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
Lima's condo market in 2025 offers solid investment opportunities with 5-7% rental yields and steady 3-7% annual price appreciation.
The Peruvian capital presents diverse options from affordable emerging districts like Surquillo starting at $800 per square meter to luxury penthouses in Miraflores reaching $3,500 per square meter. Current market conditions favor both end-users seeking quality living and investors targeting rental income, with strong demand from expats and local professionals driving occupancy rates above 95%.
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 condo market shows robust fundamentals with consistent demand from both domestic and international buyers, supported by Peru's economic growth and ongoing urbanization trends.
Investment returns remain attractive across different price segments, with emerging neighborhoods offering higher appreciation potential while established districts provide stable rental income.
| District | Price per sqm (USD) | Rental Yield | Target Audience | Investment Appeal |
|---|---|---|---|---|
| Miraflores | $2,500-$3,200 | 5-6% | Expats, Tourists | Stable, Premium |
| San Isidro | $2,800-$3,500 | 5-7% | Business, Luxury | High-end, Secure |
| Barranco | $2,000-$2,800 | 6-7% | Young Professionals | Growth Potential |
| Surquillo | $1,000-$1,500 | 6-8% | Local Professionals | Emerging Value |
| La Molina | $1,500-$2,200 | 5-6% | Families | Suburban Growth |
What types of condos are available to buy in Lima right now and what are their key features?
Lima's condo market offers five main property types catering to different lifestyle preferences and budgets.
High-rise apartments dominate the market, particularly in districts like Miraflores and San Isidro, featuring modern amenities such as rooftop pools, fitness centers, and 24-hour security. These buildings typically range from 15 to 40 floors with units from 50 to 200 square meters.
Penthouses represent the luxury segment, offering private terraces, panoramic ocean views, and premium finishes. Most penthouses include smart home technology, high-end appliances, and private elevator access.
Historic colonial casonas, converted into modern condos, provide unique architectural character while maintaining contemporary conveniences. These properties blend traditional Peruvian design elements with modern amenities and are particularly sought after in areas like Barranco.
Mixed-use developments combine residential units with commercial spaces, restaurants, and retail outlets on lower floors. These projects are increasingly popular among young professionals who value convenience and walkability.
Eco-friendly condos featuring solar panels, water recycling systems, and energy-efficient appliances are becoming standard, reflecting growing environmental consciousness among Lima buyers.
How do current condo prices compare to a few years ago and what are experts forecasting for the next few years?
Lima condo prices have experienced steady growth over the past five years, with premium districts showing particularly strong performance.
Current pricing in upscale districts like Miraflores ranges from $2,500 to $3,200 per square meter, while San Isidro commands $2,800 to $3,500 per square meter. Middle-income areas such as Surquillo and Jesús María are priced between $1,000 and $1,500 per square meter.
Since 2020, premium districts have seen cumulative price increases of 25-30%, representing approximately 5% annual growth. This appreciation has been driven by limited supply in prime locations, infrastructure improvements, and increased international interest.
Market experts predict continued price growth of 3-7% annually through 2027, supported by Peru's economic stability, ongoing urbanization, and Lima's expanding role as a regional business hub. The forecast reflects confidence in the market's fundamentals despite global economic uncertainties.
Pre-construction projects are selling 70-80% of units before completion, indicating strong buyer confidence and suggesting continued upward price pressure in desirable locations.
Is it generally better to buy a condo or rent one in Lima at the moment?
Buying a condo in Lima currently offers better long-term value than renting for most situations.
Rental yields in prime areas range from 5-7% gross annually, making property ownership financially attractive for investors. These returns compare favorably to other Latin American capitals and provide steady income streams.
Current vacancy rates have dropped to approximately 5%, creating a landlord-friendly market with rising rental prices. This trend benefits property owners while making long-term renting more expensive for tenants.
For residents planning to stay in Lima for more than three years, buying typically proves more economical than renting equivalent properties. The combination of rental savings and property appreciation creates compelling ownership benefits.
However, short-term residents (less than two years) may find renting more practical due to transaction costs and the time required to complete property purchases. It's something we develop in our Peru property pack.
What are the main trends shaping Lima's condo market today?
Five key trends are driving Lima's condo market evolution in 2025.
Sustainable development has become a primary focus, with new projects incorporating green building certifications, solar energy systems, and water conservation technologies. Buyers increasingly prioritize eco-friendly features when making purchase decisions.
Smart home integration is now standard in mid-to-high-end developments, including app-controlled lighting, security systems, and climate control. These technological features add value and appeal to tech-savvy buyers.
Mixed-use developments are gaining popularity as buyers seek convenience and walkability. Projects combining residential, commercial, and recreational spaces in single developments are particularly attractive to young professionals.
International buyer interest continues growing, particularly from North American and European investors seeking diversification and lifestyle opportunities. This foreign investment supports price stability and market liquidity.
Emerging neighborhoods like Surquillo and Barranco are experiencing rapid gentrification, offering investors higher appreciation potential compared to established premium districts.
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How does the buying process work step by step for a condo in Lima?
The Lima condo purchase process involves seven essential steps that typically take 60-90 days to complete.
Research and location selection begins the process, requiring careful evaluation of neighborhood safety, amenities, transportation access, and growth potential. Buyers should visit areas at different times to assess noise levels, traffic patterns, and overall livability.
Engaging a reputable local real estate agent registered with ASPAI (Asociación de Corredores de Seguros del Perú) ensures professional representation and market knowledge. Licensed agents provide crucial local insights and negotiation expertise.
Property visits and legal due diligence require thorough inspection of units and verification through SUNARP (Superintendencia Nacional de los Registros Públicos). This step includes checking property titles, outstanding debts, and legal encumbrances.
Making offers and negotiating terms typically involves 10-15% deposits to secure properties, with final pricing often negotiable based on market conditions and property characteristics.
Financing arrangements for foreign buyers may require higher down payments (30-50%) compared to local buyers, though international financing options are available through select banks.
Signing purchase agreements with notary public ensures legal validity and proper documentation of all transaction terms and conditions.
Transaction completion includes final payment, title registration, and deed transfer through official channels, establishing clear legal ownership.
Where can you find condos for sale in Lima and which real estate agencies are the most reliable?
Lima condo listings are available through multiple channels, with online platforms and established agencies providing the most comprehensive options.
Major listing portals include FazWaz, JamesEdition, Premier Casa, and Realtor.com, offering extensive property databases with detailed photos, pricing, and neighborhood information. These platforms provide initial market research capabilities and price comparisons.
Reliable local agencies with proven track records include Romero & Asociados Grupo Inmobiliario, NAI Perú Rosecorp, and Casella Inmobiliaria. These firms specialize in residential properties and maintain strong relationships with developers and sellers.
International real estate brands operating in Lima include Century 21 Global, Property Partners, and Premier Casa, offering English-language services and international buyer expertise.
Boutique agencies like Indigo Inmobiliaria and Marte Grupo Inmobiliario focus on specific neighborhoods and luxury properties, providing specialized local knowledge and personalized service.
When selecting agencies, verify ASPAI registration, request client references, and confirm their experience with international buyers to ensure professional service and market expertise.
What kind of condo can you get for different budgets in Lima?
Lima's condo market accommodates various budget levels, from entry-level properties to luxury penthouses.
| Budget Range (USD) | Property Type | Typical Areas | Key Features | Size Range |
|---|---|---|---|---|
| $50,000-$100,000 | 1-2 bedroom condos | Surquillo, Jesús María, Pueblo Libre | Basic amenities, transit access, security | 45-70 sqm |
| $100,000-$250,000 | 2-3 bedroom units | San Borja, La Molina, Magdalena | Parking, common areas, modern finishes | 70-120 sqm |
| $250,000-$500,000 | Luxury condos | Miraflores, San Isidro, Surco | Ocean views, premium amenities, concierge | 100-180 sqm |
| $500,000-$1M+ | Penthouses | Prime Miraflores, San Isidro | Private terraces, panoramic views, luxury | 150-300+ sqm |
What are the most common mistakes to avoid when buying a condo there?
Five critical mistakes can significantly impact Lima condo purchases and should be carefully avoided.
Skipping legal due diligence represents the most costly error, potentially resulting in disputed ownership or unexpected liabilities. Always verify property registration with SUNARP and confirm clear title before proceeding with purchases.
Using unregistered or inexperienced real estate agents can lead to overpricing, poor negotiations, or legal complications. Verify agent credentials with ASPAI and request references from recent international clients.
Neglecting hidden costs such as maintenance fees, property taxes, and HOA assessments can strain budgets. Premium condos may charge $100-500 monthly for building maintenance and amenities.
Relying on verbal agreements without written documentation creates legal vulnerabilities. Insist on detailed written contracts for all aspects of the transaction, including price, timeline, and conditions.
Insufficient neighborhood research may result in purchases in declining areas or locations with limited resale potential. Visit properties multiple times, research development plans, and assess long-term growth prospects. It's something we develop in our Peru property pack.
How much does it cost to live in Lima as a condo owner?
Living costs for Lima condo owners vary significantly based on lifestyle preferences and property locations.
Single professionals typically spend $850-$1,500 monthly on living expenses, including utilities, food, transportation, and entertainment. This budget provides comfortable middle-class lifestyle with occasional dining out and leisure activities.
Families of four generally require $2,000-$3,000 monthly for comprehensive living expenses, including children's education, healthcare, and family activities. International school fees can add $500-$1,200 monthly per child.
Condo-specific costs include monthly maintenance fees ranging from $100-$500 for upscale buildings, covering security, common area maintenance, and amenities. These fees typically increase 3-5% annually.
Annual property taxes remain relatively low, typically $500-$1,600 for luxury units, making ownership financially attractive compared to other major Latin American cities.
Utilities including electricity, water, gas, and internet average $150-$300 monthly for typical condo units, with costs varying based on usage patterns and building efficiency.
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 of Lima are the best for affordable condos, which are up-and-coming, and which are upscale, and what are the strengths and weaknesses of each?
Lima's diverse neighborhoods offer distinct advantages and challenges for different buyer profiles and investment strategies.
| Area | Category | Price Range (per sqm) | Key Strengths | Main Weaknesses |
|---|---|---|---|---|
| Surquillo | Emerging/Affordable | $1,000-$1,500 | Central location, improving infrastructure, value potential | Still developing, mixed building quality |
| Jesús María | Transitional | $1,200-$1,800 | Medical district, good connectivity, established | Dense traffic, limited green space |
| Barranco | Up-and-coming | $2,000-$2,800 | Artistic culture, ocean views, nightlife | Limited inventory, rapidly rising prices |
| Miraflores | Premium | $2,500-$3,200 | Beach access, tourist amenities, safety | Expensive, heavy traffic, tourist crowds |
| San Isidro | Upscale | $2,800-$3,500 | Business district, parks, luxury lifestyle | Highest costs, formal atmosphere |
| La Molina | Suburban | $1,500-$2,200 | Family-friendly, green spaces, schools | Distance from center, car dependency |
What is daily life like for expats living in Lima condos?
Expat life in Lima condos provides comfortable, secure living with good access to international amenities and services.
Modern condo buildings in central districts offer comprehensive security systems, including 24-hour doormen, CCTV monitoring, and controlled access, creating safe environments for international residents. Most premium buildings also provide concierge services and maintenance support.
English-speaking services are readily available in expat-concentrated areas like Miraflores and San Isidro, including international schools, medical facilities, restaurants, and professional services. However, basic Spanish knowledge significantly improves daily interactions and integration opportunities.
Transportation access from central condos includes reliable public transit, taxi services, and ride-sharing apps. Many expats find cars unnecessary for daily activities when living in well-connected neighborhoods.
Social integration occurs naturally through established expat communities, international business networks, and cultural organizations. Lima's growing international population creates supportive networks for newcomers.
Climate considerations include year-round mild temperatures but limited sunshine during winter months (June-September), which some expats find challenging despite comfortable living conditions.
If you rent out a condo long term in Lima, which areas should you target, who are the typical tenants, what do they look for, and what rental income and yield can you expect?
Long-term rental success in Lima depends on targeting the right locations and tenant demographics for consistent occupancy and returns.
Miraflores and San Isidro attract expatriate professionals, diplomats, and international business executives willing to pay premium rents for security, amenities, and location convenience. These areas command highest rental rates but also provide most stable tenant base.
Emerging areas like Surquillo and Jesús María appeal to local professionals, young families, and cost-conscious expatriates seeking value while maintaining central access. These markets offer higher yields but may experience more tenant turnover.
Typical tenants prioritize security features, modern amenities, reliable internet connectivity, and proximity to work or international facilities. Parking spaces and building gyms are particularly valued by professional tenants.
Rental income varies by location and quality, with premium districts generating $800-$2,000 monthly for 1-3 bedroom units. Emerging areas typically produce $400-$1,200 monthly for comparable properties.
Gross rental yields range from 5-7% annually in prime areas, with emerging neighborhoods potentially achieving 6-8% returns. These yields assume 90-95% occupancy rates and standard property management costs. It's something we develop in our Peru property pack.
If you rent out a condo short term in Lima, which areas should you target, who are the typical guests, what do they look for, how much can you earn, what yield is realistic, and what regulations do you need to follow?
Short-term rental success requires strategic location selection and understanding guest preferences and regulatory requirements.
Miraflores dominates tourist rentals due to beach proximity, restaurant scene, and walkable attractions. Business districts like San Isidro attract corporate travelers seeking upscale accommodations near commercial centers.
Barranco appeals to cultural tourists and younger travelers interested in nightlife, art galleries, and bohemian atmosphere. This area commands premium rates during peak season and cultural events.
Typical guests include international tourists, business travelers, and digital nomads seeking furnished accommodations with modern amenities. Ocean views, balconies, fast internet, and proximity to attractions significantly increase booking rates.
Potential earnings vary seasonally, with peak months (June-August, December-January) generating $80-$200 nightly for quality units. Off-season rates typically drop 30-40% but maintain steady occupancy from business travelers.
Realistic annual yields range from 6-8% gross for well-located, professionally managed properties, assuming 65-75% occupancy rates and accounting for seasonal variations.
Regulatory compliance requires registering with municipal authorities, obtaining business licenses, and following HOA building regulations. Some condo buildings restrict short-term rentals, requiring careful property selection and management practices.
Given all this, is it worth buying a condo in Lima now for living in, renting out, or reselling later at a higher price?
Lima's condo market presents compelling opportunities across all three investment scenarios, supported by strong fundamentals and favorable market conditions.
For end-users planning to live in Lima, buying provides better long-term value than renting, especially for stays exceeding three years. Quality of life benefits, combined with property appreciation and rental savings, create positive ownership economics.
Rental investment opportunities remain attractive with 5-7% gross yields in established areas and higher returns possible in emerging neighborhoods. Strong demand from expats and local professionals supports consistent occupancy and rental growth.
Resale prospects appear favorable based on historical 5% annual appreciation rates and expert forecasts predicting continued 3-7% growth. Well-located properties with modern amenities and sustainable features should outperform market averages.
Market timing favors buyers in 2025, with pre-construction opportunities offering value before completion and established properties providing immediate income potential. Peru's economic stability and Lima's regional importance support long-term investment confidence.
Success requires thorough due diligence, proper legal representation, and realistic expectations about returns and market cycles. Both conservative and growth-oriented strategies can succeed with appropriate property selection and professional management.
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 condo market combines stability with growth potential, making it attractive for both residential and investment purposes.
Success depends on careful neighborhood selection, thorough due diligence, and understanding local market dynamics and regulations.
Sources
- The LatinVestor - Lima Property Market Analysis
- New York Times - Lima Peru Homes for Sale
- The LatinVestor - Peru Price Forecasts
- The LatinVestor - Lima Average Apartment Prices
- Global Property Guide - Peru Price History
- Global Property Guide - Peru Rental Yields
- The LatinVestor - Lima Apartment Buying Process
- Clutch - Lima Real Estate Brokers
- Premier Casa - Peru Properties
- International Living - Cost of Living in Peru