Mortgage loans grow in Peru: low rates dynamize housing purchase, how much is the square meter according to district?

In an environment marked by having one of the lowest inflation rates of the world (1.8%) and the progressive reduction of the reference interest rate (4.75% in January), the impact of Mortgage credits In Peru it becomes increasingly evident.

At the end of 2024, the placement of Loans granted for the purchase of homes registered an increase of 5%, and reached a total balance of S/70.195 million, according to data from the Central Reserve Bank of Peru (BCRP). In 2023, the growth It was 5.4% with S/66,890 million and in 2022 it reached a peak of 8.0% with a balance of S/57,864 million. The trend is clear.

“He Mortgage credit It has been growing gradually and sustained year after year. When the pandemic occurred, the first sector that was reactivated at three months was construction And, therefore, the mortgage credit, ”said economist Arturo García to the Republic.

In 2023 something similar happened. The recession It affected all sectors, being the construction of one of the ones that grew the most in a sustained way within the financial credit system. From here, an important percentage represent the credits of the Mivivienda Fund.

“Our country has a deficit of own homes And with the facilitation of credit in recent years, especially the country’s economic stability, makes the mortgage credit segment grow in a sustained way, ”the expert strengthened.

Departments Sales grew 30% in Lima

According to preliminary data from the Association of Real Estate Companies of Peru (ASEI) that could know this newspaper, at the end of 2024, the departments sales In Lima, 30% compared to the previous year grew, from 16,502 to 21,467 housing units.

On the other hand, the average monthly absorption – amed that indicates the speed with which the market is “buying” the available homes – rose from 2.4% to 2.8%, that is, 0.4 percentage points (pp.) more than they see greater demand and a more active market.

In July 2020, in full pandemic, the Mortgage credit It grew at 8%rates, “higher than normal because it came from a reactivation process,” Garcia emphasized; However, he said that the natural rate for this segment must range between 4% and 5%, which is still stable.

“The other creditor segments such as companies, Mypes or consumption have not grown as the mortgage is doing,” he said.

In addition, it is a lower risk, since a person the last thing to pay is his home for fear of the embargo. Therefore, it has a better payment behavior and less delinquency. Experts consider that the placement of Mortgage credits It will continue to grow For four reasons: own housing deficit, the facilitated loans for the stability of the economy, strong currency and inflation in the target range.

A counterpart, Giovanni García, an independent analyst at real estate marketslook more cautiously the figures when observing that, “although the number of credits has grown, the reflexes in sales revenue in the markets of the first -use housing still show only the rebound of 2024 versus the fall of the 2023 ”.

Ana Cecilia Gálvez, General Manager of the ASEI, He indicated that the performance of the mortgage credit in 2024 is the result of an improvement in economic and labor conditions. “This context, added to a downward trend in interest rates, has generated a more favorable environment for housing acquisition, energizing the real estate sector,” he said.

Arturo García considered that there is upward perspective in terms of housing. “They are good growth rates and must be maintained,” he said.

Since the inflation It has been slowing down since 2023 and the BCRP has been lowering the reference rate, this has already moved in the Mortgage segment. In other words, “more people can access the quota of their credit.”

That is why he considered that for people who want adequate housing. “If the interest rate continues to go down, another bank can buy the debt at that lower rate,” he said.

If we review the history of the last two years of the BCRP governing ratewhich governs the credits offered by banks, this has been reduced from 7.75 % to 4.75 %; that is, three percentage points.

“You move one less and impact directly to favor the Purchase of an apartment Because there are many thousands of dollars and also many years, ”Cinthia Pasache, Best Place to Live, told this newspaper.

In January 2023, when the reference interest rate flew by 7.7%, the mortgage loans bordered 10% (see graph). In the middle of 2024, with a more pronounced reduction of the governing rate to 5.2%, that of housing loans dropped to 8.4%. To date, according to the January data, it is located at 8.2%.

Departments prices in Lima

According to the last index of the real estate market from Urbania, the price of the square meter in Lime It is S/6,744 (see graph), which implies an annual increase of 1.5% at the end of 2024. Thus, acquiring an apartment in the capital with 60 square meters, two rooms and a parking lot, the price is around S/418,649.

On the other hand, if more amplitude is required, a 100 m2 department with three bedrooms and a parking lot is located in S/651.005.

In the last year, the districts that were most more expensive were The victory (+6.5%), San Juan de Miraflores (+6.1%), Lynx (+5.6%), Cercado de Lima (+4.5%), Chorrillos (+4.2%), Magdalena del Mar (+2.8%) and San Miguel (+2.4%).

Expensive and economic departments by district

The price of the most expensive square meter is in Ravine (S/9.416), follow him San Isidro (S/9,197), Miraflores (S/8,716), Lynx (S/7.375), San Borja (S/7.350), Jesus Maria (S/7.022), Groove (S/6,767) and Magdalena del Mar (S/6.752).

In contrast, the cheapest are located in the peripheries such as Ate Vitarte (S/4.612), Bellavista (S/4.104), The pearl (S/4.014), San Juan de Miraflores (S/3,755), The olive trees (S/3,634), Callao (S/3,509) and San Martín de Porres (S/3,069).

However, when acquiring a property, factors that exceed the price must be analyzed. Therefore, Cinthia Pasache emphasizes the importance of a real estate company being certified; That is, enjoy good indicators in commercial management, delivery, after -sales, department or product, project and common areas.

“From 200 real estate, we have evaluated 41. Of this amount, there are 21 certified; That is, only 50% leave with a approval note, ”he concluded.

MIVIVIENDA CREDIT PROMOTE

Mivivienda credit allows to finance the purchase of estate finished, under construction or project, whose value oscillates between S/67,400 and S/355,100.

According to data analyzed by this newspaper, the Mivivienda background He reported that, at the end of 2024, a total of 9,347 credits with a total amount of S/1,697 million were disbursed.

This is viable through Bonus Bonuswhich is an economic subsidy that the State gives to people, which serves to increase the initial quota and obtain a minor loan.
For example, for a home exceeding S/100,000, people can receive a bonus of up to S/25,800.

“These support signs to the sector reinforce the commitment to the reduction of social gaps and access to quality housing for more families,” they point out from ASEI.