far. Keiko Fujimori won the June 7, 2026 runoff by fewer than 50,000 votes and took office on July 28, 2026. Her stated priorities are political stability, crime and growth. A month later, 2,426 new apartments were sold, 12.8% more than a year earlier, and construction grew 11.8% in the first half of 2026 (CAPECO).
Rates are the thing to watch. If BBVA's two small hikes happen and inflation stays near 5%, expect slower sales and more discounts on new projects, not a crash. Foreign-buyer rules haven't changed: you can still buy in your own name anywhere in Lima.
What to do now:
Negotiate on new projects: with about 23 months of stock, ask for 5% or more off, or a free parking space and storage. Check the developer's track record before paying for a pre-sale unit.
Borrow in the currency you earn, and run your numbers at one point above today's rate (7.11% in dollars, 7.61% in soles).
Check building security: the state of emergency over extortion was extended again for 60 days from October 28, 2026. A 24-hour doorman and controlled access matter as much as the district.
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 prices for years.
Track three numbers: the CODIP new-apartment stock (55,916 in August 2026), the BCRP's quarterly price note, and the SBS mortgage rate.
Our methodology
This article looks at where Lima property prices stand, how they moved over the last year and since 2019, what drives them, and what could happen over 1, 5 and 10 years, district by district and by property type.
Prices and price changes come from the BCRP's Nota de Estudios 51-2026 (first quarter of 2026, 12 districts) and BCRPData series, TuLugar's deduplicated listings (September and October 2026) and the Urbania index. New-home stock and sales come from CODIP (August 2026) and CAPECO (second quarter of 2026). Since no one publishes a Lima price forecast, the 5- and 10-year figures are our own scenarios, compounded by script on stated assumptions; macro and exchange-rate forecasts come from BBVA Research, the BCRP expectations survey, Scotiabank and Citi.
Rules come from official sources: the SBS for mortgage rates, the BCRP for the policy rate, SUNAT for the 5% taxes on rent and on resale, SAT Lima for the alcabala, 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 house price trends, district forecasts or a station premium, we said so and removed the older estimates. All prices here are asking prices. Your own result will depend on the building, the exact street, the currency of the deal, 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, TuLugar's September 2026 report, BBVA Research (October 2026), the BCRP expectations survey reported by Infobae, EximiaHaus on SBS mortgage rates, INEI on Lima inflation, OSITRAN on Metro Line 2 and the Urbania rent index reported by Infobae.
