As of January of this year, the average price per square meter (m²) in Metropolitan Lima reached S/6,696, and recorded an increase for the third consecutive month, reported from the Association of Real Estate Companies of Peru (ASEI).
Despite the increase, the supply and sales ratios have not been affected. At the end of 2023, there are 39,131 homes available and 16,708 units have been placed. Both criteria varied, in interannual terms, 3% and 7%, respectively.
Although the value of m² in the capital fell 1.4% compared to the S/6,800 registered 12 months ago, in most areas, specifically residential areas, increases were recorded (see infographic).
You pay more for shorter spaces
San Isidro, Miraflores, Barranco, San Borja and Surco Nuevo —boxed by ASEI like Lima top—have the most expensive prices in the real estate market. Its average is S/8,630, but in the Miraflores and Barranquilla communes it reaches more than S/9,100 per m².
It follows modern file —Magdalena, Surquillo, Lince, Jesús María, Pueblo Libre and San Miguel—, with values between S/7,476 and S/6,182.
Both districts lead the sales list, with modern Lima concentrating 36% and top Lima 32%. Even on offer, these cover 71% of the total, considering the evolution of the last five years.
The ASEI report details that Apartments between 60 m² and 80 m² are the most in demand, and total 43%. The trend continues to rise: spaces of 40 m² and 60 m², as well as those of 60 m² to 80 m², are the most sought after for those who want to move to Lima top.
Just focusing on top Lima, Miraflores, Surco and San Isidro cover 85% of sales, while in modern Lima, Surquillo leads with 21% of sales.
And, compared to January 2023, sales of households throughout the capital it rose 7%. Apart from the two previously mentioned areas, central Lima is presented as the third option, with 18% of total sales. Here, the average price per m² reached S/5,821 at the beginning of this year, far from the S/5,381 registered in February of last year.
Since when would interest go down?
In parallel, from Credicorp Capital They clarified that the prices per m² in the apartments remain stable – within range of S/7,000 and S/7,500 – after the rebound seen in 2021, when the prices of construction materials registered interannual variations of more than 16%. Today, they have it at 0%.
“A new such significant increase in construction prices is not expected in the short term, Therefore, the prices of new apartments should remain stable,” they summarized.
Furthermore, they project that for the second half of this year, as a result of the fall in the reference interest rate set by the Central Reserve Bank of Peru (BCRP) – currently at 6.25% -, mortgage interests will begin to decline. .
“It is projected that the reference rate will reach close to 4% or 5% at the end of the year and that will depend a lot on the management of inflation in the coming months. Added to the reserve regulations that the BCRP towards the banks, reducing it, which could have a positive effect on the reduction of interest rates, which would be adjusted towards the end of the year, in the second half,” said Numa León, executive director of Real Estate at Credicorp Capital Asset Management.
In that sense, León estimates that just recently next year mortgage interest rates will return to pre-pandemic levels —about 6%—. Currently, the average is 8.92%, although the TCEA, which includes all the costs of a loan, ranges between 14.13% and 37.42%, according to the SBS.
In this way, with the decline in interest ratios, the representative of Credicorpwhich “will give an additional boost to home sales.”
How are industrial properties coming?
According to Credicorp, in the market, 61% of the supply is industrial land and 39% is industrial premises.
On average, The rent for industrial properties ranges between US$3.5 and US$7.8 per month, recording a slight drop compared to the ranges of the first half of last year.
Between the ave. Naranjal and Av. Independencia, in the north of the capital, there is a greater contraction (16.2%); However, it remains one of the most expensive spaces due to its connection to other uses.
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.
