During the presentation of the results of the real estate market of Metropolitan Lima, corresponding to the period from January to December 2024, Ana Cecilia Gálvez, general manager of the Association of Real Estate Companies of Peru (ASEI), revealed that 38.1% of buyers acquire three bedroom units because traditionally Peruvians usually make this investment once in life.
Also, in less than a decade the units of a bedroom went from representing 10% of the market to being 23.9% of the total sold in 2024, driven by the preference of young people in the districts of Miraflores, San Isidro, San Miguel, Cercado de Lima, among others.
“The Peruvian real estate buyer usually acquires a home for a lifetime. Young people, with up to three years working and looking to become independent, choose houses from several bedrooms because today they are qualifiable for a mortgage loan, ”said Gálvez.
The Metropolitan Lima real estate market closed 2024 with an annual growth of 30%, by incorporating more than 4,900 new homes compared to the previous period and totaling the 21,479 real estate units sold.
Square Metro price
According to the Data Analytics team of the real estate guild, the recovery of formal employment and the expansion of the mortgage credit, in 5% per year according to the Central Reserve Bank of Peru (BCRP), are key factors in sales growth.
“Buyers usually evaluate their payment capacity based on the monthly fee, which should not exceed 30% of their family income. Banking competition and the formalization of more workers have favored better financing conditions, encouraging the purchase of housing, ”Gálvez explained.
It should be noted that this occurs in a context where Square Metro price (m²) In Lima, S/6,929 has reached, driven by various factors, including population growth, internal migration and the greatest preference for areas with improved connectivity and relatively accessible costs.
In that sense, the trend towards homes with less m² is no surprise. And in 2020, the average size of an apartment was 76 m², but in 2024 it fell to 65 m². Consequently, the average purchase price was also reduced by 4.4%, being at S/447,590.
In that sense, the trend towards homes with less m² is no surprise. And in 2020, the average size of an apartment was 76 m², but in 2024 it fell to 65 m². Consequently, the average purchase price was also reduced by 4.4%, being at S/447,590.
Social interest housing represented 69% of the units sold, although the high -value segment, with properties greater than S/479,300, also had a significant participation in market growth.
This diversified behavior demonstrates that the sector is in a maturation process, with opportunities for different buyers profiles.
On the other hand, the Ministry of Housing, Construction and Sanitation (MVCS) Pre published, for comments, a proposal for regulation for social interest housing (Vis) that establishes minimum sizes of 40 m², which generated that ASEI presented its observations. With technical support, they said that the real estate trend should be taken into account, as the footages could limit access to many young families and couples and their new lifestyles.
Real estate offer
The report also revealed that, in terms of offer, 2024 concluded with a total of 41,905 real estate units available in Metropolitan Lima, with a value greater than S/20,671 million. The Modern Lima, Lima Top and Lima Center sectors concentrated 90% of this offer, consolidating as the areas of greatest dynamism in the real estate market.
Thus, districts such as Miraflores, Cercado de Lima, Jesús María, San Miguel and Santiago de Surco registered the greatest availability of new homes, positioning themselves as the main axes of real estate development in the city.
In addition, according to the real estate guild, 238 new real estate projects were launched during the year, which represents an increase of 14% compared to 2023. These initiatives added 23,002 units to the market, backed by an investment of S/10,524 million, equivalent to a 10% growth compared to the previous year.
Land traffic
93% of urban expansion corresponds to informal occupations. According to the Development Analysis Group (Grade, 2020), Peru is the second country with the most informal cities in Latin America, only surpassed by Cuba,
Bringing water to informal housing areas can cost S/143,000, the equivalent of two homes under a formal program as its own roof. However, the demand for services continues to grow faster than the state’s ability to provide them, they said from ASEI.
“From 2019 to 2023 they have invested S/15.5 billion to close the gap of water deficit in homes where basic supplies do not arrive. And what do you think it happened? The gap grew,” Gálvez said.
In Peru, the housing budget remains limited and often has no continuity. Without long -term planning and without a constant allocation of resources, the solutions are insufficient.
Perspectives for 2025
“We expect positive growth in the real estate sector, since key macroeconomic variables, such as the interest rate, employment and growth of GDP, show a favorable trend,” said Gálvez.
He also noted that housing policies could stimulate demand through incentives or subsidies, while the variation in the mortgage interest rate will continue to directly influence the purchase capacity.
That said, he stressed that consumer confidence will play a key role, since a positive perception of the economy drives purchasing decisions.
Fact
86% of the total units sold in 2024 concentrated on the segments of modern lime, Lima Top and Lima Centro.
Source: Larepublica
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