Is it a good time to buy property in Peru now?

Where are Peru prices heading in the next 12 months?

Do real estate prices look too high in Peru right now?

Not overall. The BCRP's index for 12 Lima districts rose 10.9% in a year in dollars, but in soles and after inflation it fell 1.0% (first quarter of 2026). The jump in dollars comes mostly from the stronger sol, not from a buying frenzy.

The split matters: in "Lima Top" (Miraflores, San Isidro, Barranco, Surco, San Borja, La Molina), real prices fell 2.0%, while "Lima Moderna" (Jesús María, Lince, Magdalena, San Miguel, Pueblo Libre, Surquillo) rose 0.9%.

So Peru is not cheap everywhere, but there's no sign of a price bubble. The most expensive Lima apartments ask about $2,474/m² in Miraflores and $2,529/m² in San Isidro (TuLugar, September 2026), against $1,950/m² for Lima as a whole.

Does a property price drop look likely in Peru?

A broad crash looks unlikely, because prices haven't run ahead of inflation. A soft patch is possible, though: real prices are already flat to slightly down, and the new-build stock is big.

Nobody publishes a reliable 12-month price forecast for Peru. Our view: in dollars, prices in good Lima districts are more likely to stay flat or rise a little than fall, while overpriced large units and projects with lots of unsold apartments have room to come down.

The macro factor to watch is the cost of credit. Lima inflation hit 4.55% over 12 months in September 2026 (INEI), and BBVA Research expects inflation near 5% by December and two 0.25-point hikes in the BCRP rate (now 4.25%) in the coming months.

That's a risk, not a disaster: BBVA still expects the economy to grow 2.9% in 2026 and in 2027.

Could property prices jump again?

A real surge in the next 12 months looks unlikely nationally. In the best-located Lima Moderna districts, a few points of growth in dollars is plausible, but not a boom.

The trigger would be cheaper credit. That's not where things are heading: with rate hikes expected, the push from mortgages is more likely to fade than grow. MiVivienda keeps supporting first-time local buyers on cheaper new apartments, not the Miraflores market.

Credit is still growing, though: the mortgage book reached S/ 78,294 million in August 2026, up 7.6% in a year (BCRP), and about 47,000 mortgages were granted in the 12 months to May 2026, up about 13% (CAPECO).

Are we in a buyer or a seller market?

On new apartments, it's a buyer's market. Lima and Callao had 55,916 new apartments for sale in August 2026 and sold 2,426 that month: about 23 months to clear the stock at that pace, with no new launches (CODIP, Acento's calculation).

On resale, it depends on the apartment. A well-located, fairly priced unit in Miraflores, San Isidro, Jesús María or Lince still finds buyers; a large, dated or overpriced one waits.

What to negotiate: on new builds, the gap between advertised and sold prices was about 5.5% in July 2026 (CODIP). Use that as a floor, and ask for parking, a storage room or finishes on top in projects that still have many units left.

Are homes in Peru overpriced or fairly priced?

Are homes overpriced versus rents or versus incomes in Peru?

Against rents, no. The BCRP puts the average gross yield on Lima apartments at 6.0% (Q1 2026), which means about 17 years of rent to pay for the apartment. On TuLugar's listings, the national figure is 5.1%, or about 20 years. Both are normal for a capital city.

Against local incomes, prime Lima is expensive. A typical 2-bedroom in Peru asks about $155,000 (about S/ 533,000); with 20% down and a 20-year dollar loan at 7.11%, that's about $953 a month, and banks want about $3,177 of monthly net income.

In Miraflores, the median 2-bedroom asks about $237,000, far above what most Peruvian households can borrow.

Are home prices above the long-term average?

No. Between the first quarter of 2019 and the first quarter of 2026, the BCRP's asking price per m² rose 13.0% in soles, but fell 12.7% once you take out inflation. In dollars, the median rose only 3.8% between 2019 and 2025.

So the recent rise is a recovery from a weak period, not a boom. In real terms, Lima apartments are still cheaper than before the pandemic.

What local changes could move prices in Peru?

Are big infrastructure projects coming to Peru?

The big one for Lima housing is Metro Line 2, from Ate to Callao. Its next stages were at 96% (stage 1B) and 91% (stage 2) of civil works in August 2026 (OSITRAN), but trains aren't expected before 2029 for stage 1B and October 2030 for stage 2.

Homes within walking distance of future stations should gain over time, but mostly once the trains run. Don't pay a premium today for a station that opens in three or four years.

Other projects: the new Jorge Chávez airport terminal opened in June 2025, and Lima hosts the Pan American Games from July 23 to August 8, 2027. In Cusco, the Chinchero airport is late.

Are zoning or building rules changing?

There's no national reform that changes the picture. What matters is district by district: height limits, density, parking rules and redevelopment permits in Miraflores, Barranco, San Isidro, Surco, San Borja, Jesús María and Magdalena.

Those rules work at street level: a new tower next door can block your view or flood the area with similar units. Before buying, ask the district for the zoning (parámetros urbanísticos) of the plot and the lots around it.

On the coast, check the cliff risk too: Lima's municipality listed 65 critical landslide points on the Costa Verde cliffs in January 2026, 31 of them in Miraflores and 18 in Barranco.

Are foreign-buyer or mortgage rules changing?

Foreign-buyer rules haven't changed. A foreigner, even a non-resident, can buy in their own name on the same terms as a Peruvian, except within 50 km of the borders. Buying doesn't give you residency.

What does change is the cost of credit, and that matters more for prices because local mortgages drive most of the demand. The SBS average was 7.61% in soles (October 20, 2026) and 7.11% in dollars (October 16), down from 9.10% in soles at the end of 2023.

For a non-resident with no Peruvian income, there's still no standard mortgage offer. Plan to buy with cash.

Does Keiko Fujimori's government change anything for buyers?

Keiko Fujimori won the June 7, 2026 runoff by fewer than 50,000 votes and took office on July 28, 2026, Peru's 9th president in a decade. Her stated priorities are political stability, crime and growth.

So far, builders like it: the construction chamber CAPECO said it had good expectations for the new government, after construction grew 11.8% in the first half of 2026. BBVA expects 2.9% growth in 2026 and 2027; Scotiabank expects a slow first half of 2027, under 2%.

Crime is the issue buyers feel on the ground. The state of emergency over extortion in Lima and Callao has been extended several times in 2025 and 2026, most recently for 60 more days from October 28, 2026 (DS 142-2026-PCM).

What to check: ask the building administrator and neighbors about extortion around building works and local shops, visit the street at night, and check who controls access to the building.

Will mortgage rates go up in Peru?

Probably a little. The BCRP rate has been at 4.25% for a year, but with Lima inflation at 4.55% in September 2026, BBVA Research expects two 0.25-point hikes in the coming months, possibly reversed in the second half of 2027.

Mortgage rates have been easing so far: 7.66% in soles in September 2026 against 7.92% a year earlier (BCRP), and 7.61% on October 20 (SBS). A half-point rise in the policy rate would likely stop that, not send rates back to the 9.10% of late 2023.

If you borrow, compare at least three banks against the 7.61% (soles) and 7.11% (dollars) averages, and get the rate and the total cost (TCEA) in writing before you sign the purchase contract.

Will it be easy to find tenants in Peru?

Is the renter pool growing faster than new supply?

In the best districts, yes. Lima rents rose 7.3% in the year to July 2026 (Urbania), faster than inflation, and a standard 60 m² 2-bedroom asks about S/ 2,281 ($665) a month.

The rises are biggest in Surco (+14.7%), San Isidro (+9.9%) and San Borja (+8.9%), and smallest in Barranco (+3.9%). Young professionals, students, people moving from the provinces and expats keep demand up in Miraflores, Barranco, San Isidro, Jesús María, Lince, Magdalena, San Miguel and Surquillo.

The supply side is the 55,916 unsold new apartments: some will end up for rent, which should slow rent growth in areas with many projects.

Are days-on-market for rentals falling?

A well-priced apartment in a good Lima district usually rents in about 20 to 35 days, by our estimate. January to March is the busiest season.

Overpriced or badly located units can sit for a month or two longer. Tenants pay for walkability, safety and a short commute more than for space.

Are vacancies dropping in the best areas of Peru?

Peru publishes no vacancy rate. Rents rising faster than inflation suggest vacancies are low in Miraflores, San Isidro, Barranco, Jesús María, Lince, Magdalena, San Miguel and Surquillo, for apartments priced near the market.

For your numbers, budget one empty month a year. That, plus the 5% tax on gross rent, repairs and municipal taxes, takes a typical Lima 2-bedroom from about 6% gross to about 4% net.

Am I buying into a tightening market in Peru?

Is for-sale inventory shrinking?

Slowly. The stock of new apartments for sale in Lima and Callao fell to 55,916 in August 2026, about 10% below its November 2025 peak of 62,111, but only 0.8% lower than a year earlier (CODIP).

CAPECO counts 56,251 new homes for sale in Lima and Callao (Q2 2026, houses included): 29,246 in presale, 23,250 under construction and only 3,755 finished. Ready-to-move-in new units are the scarce part.

For resale homes there's no inventory figure.

Are homes selling faster?

New apartments, a bit: 2,426 sold in August 2026, up 12.8% on a year earlier, after 24,713 sales in 2025 (CODIP).

For resale, a fairly priced apartment in a strong Lima district usually sells in about 3 to 6 months by our estimate; large or overpriced homes often take 9 to 12 months or more.

Are new listings slowing down?

No, the opposite on new builds. In the BCRP's sample, brand-new units went from 16.2% to 29.5% of the apartments advertised, so buyers see more new projects, not fewer.

On resale, many owners aren't under pressure to sell and prefer to wait for their price. That's why good older apartments don't come up often, while new ones are everywhere.

Is new construction failing to keep up?

Not in numbers: construction grew 11.8% in the first half of 2026 (CAPECO), and there are more than 55,000 new homes for sale in Lima and Callao.

The problem is where they are and what they cost. New units carry a big premium (21% to 26% more per m² than buildings five years or older, BCRP), and good land in the best districts is limited by permits and neighbors' resistance to density.

Will it be easy to sell later in Peru?

Is resale liquidity strong enough?

For a sensible apartment in Lima Moderna, Miraflores or San Isidro, yes; for niche luxury homes, no.

What sells: a practical floor plan in a safe, walkable area, with parking, a clean title at SUNARP and normal building fees. A buyer's bank will check the title, so get the partida registral and cargas y gravámenes before you buy, not when you sell.

Is selling time getting longer?

For good apartments, it's stable. Our estimate: about 3 to 6 months for a good apartment, 6 to 9 months for an average one, and 12 months or more for weak or overpriced listings.

Watch what slows it down: buyers here are very sensitive to the monthly payment, so a rise in mortgage rates or a weaker sol for dollar-priced homes would lengthen selling times.

Is it realistic to exit with profit?

Yes, for a home bought at a fair price and held long enough; much less so for an overpriced luxury purchase.

Count the round trip. Buying a resale home costs about 3% to 3.3% (mostly the 3% alcabala), and the seller usually pays the agent 3% to 5%. That's about 6% to 8% of the price before any tax on the gain: $9,300 to $12,400 on a $155,000 (about S/ 533,000) apartment.

Then the tax: 5% of the net gain. A non-resident without the SUNAT certificate of recovered capital pays 5% of the whole price instead: on a $180,000 sale, $9,000 instead of about $1,500.

So plan on at least 3 to 5 years, and don't pay a 10% to 15% premium for a beautiful but hard-to-resell home.

Should you wait for a better exchange rate before buying in Peru?

The sol is at about 3.44 per dollar (SUNAT/SBS, October 22, 2026), a little weaker than a month ago (about 3.38) but still stronger than its 2025 average (3.56) and its 2024 average (3.75).

What that means depends on the currency of the price. Apartments priced in dollars, the norm in Miraflores, San Isidro and Barranco, didn't move for you; those priced in soles cost more in dollars than in 2024-2025.

Forecasts don't agree: the BCRP's September survey sees 3.35 to 3.40 by December 2026, BBVA 3.25 to 3.35, Citi 3.45. A stronger sol would make soles-priced homes even more expensive for you; a weaker one would help.

Our take: don't time the sol. Buy in dollars if the seller quotes in dollars, change your money only when you sign, and negotiate the price, where you actually have room.