Summary
A typical 2-bedroom apartment listed for sale in Peru asks about $155,000, and a 1-bedroom about $118,000 (TuLugar, September 2026). Most of what's listed is in Lima, so that's the city that sets the price.
Below $100,000, you're mostly looking at older apartments in outer Lima or in regional cities. In José Luis Bustamante y Rivero (Arequipa), the median 2-bedroom asks about $88,000.
These are asking prices. On new apartments in Lima, the gap between the advertised and the sold price was about 5.5% in July 2026 (CODIP); on older resale homes, there's often more room.
Per square meter, apartments in Peru ask a median $1,879 (about $175 per ft²), and $1,950 in Lima.
Lima apartment prices rose 10.9% in a year in dollars, but fell 1.0% in soles once you take out inflation (BCRP, first quarter of 2026). Inflation in Lima was 4.55% over 12 months in September 2026.
The sol is stronger than in 2024-2025: about 3.44 per dollar today against a 3.56 average in 2025. That made homes priced in soles more expensive for dollar buyers, while dollar-priced apartments in Miraflores or San Isidro didn't get cheaper.
Houses ask less per square meter than apartments nationally ($1,318 against $1,879), but a 3-bedroom house in Miraflores still has a median asking price of about $773,000.
New apartments carry a big premium: across Lima, new units ask about 21% to 26% more per m² than buildings over 5 years old (Acento, from BCRP data), and about 46% more in Jesús María.
San Isidro ($2,529/m²), Barranco ($2,523/m²) and Miraflores ($2,474/m²) are the most expensive Lima districts. La Molina apartments ask about $1,410/m².
Buying costs add about 3% to 4% on a resale home (mostly the 3% alcabala) and about 1% to 2% on a new apartment bought from the developer. Renovation comes on top.
With $300,000, you get about 120 m² of apartment in Miraflores at the median price, or about 150 m² in San Borja.
Lima still has about 55,916 new apartments for sale (August 2026), and mortgage rates average 7.61% in soles. That's your bargaining power, more than any political news.
Bottom line: in Lima, budget around $1,950/m², negotiate harder on resale and on projects with lots of unsold units, and add 3% to 4% for costs.
What does a typical home cost, from cheapest to top-end?
The useful number is the median, not the average: a few very expensive homes in Lima's top districts pull any average up.
According to TuLugar's 22,670 apartment listings for September 2026, the median 2-bedroom for sale in Peru asked about $155,000 (about S/ 533,000), and the median 1-bedroom about $118,000 (about S/ 406,000). Most of these listings are in Lima.
Below $100,000, the choice is mostly older apartments in outer Lima districts or in regional cities. In Arequipa, the median 2-bedroom in José Luis Bustamante y Rivero asks about $88,000 (about S/ 303,000), but the sample is small. In Lima, the cheapest districts we have reliable figures for are Pueblo Libre, where the median 2-bedroom asks about $122,000 (about S/ 420,000), and Surquillo, at about $128,000 (about S/ 440,000).
Social housing works differently: new homes up to 35 UIT, or S/ 192,500 (about $56,000), are exempt from IGV, and many first-time Peruvian buyers use MiVivienda loans through the banks. As a foreign buyer without Peruvian income, you won't usually qualify for that program.
At the top end, a 3-bedroom house in Miraflores has a median asking price of about $773,000 (about S/ 2,660,000), and about $707,000 (about S/ 2,430,000) in La Molina (TuLugar, October 2026, small samples). Big penthouses and houses in areas like Casuarinas are a thin market with very few public figures.
How far below the asking price do homes actually sell?
On new apartments in Lima, the gap between the advertised price and the price actually sold was about 5.5% in July 2026, according to CODIP. That's an average across projects, not a negotiation on one specific home.
On older resale homes, there's no official figure, but the room is usually bigger: large houses, dollar-priced homes and listings that have sat online for months are where sellers give the most. With almost 56,000 new apartments for sale in Lima and Callao, resale sellers also compete with developers offering discounts and payment plans.
What to do: look at how long the listing has been online, ask the seller what they paid (the SUNARP registry often shows past transfers), and open below the asking price.
What is the price per square meter (and square foot) in Peru?
In September 2026, apartments listed for sale in Peru asked a median $1,879 per m², or about S/ 6,450 per m², which is about $175 per ft². Houses asked a median $1,318 per m² (about $122 per ft²), because many are older or on the edge of the city.
Lima is a little higher: $1,950 per m² across 21,108 apartment listings (TuLugar, September 2026), or about $181 per ft². The central bank's own measure, based on 12 districts, gives $2,042 per m² for the first quarter of 2026.
The top of the range is San Isidro, Barranco and Miraflores, at about $2,470 to $2,530 per m² (about $230 to $235 per ft²). The cheaper end in our data is La Molina apartments at about $1,410 per m², and Arequipa at about $1,441 per m². Cusco shows about $1,425 per m², but only from a handful of listings.
Peru Property Prices
How have property prices evolved in Peru?
It depends on the currency you count in. Between the first quarter of 2025 and the first quarter of 2026, Lima apartment asking prices rose 10.9% in dollars, from $1,841 to $2,042 per m². In soles, after inflation, they fell 1.0% (BCRP).
The rise was uneven: +21.5% in San Isidro, +20.3% in Jesús María, +14.8% in Magdalena and +10.5% in Miraflores, but only +4.1% in La Molina and +3.1% in Lince (all in dollars).
Inflation is the other half of the story: prices in Lima rose 4.55% over 12 months to September 2026, close to their highest level in years (4.17% nationwide). So a home whose sol price rises 4% a year is flat in real terms.
Demand is there: about 47,000 mortgages were placed over the 12 months to May 2026, up about 13% (CAPECO), and 2,426 new apartments were sold in Lima and Callao in August 2026, 12.8% more than a year earlier (CODIP). But that's more sales, not proof that prices rise everywhere in Peru.
Is the stronger sol making Peru more expensive for you?
Yes, if the home is priced in soles. The sol averaged 3.75 per dollar in 2024 and 3.56 in 2025; it's about 3.44 now (SUNAT/SBS, October 22, 2026). It weakened a little this past month (from about 3.38), after peaking around 3.36 in May 2026.
For you, that means: a home priced at S/ 688,000 cost about $183,000 at the 2024 rate and about $200,000 now. A home priced in dollars (the norm in Miraflores, San Isidro and Barranco) costs the same in dollars, but the Peruvian seller is getting fewer real soles than a year ago.
Forecasts don't point to a weak sol soon: the BCRP's September survey expects 3.35 to 3.40 by December 2026, BBVA 3.25 to 3.35, and Citi 3.45. Practical tip: if the seller quotes in soles, compare offers in dollars on the day you sign, and send the money only once the price and the currency are written in the contract.
Are houses cheaper than apartments in Peru?
Per square meter, yes. Nationally, houses asked a median $1,318 per m² in September 2026 against $1,879 per m² for apartments. Houses are often older and further from the center.
In total price, no: a house is bigger. In Lima, the median 3-bedroom house asks about $445,000 (about S/ 1,530,000) in Magdalena del Mar, $675,000 (about S/ 2,320,000) in San Borja, $707,000 (about S/ 2,430,000) in La Molina and $773,000 (about S/ 2,660,000) in Miraflores (TuLugar, October 2026, small samples).
For apartments, the median 1-bedroom in Peru asks about $118,000 and the median 2-bedroom about $155,000. Social housing sits below that, with new homes up to S/ 192,500 exempt from IGV.
70+pagesHow much more does a new apartment cost than an older one?
A lot more than most buyers expect. Across Lima, new apartments ask about 21% to 26% more per m² than buildings over 5 years old (Acento, from BCRP data, October 2026). Jesús María is an extreme case: new apartments asked about $2,528 per m² in the first quarter of 2026, against about $1,734 for buildings over 5 years old: a premium of about 46% (BCRP). The gap varies by district, but it's rarely small.
You pay for elevators, security, parking, common areas and lower repair risk, and new units often come with developer payment plans. On the other hand, with about 55,916 new apartments for sale in Lima and Callao in August 2026 (CODIP), developers with lots of unsold units have reasons to negotiate.
New apartments also have lower buying costs: the first sale by a developer is exempt from alcabala (except on the land share), and the IGV is already included in the price.
Which Lima districts are the most and least expensive?
In Miraflores, apartments asked about $2,474 per m² in September 2026, and the median 2-bedroom about $237,000 (about S/ 815,000). Prices rose 10.5% in dollars over a year (BCRP). You pay for the coast, walkability, and a big pool of expat and short-stay renters.
San Isidro is the most expensive per m²: about $2,529 per m² and a median 2-bedroom of about $232,000 (about S/ 798,000). It also had the biggest jump, +21.5% in dollars in a year, driven by offices, embassies, parks and high-end buildings.
Barranco asks about $2,523 per m², but its median 2-bedroom is cheaper, about $180,000 (about S/ 619,000), because many units are smaller. Its prices rose 7.6% in dollars in a year.
Here's how prices change across districts (TuLugar asking prices for September 2026; one-year change from the BCRP, first quarter of 2025 to first quarter of 2026, in dollars):
| Area | Market feel | Median 2-bedroom asking price | Asking price per m² | One-year change (BCRP, in $) |
|---|---|---|---|---|
| San Isidro | Luxury and business | $232,000 S/ 798,000 |
$2,529 about $235/ft² |
+21.5% |
| Miraflores | Expat and coastal | $237,000 S/ 815,000 |
$2,474 about $230/ft² |
+10.5% |
| Barranco | Trendy and boutique | $180,000 S/ 619,000 |
$2,523 about $234/ft² |
+7.6% |
| San Borja | Family and services | $188,000 S/ 647,000 |
$1,958 about $182/ft² |
+7.9% |
| Santiago de Surco | Family and upper-middle | $184,000 S/ 633,000 |
$1,813 about $168/ft² |
+6.6% |
| La Molina | Houses and family | $162,000 S/ 557,000 |
$1,410 about $131/ft² |
+4.1% |
| Magdalena del Mar | Modern and value | $151,000 S/ 519,000 |
$2,135 about $198/ft² |
+14.8% |
| Jesús María | Central and family | $138,000 S/ 475,000 |
$2,141 about $199/ft² |
+20.3% |
| Pueblo Libre | Family and value | $122,000 S/ 420,000 |
$1,868 about $174/ft² |
+13.4% |
| Lince | Central and compact | $150,000 S/ 516,000 |
$2,236 about $208/ft² |
+3.1% |
| Surquillo | Central and value | $128,000 S/ 440,000 |
$1,939 about $180/ft² |
+7.2% |
70+pagesThis is just a preview page. Prices and rents move fast: your guide is refreshed every month, and you always get the latest version.
How much more do you pay for properties in Peru when you include renovation work, taxes, and fees?
On a resale home, buying costs add about 3% to 4% of the price, most of it the alcabala tax. On a new apartment bought from the developer, it's about 1% to 2%. Renovation, furniture and a lawyer come on top.
If you buy a resale home for $200,000 (about S/ 688,000), alcabala, SUNARP registration and the notary come to about S/ 21,350 to S/ 22,600 (about $6,200 to $6,550), or about 3.1% to 3.3%. If you also repaint and fix up an 80 m² apartment, add roughly S/ 24,000 to S/ 64,000 (about $7,000 to $18,500).
For a $500,000 (about S/ 1,720,000) resale home, closing costs come to about S/ 55,400 to S/ 56,650 (about $16,100 to $16,450). For a $1,000,000 (about S/ 3,440,000) home, about S/ 112,150 to S/ 113,400 (about $32,600 to $32,950). At those prices, renovation and furniture are what make the bill swing.
One rule to know: any payment of S/ 2,000 or $500 and above must go through a bank (bancarización). Pay outside the banking system and SUNAT may not accept that payment, for example as your purchase cost when you sell later.
Here's a detailed table of the extra costs when buying a property in Peru:
| Cost item | Type | Estimated cost range |
|---|---|---|
| Alcabala transfer tax | Tax | 3% of the value above the first 10 UIT. In 2026, the UIT is S/ 5,500, so the first S/ 55,000 is exempt. On a $200,000 resale home, that's about 2.8% of the price. Paid by the buyer. The first sale by a developer is exempt, except on the land share. |
| IGV on new homes | Tax | 18% on the construction part of a developer's first sale (land excluded), already included in the listed price. Homes up to 35 UIT (S/ 192,500) are exempt. |
| Notary costs | Legal and closing | About S/ 250 ($73) to S/ 1,500 ($435) for the escritura pública, depending on the notary and the price. |
| SUNARP registration | Registry | About 0.3% of the value plus S/ 44.50 (2026 SUNARP tariff). On a $200,000 home, about S/ 2,100 ($610). |
| Legal due diligence | Legal | No official tariff. Ask for a fixed quote covering the partida registral, cargas y gravámenes, municipal debts, permits and the contract. |
| Broker commission | Agency | Usually 3% to 5%, paid by the seller, but it ends up in the price you negotiate. |
| Light renovation | Renovation | A rough working range is S/ 300 to S/ 800 per m² (about $85 to $235). Paint, basic repairs, simple kitchen and bathroom work. There's no official benchmark: get at least two quotes. |
| Full renovation | Renovation | Roughly S/ 1,000 to S/ 2,500 per m² (about $290 to $725): bathrooms, kitchen, floors, wiring, plumbing. Quotes vary a lot. |
| Furniture and appliances | Fit-out | Roughly S/ 15,000 for a small rental apartment to S/ 120,000 or more for a large family home (about $4,350 to $35,000). |
| Building maintenance catch-up | Risk reserve | Keep a reserve, roughly S/ 2,000 to S/ 20,000 (about $580 to $5,800), for older buildings with delayed repairs, unpaid fees, elevator work or planned common-area costs. Ask the building administrator for any debts on the unit before signing. |
70+pagesWhat can you buy in Peru with $100,000, $300,000 or $1 million?
With $100,000 (about S/ 344,000), you get about 51 m² of apartment in Lima at the median price, about 54 m² in Pueblo Libre, or only about 40 m² in Miraflores. In Arequipa, it's about 69 m² at the city median, and about 94 m² in José Luis Bustamante y Rivero.
With $200,000 (about S/ 688,000), you get about 94 m² in Magdalena del Mar or Jesús María, about 110 m² in Santiago de Surco, or about 120 m² in Yanahuara (Arequipa). That's a good 2- or 3-bedroom family apartment.
With $300,000 (about S/ 1,030,000), you get about 120 m² in Miraflores, about 150 m² in San Borja or about 165 m² in Surco, at median prices.
With $500,000 (about S/ 1,720,000), you get about 200 m² in Miraflores, San Isidro or Barranco at the median, or a 3-bedroom house in Magdalena del Mar (median about $445,000). In practice, the best buildings ask well above the median, so expect less space there.
With $1,000,000 (about S/ 3,440,000), the median San Isidro price would give you about 400 m², but at that level you're buying in top buildings or large houses in La Molina, Casuarinas or prime Surco, where the price per m² is higher.
With $2,000,000 (about S/ 6,880,000), Peru has a real market, but it's narrow and mostly in San Isidro, Miraflores, La Molina and the beaches south of Lima. Few sales are public, so a local lawyer and comparable sales from the agent matter more than portal averages.
Will the new government or the pile of new apartments push prices down?
Politics: 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. The construction chamber (CAPECO) said it had good expectations for the new government, and construction grew 11.8% in the first half of 2026.
Crime: 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). Before you buy, ask neighbors and the building administrator about extortion of local businesses and building works, and visit at night.
Supply: about 55,916 new apartments were for sale in Lima and Callao in August 2026, while sales were 2,426 that month. That's about two years of stock at the current pace. Prices aren't collapsing (sales are up 12.8% in a year), but in projects with many unsold units, ask for a discount, a free parking space or better payment terms.
Credit: the average mortgage rate was 7.61% in soles and 7.11% in dollars in October 2026, with the BCRP's policy rate at 4.25%. If you're not a Peruvian resident with local income, don't count on a Peruvian mortgage: plan for cash.
Infrastructure: Metro Line 2 was at 96% of civil works for stage 1B and 91% for stage 2 in August 2026 (OSITRAN), but commercial opening is only expected in 2029 for stage 1B and October 2030 for stage 2. Homes near the future stations on the east-west line from Ate to Callao are worth watching, but check the station is really on the map before paying a premium.
Our methodology
This article estimates what homes cost in Peru: typical prices, prices per m² and per ft², changes over a year, the gap with sale prices, buying costs and what each budget buys. It focuses on Lima, where most of the market and the data are, with Arequipa and Cusco as points of comparison.
Prices come from listing data: the BCRP's study of Lima apartment prices (first quarter of 2026) and TuLugar's deduplicated sale listings (September and October 2026). Both are asking prices, not signed sales. Peru doesn't publish a national price index for closed sales, so we used CODIP's new-build figures for the gap between advertised and sold prices.
Buying costs come from official rules: the MEF for the 2026 UIT, SAT Lima for alcabala, SUNAT for IGV and bancarización, and SUNARP's 2026 tariff as reported by EximiaHaus. We calculated the cost examples ourselves.
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 (outer Lima districts, the resale negotiation gap, renovation costs), we said so or gave a rough range instead of a precise number. Your own costs will depend on the exact building, its condition, the seller and the currency of the deal.
Key sources used for this analysis include BCRP Nota de Estudios 51-2026, BCRP's apartment price indicator, TuLugar's September 2026 report, CODIP and BCRP data via Acento, CAPECO, INEI, MEF, SAT Lima, EximiaHaus and Fondo MiVivienda.
