Millennials Drive Nearly Half of Home Purchases in Lima and Arequipa
Peru’s real estate market continues to show strong momentum, with a clear trend: millennials are leading demand. According to the 2025 Real Estate Satisfaction Study by Best Place to Live (BPTL), this generation accounts for 48% of home purchases in Lima and Arequipa, solidifying their role as the main buyers.
A more demanding buyer
The report shows that the pre-delivery stage is the most highly rated, with 58% satisfaction. However, after-sales service remains the biggest challenge for developers, reaching just 18% satisfaction (down from 23% in 2024). While repairs and customer service at sales offices receive positive ratings, areas such as meeting deadlines and response times remain critical pain points.
Although overall Net Satisfaction held steady at 47%, the general customer perception fell from 35% to 19%, reflecting a buyer profile that is more demanding and with higher expectations for service.
Today’s buyer profile
The study details the generational breakdown of the market:
- Millennials: 48%
- Generation X: 33%
- Centennials (Gen Z): 10%
- Baby Boomers: 9%
As for purchase purposes, 61% buy a primary residence, 29% buy as an investment, and 9% purchase a second property. Notably, 35% of buyers were renters, 29% lived with their parents, and 25% already owned a home prior to their new acquisition.
Factors such as having pets (35%) and owning a vehicle (51%) also influence decisions, shaping the design and offerings of residential projects.
Boom in Lima: Sales up 25%
This momentum is seen not only in buyer profiles but also in sales volumes. In Lima, new home sales grew 25% in the first half of 2025 and are projected to rise another 16% by year-end, according to a report by Scotiabank.
Carlos Asmat de la Cruz, a specialist at the bank, explained that this growth is mainly driven by the expansion of mortgage lending, which is expected to end the year with 13% growth and over 38,000 New Mortgage Credit (NMC) transactions.
Key market drivers
Several conditions are strengthening the sector:
- Gradual decline in mortgage rates and the BCRP benchmark rate.
- Stable construction material prices, enabling new project development.
- Reduction in the exchange rate, making housing more affordable in soles.
- Recovery of formal employment and higher real incomes, in a context of lower inflationary pressure.
A market in transformation
The growing role of millennials, together with better financing conditions and economic stability, is reshaping Peru’s real estate landscape. For developers, the challenge will be not only to meet the strong demand for housing but also to raise standards of customer experience and service to satisfy a more informed and demanding buyer.
At HomeReady Global, we are your best ally to have your pre-sale or in-construction property delivered 100% completed with full satisfaction for the developer, seller, and new owner.
