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What are the cheapest districts to buy a home in Metropolitan Lima?

What are the cheapest districts to buy a home in Metropolitan Lima?

The average price of a property currently is S/6,531 per square meter. We tell you where to find the most affordable houses and apartments, according to Urbania.

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The first home purchase It is an exciting and significant milestone in the lives of many Peruvians. However, this is a decision that must be made in an informed manner. According to the Real Estate Market Indexprepared by the classifieds portal Urbaniahe average wreck of a property In August it was S/6,531 per m², 0.2% lower than the month of July, leading to a drop of 1.4% so far in 2023.

What are the cheapest districts to buy a home?

The report also details which are the five districts that have the lowest average price in Lima, in which homes could be acquired through various forms of financing, such as mortgage loans or the use of State real estate bonds.

“This means that a person interested in buying their own home could do so from a cost of S/194,940 in a 60 m² apartment in San Martín de Porres, a cost that is within the amount authorized to be financed by bonds from the Ministry of Housing, Construction and Sanitation. Considering that the bonus allows its application for new or second-use homes of up to S/464,200, properties could also be searched in districts such as Lince, Magdalena, Pueblo Libre, San Miguel, Jesús María, among others,” highlights Luciano Barredo, manager marketing of Urbania and Adondevivir.

District Price per m² Monthly variation Annual variation
San Martin de Porres S/3,249 -1.1% -0.4%
San Juan de Miraflores S/3,439 -0.2% -4.1%
Callao S/3,454 1.2% -2.4%
Beautiful view S/3,753 -3.3% -5.2%
The Olive Trees S/3,810 -0.5% -4.5%

In that same sense, and understanding the effort that access to a first home implies for many families, the specialist shares valuable advice for those who are considering buying one:

  • Investigate in detail: Before embarking on the search for housing, thoroughly investigate the pros and cons of each district, whether in terms of accessibility, local services, security and the profitability potential that the area may have.
  • Be realistic with your budget: Establish a clear and realistic budget that does not only consider the purchase price, but also associated costs such as taxes, commissions, possible repairs or improvements. It is always important to know the tax implications of owning a home.
  • Seek financial advice: This will allow you to fully understand the financing options available. Compare the interest rates and conditions offered by each of the financial institutions.
  • Have a long-term vision: When choosing a property you must consider certain aspects such as the potential for revaluation, the institutions that are nearby such as schools, banks, supermarkets, fast access roads, which could provide a perspective of broad and rapid development to the area.
  • Inspect the property: ideally with a professional who can evaluate the structure and systems to avoid unpleasant surprises later.

Source: Larepublica

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