The Central Reserve Bank of Peru (BCRP) reported that, during the fourth quarter of 2021, the weighted average of median apartment sales prices per square meter in soles was S/ 5,104, which represents an increase of 1% compared to the same period of the previous year.
While, the weighted average of median prices in current dollars was US$ 1,815 in the fourth quarter, a decline of 4.1% compared to the same quarter of 2020.
The issuing entity revealed that the average sale price of Department per square meter of the six high-income districts (Barranco, La Molina, Miraflores, San Isidro, San Borja and Surco) in constant soles was higher by 0.4% compared to the fourth quarter of 2020.
In current dollars, the average of the median sales prices of the high-income sector decreased 4.7% compared to the same quarter of the previous year.
As for the middle-income sector (Jesus MariaLince, Magdalena, Pueblo Libre, San Miguel and Surquillo), the average of the median sales prices per square meter in constant soles increased by 3.4% during the fourth quarter of 2021.
For its part, the average of the median sales prices of the same districts in current dollars decreased 1.9% compared to the same quarter of the previous year.
Time to buy a house
The BCRP study also reveals the ratio of the sale price of housing with respect to the average annual formal income in Lima, which shows the number of years that a formal employee must work to pay the value of the median property, which is an indicator of accessibility to buying a home.
According to the BCRP report, product of the pandemic of the COVID-19, the affordability ratio increased from 15.6 years in 2019 to 16.3 years in 2020. This was mainly due to the drop in average income due to the stoppage of activities due to the quarantine; however, with the recovery of formal income due to the restart of economic activities, the ratio has recovered.
In this way, in 2021 the average value of the median property is equivalent to 15.8 years of formal annual labor income in Lima.
Housing price to income ratio. Source: BCRP
Source: Larepublica
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