The average price per square meter of an apartment in Lima is S/4,726, according to a BCRP report.
The Central Reserve Bank (BCRP) monitors the evolution of the real estate market through sales price and apartment rental indicators. In his last report of February 2023, he pointed out that the average value per square meter of a house in Lima is S/4,726 as of the third quarter of 2022.which registers a 12% decrease compared to the same period in 2021, when the value reached S/5,400.
The districts where the information is collected are Barranco, La Molina, Miraflores, San Borja, San Isidro, Surco, Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo. The first six make up the High Income Sector. Meanwhile, the last six, the Middle Income Sector.
Thus, the value of the square meter on average in the high-income group is S/4,880 in the third quarter of 2022, while in the second it amounted to S/4,162.
It should be noted that the data used is collected from Urbania and are prices offered, so they do not necessarily reflect the amounts at which the sale or rental transactions of an apartment are executed. The statistical indicators used are the weighted average of the median sales prices and the hedonic price index.
How many years do I have to work to buy a property in Lima?
According to the BCRP report, the relationship of the sale price with respect to the formal average annual income in Lima shows the number of years that a formal employee must work to pay the value of a medium-sized property.
With the COVID-19 pandemic, the affordability ratio increased from 15.6 years in 2019 to 16.3 years in 2020. This was mainly due to the drop in average income due to the stoppage of activities due to the quarantine; however, with the rapid recovery of formal income due to the resumption of economic activities, the ratio has recovered. Thus, by the second quarter of 2022, the average value of the median property is equivalent to 15.1 years of formal annual labor income in Lima.
It should be noted that from November 2022 to January 2023, the average monthly income from work in Metropolitan Lima was
in S/1,803.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
