Real State Market in Peru
Breaking Myths: Is there any rental overprice to foreigners? Why do I almost paying the same than in my country?
Hello everybody! Here we will give you an overview about the real state market in Lima, so that you guys can have a better idea about how cheap or expensive is living in Lima. We know that there will be probably too much information, but we think that to give information is the best way to create an atmosphere of trust.
We have been divided all this information in 3 parts (and 3 links):
- Real State market Peru. (on this page)
- Peru Rent Price Policy.
- Damage deposit hightlight.
And for all this, we have been used 2 information sources:
1. Global Property Guide (www.globalpropertyguide.com). A worldwide organization that provides real state information from all over the world, mostly from people from Europe and Northamerica who want to buy properties outside of their countries.
2. Urbania (www.urbania.pe). It is the Real State Ads from the biggest newspaper of Peru, so that we can have market information, and you guys can also compare.
Please guys, check all this information so that you can avoid surprises, doesn't matter if you are living in APU or not :)
The Real State Market in Peru.
To make it easy, think about this:
- There is a housing shortage estimated at 300,000 dwellings (Demand)
- There are 11,000 property for sale (Offer).
- The square meter in areas like Miraflores, Surco, San Isidro vary from US$1300 to US$1600 without considering the luxurios buildings.
- The annual appartment rental yield (what owners expect to gain, and in fact they made, renting their appartments per year) for ares like Miraflores, Surco, San Isidro, La Molina and Barranco is 10.56%, and for houses is even highest.
- In the last 5 years, there are areas in Lima (like Miraflores or Surco) that have been revaluated between 120% to 200%, believed or not!
What does all this mean?
It means that the Real State Market in Peru is very dynamic and properties prices are increasing because the big demand and small offer, the Peruvian Economic's growth (8% per year), the rise of the population incomes, and so on.
There isn't any overprice because you are or not foreigner, actually will keep growing because, according to the Global Property Guide, Peruviand Real State Market it's still cheap comparing wit similar markets like Colombia and Chile.
There are areas where the square meter could cost US$150, but not the areas recommended for living in Lima, basically because security, infrastructure standars and so on.
To see how all this afect rentals prices click in Peru Rent Price Policy.
To have more information about Peruvian Real State Market, click in http://www.globalpropertyguide.com/Latin-America/Peru