Effect. The average interest rate on mortgages reached 10.09%, its highest level in 13 years. Despite falling sales, investors trust the Peruvian market, ASEI says.
Peruvians now pay more for mortgage loans by doubling the interest rate that governed this sector in the last two years.
In April 2021 they fell to 5.88% per year, but now the average is 10.09%, its highest level since October 2009, recall the Association of Real Estate Companies of Peru (ASEI).
“There is an increase of more or less 15% or up to 20% in the value of a monthly fee. If before, for example, you paid 2,000 soles in a mortgage loan, it is very likely that now one will pay between 2,300 or 2,350 soles”explained for this newspaper Miguel Diazmanager of the ASEI Business Division.
Why do rates go up?
Díaz said that the value of the rates in the banking system rose due to external factors such as the war between Russia and Ukraine, as well as the recessive outlook that is hitting the United States and the rise in rates of its Federal Reserve (Fed) to contain inflation, which is also observed in our country with the decisions of the Central Reserve Bank of Peru (BCRP).
To this must be added —he continues— the socio-political crisis that has shaken Peru in the last quarter.
trust persists
During 2022, the sale of real estate in Metropolitan Lima and Callao grew 4% compared to the bicentennial despite the doubts generated by the nascent —and already extinct— left-wing government of Pedro Castillo; however, Díaz points out that in the first month of this year “there has been a decline” of 13.78% in the total number of units delivered.
In detail, in January of this year 1,057 properties in the capital, while in 2022, the total was 1,226.
Despite the contraction, Díaz comments that in the Peruvian market there is a strong contained demand, that is, people who are interested in buying, but is contained by the economic situation, the high rates in the banking system and the political situation.
“Between January 2022 to 2023 there is a 7% increase in the number of projects. Before there were 753 projects and today there are 806 active projects. In one year the number of projects has grown considerably. This is the reason why businessmen They continue to bet on Peru despite the difficulties and crises. We need predictability,” he added. Breaking down the offer, during January, of the 33,146 units available, 57.6% are flat and had a sales ratio of 37.3% (393 units sold out of 19,089 offered).
Value of the m2 rose to S/6,796
In the last year, the average price per square meter (m2) in Lima and Callao rose from S/6,366 to S/6,796, due to high construction costs in a context in which inflation reached its highest peak since 1996 (8.56%).
By sectors, in top Lima –Barranco, Miraflores, San Isidro, San Borja, Surco Nuevo and La Molina– the value rose to S/8,413, while in modern Lima –Magdalena, Lince, Surquillo, Jesús María, Pueblo Libre and San Miguel– rebounded to S/6,741.
In central Lima, the average sale price per m2 rose from S/4,425 to S/5,952according to information from ASEI.
reactions
Miguel Díaz, ASEI Business Manager:
“There is an increase of up to 20% in the value of a monthly fee. If before you paid 2,000 soles in a mortgage loan, it is very likely that now one will pay between 2,300 or 2,350 soles”.
Infographic: The Republic
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.
