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
If you are looking to buy property in Lima, you probably want to know which neighborhoods offer the best value, where rental yields are strongest, and which areas to avoid.
In this guide, we break down Lima's real estate market district by district using official data from Peru's central bank and trusted industry sources.
We update this article regularly so you always have the freshest numbers available.
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.
What's the Current Real Estate Market Situation by Area in Lima?
Which areas in Lima have the highest property prices per square meter in 2026?
As of early 2026, the three most expensive districts in Lima are Barranco, San Isidro, and Miraflores, all commanding prices above S/ 8,000 per square meter.
In these prime Lima neighborhoods, you can expect to pay between S/ 8,280 and S/ 8,740 per square meter (roughly $2,250 to $2,375), with premium units near the Malecon or in El Olivar often exceeding S/ 10,000 per square meter.
Each of these top-priced Lima districts commands high prices for distinct reasons:
- Barranco: limited new supply in a bohemian, walkable district with coastal views and vibrant nightlife.
- San Isidro (El Olivar and Country Club areas): proximity to embassies, financial headquarters, and Lima's best green spaces.
- Miraflores (Malecon and Parque Kennedy zones): ocean views, tourist infrastructure, and the strongest short-term rental demand in Peru.
Which areas in Lima have the most affordable property prices in 2026?
As of early 2026, the most affordable districts within Lima's main residential zones are Pueblo Libre, Jesús María, San Miguel, and Lince, where prices typically range from S/ 5,200 to S/ 6,500 per square meter ($1,400 to $1,770).
In these more affordable Lima neighborhoods, a typical 80-square-meter apartment costs between S/ 416,000 and S/ 520,000 ($113,000 to $141,000), roughly half of what you would pay in Miraflores or Barranco.
The main trade-off in these lower-priced Lima districts is that you lose walkable access to coastal views and the tourist infrastructure that supports short-term rentals, though areas like Jesús María near Residencial San Felipe and Lince near the San Isidro border still offer good public transport and local amenities.
You can also read our latest analysis regarding housing prices in Lima.
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.
Which Areas in Lima Offer the Best Rental Yields?
Which neighborhoods in Lima have the highest gross rental yields in 2026?
As of early 2026, the Lima neighborhoods with the highest gross rental yields are Lince at approximately 7.1%, followed by Surquillo, Magdalena, and San Miguel, each delivering around 6.7%.
Across Lima as a whole, typical gross rental yields for investment properties range from 5.5% to 7.5%, with prime coastal districts like Miraflores and San Isidro sitting at the lower end around 6.3% and value districts near transit corridors reaching the higher end.
Here is why these Lima districts deliver higher rental returns than others:
- Lince (Risso and San Isidro border): lower purchase prices combined with strong tenant demand from nearby corporate offices.
- Surquillo (Barrio Médico and La Calera): walkable spillover from Miraflores at roughly 25% lower prices per square meter.
- Magdalena (Av. Brasil corridor): deep tenant pool from hospitals, universities, and government offices nearby.
- San Miguel (La Marina and Costanera): affordable coastal-adjacent living that attracts young professionals.
Finally, please note that we cover the rental yields in Lima here.
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Which Areas in Lima Are Best for Short-Term Vacation Rentals?
Which neighborhoods in Lima perform best on Airbnb in 2026?
As of early 2026, the Lima neighborhoods with the strongest Airbnb performance are Miraflores with a 65% occupancy rate and S/ 190 ($52) average nightly rate, followed by Barranco at 63% occupancy and S/ 160 ($44) nightly, and San Isidro's El Olivar area for corporate stays.
Top-performing Airbnb properties in Miraflores generate S/ 3,700 to S/ 5,900 ($1,000 to $1,600) per month, while strong performers in Barranco typically earn S/ 2,950 to S/ 4,400 ($800 to $1,200) monthly, depending on property type and management quality.
Here is the main factor driving short-term rental success in each Lima neighborhood:
- Miraflores (Malecon and Parque Kennedy): highest international tourist concentration with 90% of guests from abroad.
- Barranco (Central and Puente de los Suspiros area): lifestyle appeal to younger travelers seeking nightlife and art galleries.
- San Isidro (El Olivar and Financial District edge): business travelers willing to pay premium rates for modern units with parking.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Lima.
Which tourist areas in Lima are becoming oversaturated with short-term rentals?
The three Lima areas showing signs of short-term rental oversaturation are the Miraflores Larco-Kennedy-Malecon triangle, Barranco Central around Plaza de Armas, and the Miraflores-Barranco border strip along Bajada Armendáriz.
In Miraflores alone, there are over 4,300 active Airbnb listings as of late 2025, and Barranco has nearly 1,750 active listings, creating significant competition for bookings in these Lima tourist zones.
The clearest sign of oversaturation in these Lima neighborhoods is that average daily rates have stayed flat or declined year-over-year despite rising property prices, meaning new investors face compressed margins unless they achieve top-quartile occupancy through superior property presentation and dynamic pricing.
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.
Which Areas in Lima Are Best for Long-Term Rentals?
Which neighborhoods in Lima have the strongest demand for long-term tenants?
The Lima neighborhoods with the strongest long-term rental demand in 2026 are San Isidro's Financial District edges, Surquillo's Barrio Médico, Jesús María near Residencial San Felipe, and Lince along the Risso corridor.
In these high-demand Lima rental districts, well-priced apartments typically rent within 2 to 3 weeks, with vacancy rates staying below 5% year-round due to consistent demand from local professionals and corporate relocations.
Here is the tenant profile driving demand in each of these Lima neighborhoods:
- San Isidro (Financial core edges): banking and corporate professionals seeking walking distance to work.
- Surquillo (Barrio Médico): medical professionals and Miraflores workers priced out of the prime district.
- Jesús María (Salaverry corridor): government employees and university staff from nearby institutions.
- Lince (San Isidro border): young professionals in finance and tech who want San Isidro access at lower rents.
The common thread across these Lima rental hotspots is proximity to major employment centers combined with good public transport connections and neighborhood amenities like restaurants, supermarkets, and parks.
Finally, please note that we provide a very granular rental analysis in our property pack about Lima.
What are the average long-term monthly rents by neighborhood in Lima in 2026?
As of early 2026, average monthly rents in Lima range from S/ 1,500 ($410) for a studio in affordable districts like Pueblo Libre to S/ 12,000 ($3,260) for large apartments in premium San Isidro and Miraflores buildings.
In Lima's most affordable rental neighborhoods like Surquillo, La Molina, and San Miguel, entry-level one-bedroom apartments typically rent for S/ 1,500 to S/ 2,200 ($410 to $600) per month.
In mid-range Lima districts like Jesús María, Magdalena, and Lince, you can expect to pay S/ 2,500 to S/ 4,000 ($680 to $1,090) monthly for a comfortable two-bedroom apartment.
In Lima's premium neighborhoods like Miraflores, San Isidro, and Barranco, quality two-bedroom apartments with modern finishes command S/ 4,500 to S/ 8,000 ($1,220 to $2,175) per month, while larger units and penthouses can exceed S/ 12,000 ($3,260).
You may want to check our latest analysis about the rents in Lima here.
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Which Are the Up-and-Coming Areas to Invest in Lima?
Which neighborhoods in Lima are gentrifying and attracting new investors in 2026?
As of early 2026, the Lima neighborhoods showing the clearest signs of gentrification and investor interest are Surquillo (particularly Barrio Médico and La Calera), the Barranco-Miraflores border corridor, and Chorrillos near the Pantanos de Villa wetland reserve.
These gentrifying Lima neighborhoods have experienced annual price appreciation of 8% to 12% over the past two years, outpacing the citywide average of 4% to 5% as new mid-rise developments attract younger buyers and renters priced out of adjacent prime districts.
Which areas in Lima have major infrastructure projects planned that will boost prices?
The Lima areas most likely to see infrastructure-driven price increases are the districts along the Metro Line 2 corridor, particularly Ate, Santa Anita, San Luis, and Cercado de Lima, as well as the Callao end near the airport connection.
The Metro Line 2 project, now 72% complete, will connect Ate to Callao with 27 underground stations, and three additional stations are expected to open in the first half of 2026, with full completion projected for 2028; the Line 4 branch will also link the network to Jorge Chávez International Airport.
Historically, Lima properties within 500 meters of new metro stations have seen price premiums of 15% to 20% compared to similar properties farther from transit, based on patterns observed after Line 1 completion.
You'll find our latest property market analysis about Lima here.
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.
Which Areas in Lima Should I Avoid as a Property Investor?
Which neighborhoods in Lima with lots of problems I should avoid and why?
Foreign investors in Lima should generally avoid outer peripheral districts like San Juan de Lurigancho, Villa María del Triunfo, and Villa El Salvador, as well as over-saturated STR micro-pockets in central Miraflores and Barranco where competition has compressed returns.
Here are the specific problems affecting each of these Lima areas:
- San Juan de Lurigancho: highest housing deficit in Lima, weak resale liquidity for foreigners, and block-by-block safety variance.
- Villa María del Triunfo and Villa El Salvador: limited formal property registration, infrastructure gaps, and no established tenant pool for foreign landlords.
- Central Miraflores STR zone: over 4,300 competing Airbnb listings and increasing municipal attention to short-term rental rules.
- Barranco Central investor buildings: many identical investor units competing for the same guest pool, leading to rate wars.
For any of these Lima areas to become viable for foreign investors, we would need to see either significant infrastructure improvements and formalization in peripheral zones, or meaningful supply reduction and regulatory clarity in the saturated STR districts.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Lima.
Which areas in Lima have stagnant or declining property prices as of 2026?
As of early 2026, the Lima areas with the most stagnant price performance are parts of La Molina, certain pockets of Surco away from the Chacarilla core, and premium San Isidro where prices have plateaued after reaching ceiling levels.
These stagnant Lima districts have seen real price growth of 0% to 2% annually over the past two years when adjusted for inflation, meaning buyers are essentially treading water in terms of capital appreciation.
Here is the main cause of price stagnation in each of these Lima areas:
- La Molina (outer areas): car-dependent locations losing appeal as traffic worsens and metro alternatives improve elsewhere.
- Surco (non-Chacarilla zones): oversupply of family-sized units without the walkability or transit access that younger buyers increasingly demand.
- San Isidro (prime core): already at ceiling prices with limited upside, appealing mainly for liquidity and capital preservation rather than growth.
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Which Areas in Lima Have the Best Long-Term Appreciation Potential?
Which areas in Lima have historically appreciated the most recently?
Over the past five years, the Lima areas with the strongest price appreciation have been Barranco, Miraflores coastal zones, Chorrillos near Pantanos de Villa, and Surquillo's Miraflores-adjacent pockets.
Here are the approximate appreciation rates these top-performing Lima areas have achieved:
- Barranco: roughly 50% to 60% total appreciation over five years, driven by lifestyle demand and limited new supply.
- Miraflores (Malecon strip): approximately 40% to 50% five-year growth, benefiting from tourist and expat demand.
- Chorrillos (Pantanos de Villa area): around 35% to 45% appreciation as buyers seek coastal access at lower prices.
- Surquillo (Barrio Médico): roughly 30% to 40% growth, fueled by spillover from Miraflores and strong rental fundamentals.
The main driver behind above-average appreciation in these Lima neighborhoods has been the combination of coastal proximity, walkability, and access to dining and entertainment, which increasingly outweighs the traditional preference for gated communities and car-dependent family districts.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Lima.
Which neighborhoods in Lima are expected to see price growth in coming years?
The Lima neighborhoods expected to see the strongest price growth through 2028 are Surquillo, the Metro Line 2 corridor stations in Ate and Santa Anita, Chorrillos near the wetland reserve, and the Barranco-Miraflores border zone.
Here are the projected annual price growth rates for these high-potential Lima neighborhoods:
- Surquillo (Barrio Médico, La Calera): projected 6% to 9% annual growth as gentrification continues and prime spillover demand increases.
- Ate and Santa Anita (Metro Line 2 stations): projected 8% to 12% growth for properties within 500 meters of new stations opening in 2026.
- Chorrillos (Pantanos de Villa): projected 5% to 8% annual growth driven by coastal demand at accessible prices.
- Barranco-Miraflores border: projected 5% to 7% growth, though closer to the market average due to already-elevated prices.
The single most important catalyst for future price growth in these Lima neighborhoods is the completion of Metro Line 2, which will fundamentally change commuting patterns and make previously inaccessible eastern districts competitive with traditional prime areas.
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.
What Do Locals and Expats Really Think About Different Areas in Lima?
Which areas in Lima do local residents consider the most desirable to live?
Local Lima residents consistently rank San Isidro (particularly El Olivar and Country Club areas), Miraflores (near parks and the Malecon), and Surco (Chacarilla and Monterrico) as the most desirable neighborhoods to live.
Here is what makes each of these Lima neighborhoods most desirable to locals:
- San Isidro (El Olivar): quiet, tree-lined streets, proximity to top private schools, and Peru's most prestigious address.
- Miraflores (Parque Kennedy area): walkable urban lifestyle with restaurants, shopping, and coastal access.
- Surco (Chacarilla): family-friendly with larger apartments, private schools, and shopping at Jockey Plaza.
- San Borja (Pentagonito): safe, established neighborhood with good schools and central location.
These locally-preferred Lima neighborhoods tend to attract upper-middle-class Peruvian families, corporate executives, and professionals who prioritize security, schools, and established infrastructure over nightlife or tourist amenities.
Local preferences in Lima do generally align with what foreign investors target for long-term rentals, though foreigners often overweight Miraflores and Barranco for short-term rental potential, while locals place more value on family-oriented districts like Surco and San Borja that have less investment appeal.
Which neighborhoods in Lima have the best reputation among expat communities?
The Lima neighborhoods with the strongest reputation among expat communities are Miraflores (particularly around Parque Kennedy and the Malecon), Barranco (Central and Miraflores border), and San Isidro (El Olivar area).
Here is the main reason expats prefer each of these Lima neighborhoods:
- Miraflores: highest concentration of English-speaking services, international restaurants, and walkable daily errands.
- Barranco: artistic atmosphere, vibrant nightlife, and a sense of community among creative professionals and digital nomads.
- San Isidro (El Olivar): quieter, more residential feel preferred by expat families and corporate relocations.
The expat profile in Miraflores skews toward retirees from North America and Europe plus digital nomads, while Barranco attracts younger creatives and remote workers, and San Isidro draws corporate professionals and diplomatic families.
Which areas in Lima do locals say are overhyped by foreign buyers?
The three Lima areas that locals most commonly describe as overhyped by foreign buyers are the Miraflores Malecon strip, Barranco Central around the bohemian core, and certain new developments in San Isidro marketed specifically to investors.
Here is the main reason locals believe these Lima areas are overvalued:
- Miraflores Malecon: premium prices for ocean views, but locals note many units face traffic noise and parking challenges.
- Barranco Central: foreigner demand has pushed prices above what the neighborhood's infrastructure and security justify.
- San Isidro investor buildings: new towers marketed to foreigners at premium prices, but lacking the character of established El Olivar blocks.
Foreign buyers typically overvalue coastal views, walkability to tourist attractions, and Airbnb potential in these Lima areas, while locals place more weight on parking, security at the building level, proximity to specific schools, and long-term neighborhood trajectory rather than current trendiness.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Lima.
Which areas in Lima are considered boring or undesirable by residents?
The Lima areas that residents most commonly describe as boring or lacking appeal are outer La Molina, parts of Ate away from the metro corridor, and certain blocks of San Borja that feel overly residential without neighborhood character.
Here is the main reason residents find these Lima areas undesirable:
- Outer La Molina: car-dependent with few walkable amenities and long commutes despite spacious homes.
- Ate (away from metro): industrial feel, limited dining and entertainment, and perceived as disconnected from "Lima proper."
- San Borja (quieter blocks): very residential with few restaurants or cafes, appealing to families but dull for younger residents.
However, for investors, "boring" can actually translate into stable long-term tenants who value safety and schools over nightlife, so these areas should not be dismissed entirely if the rental math works.
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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 |
|---|---|---|
| BCRPData (Central Reserve Bank of Peru) | Official central bank database with standardized quarterly price series by district. | We used BCRP's Q3-2025 district-level sale price and price-to-rent indicators as our primary anchor for all Lima pricing and yield calculations. |
| Global Property Guide | Respected international real estate research platform with standardized cross-country data. | We cross-referenced BCRP figures with Global Property Guide's Peru analysis to verify rental yield ranges and historical price trends. |
| Airbtics | Leading short-term rental analytics provider tracking actual Airbnb performance data. | We sourced occupancy rates, ADRs, and annual revenue figures for Miraflores and Barranco to quantify STR investment potential. |
| AirDNA | Industry-standard vacation rental data provider used by investors worldwide. | We used AirDNA's Lima market overview to verify citywide STR metrics and seasonal patterns identified in Airbtics data. |
| Peru Ministry of Transport (MTC) | Official government source for infrastructure project updates and timelines. | We sourced Metro Line 2 progress updates and station opening timelines to identify infrastructure-driven investment opportunities. |
| FCC Construction | Lead contractor on Lima Metro providing direct project progress updates. | We verified construction completion percentages and tunnel progress to assess realistic infrastructure impact timelines. |
| FazWaz Peru | Major property listing platform with real-time Lima market listings. | We reviewed current asking prices across Lima districts to verify BCRP official data against actual market listings. |
| Lima Metro (Wikipedia) | Well-sourced reference for project history, station counts, and network plans. | We used Wikipedia's Lima Metro article to provide context on the full metro network and verify station-level details. |
| TheLatinvestor | Specialized Lima real estate research with regular market updates. | We incorporated TheLatinvestor's latest price analyses to supplement BCRP data and provide investor-focused context. |
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