The monthly rental price of homes with 3 bedrooms (100 m2), in Metropolitan Lima, it costs more and more. At the end of the first quarter it reached a historical maximum of S/2,971, according to Urbania. Compared to the fourth quarter of 2023, there is an increase of 3.3%. And in two-bedroom apartments of 60 m2, the average is S/1,938 per month.
By districts, Barranco, San Isidro, Miraflores, Lince, Jesús María and Surquillo exceed the capital average (see graph); although in the report they detail that the greatest variation was recorded in Ate and Jesús María (+9.2%).
Luciano Barredo, Marketing Manager of Urbania and Adondevivir, said that the rebound in markets like Ate is due to the increase in the number of rental advertisements due to the greater presence of foreign citizens. Cercado de Lima and Santiago de Surco are also following this upward trend.
It is worth adding that Ate has a ratio of S/1,900 for the monthly rent, and it is the lowest level, only surpassed by Los Olivos (S/1,474) and San Martín de Porres (S/1,337).
“Many foreigners find in this area an affordable price and close to their jobs. The same happens with the districts of Jesús María and Cercado, which due to their variety of areas you can find a diversity of prices,” he adds.
The communes with the most pronounced contractions in prices are Magdalena (-2.9%), Los Olivos (-3.2%) and Chorrillos (-4.8%).
And by area, the highest values are found in San Isidro Financiero (S/4,434), Ravine traditional (S/4,069) and Nuevo Barranco (S/3,928), and the lowest ones, in Los Olivos south, west and north (between S/1,519 and S/1,375).
Greater liquidity, greater demand
According to Barredo, the free disposal of the CTS and up to 4 UIT of the AFP funds will help increase the demand for first homes by 3%specifically in modern Lima.
Now they hope that people who currently rent can make the decision to take out a mortgage creditor, since they will have the alternative of using both funds and thus have capital and be able to reach the initial payment for the purchase of a property.
Barredo clarifies that the real estate sector is highly conditioned by external factors, and they estimate that prices will remain the same or decrease by at least 1.1%.
In that line, The Urbania report details that 20 years of rent are needed to repay the investment of purchasing a property, about 2.1% less than in March of last year. The annual rent and price ratio is 5.0%. The most profitable areas are South Lima (7.0%), Chorrillos and La Molina Rinconada (6.4%); while the most limited are San Isidro south and Chorrillos north and south (4.0%) and San Borja Chacarilla (3.9%).
Will prices go down in 2024?
Given the inexorable fall in the reference interest rate set by the BCRP, Barredo maintains that it does not automatically guarantee a lowering of prices. In the first quarter, the value of m2 in the capital reached S/6,710, with poles of S/9,476 in Barranco and S/3,196 in SMP.
“Little by little a reduction in the interest rate is seen, which will lead to a decrease in mortgage interest rates, making housing loans more accessible and affordable for citizens, which consequently increases the demand for housing,” he clarified. Currently, the mortgage company has a peak CAGR of 14.13%.
Source: Larepublica
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