This is what a 20 m2 apartment in Lima looks like: in which districts is demand growing and how much can it cost?

Currently, there is an increase in the demand for apartments in Lima, a phenomenon attributable to various factors. One of the main reasons is the limitation of space, since many of these homes tend to have small space dimensions. Likewise, the preference for apartments is due, to a large extent, to the practicality and comfort they offer, especially in urban environments where accessibility to services and proximity to places of interest are fundamental aspects for the quality of life of the inhabitants.

This situation has led a significant part of the young population to opt for this type of property as a housing alternative. Therefore, there are certain districts of Metropolitan Lima where a high interest in living is observed. Discover much more details in this note.

Department in Lima: in which districts is demand growing?

The apartments with the highest demand in Lima with an area of ​​20 m2 to 40 m2 are districts such as San Miguel and Barranco. The Association of Real Estate Companies (ASEI) estimates that by the end of 2023, districts such as; Cercado de Lima, La Victoria, Breña and Rímac have grown 8% in home purchases, compared to 2022, according to information provided by Gestión.

Apartment sales in Lima: why do they prefer small areas?

Currently, a large part of the young population opts for apartments with less space because within their planning there is no desire to start a family, a fact that is reflected in the search for a comfortable space that meets the needs of each person.

“Especially in the highest-income districts, the proportion of young people who become independent, without necessarily starting a family, has been growing over time. They have a very particular consumption characteristic: they do not consider that the housing they access It is the home for life, as it usually was before,” declared Guido Valdivia, director of the Peruvian Chamber of Construction (Capeco) for Latina.

How much does an apartment cost?

In Lima, prices per square meter (m2) experience fluctuations caused by changes in supply and demand. On that line. According to Urbania, the average price per m2 increases to S/6,706, with a slight drop of 0.2% in May, but with an accumulated growth of 0.9% in 2024, below inflation.

These variations in prices per square meter reflect the dynamics of the real estate market in the Peruvian capital. The information provided by Urbania allows us to observe how economic factors and supply and demand trends directly impact the value of housing in the city.