New York Developers Are Transforming The Luxury Real Estate in Lima
A boom in luxury development—spurred by one of Manhattan’s most renowned architectural firms—is reshaping the landscape for affluent buyers in Lima, Peru.
New York’s Robert AM Stern Architects (RAMSA), known for designing some of Manhattan’s most sought-after properties, is at the forefront of a luxury real estate revolution in Lima. RAMSA’s work has been a game-changer for the city’s upscale market, with five luxury apartment buildings completed in San Isidro—the city’s most exclusive neighborhood—and a sixth on the horizon.
This influx of high-end developments has not only changed the city’s skyline but also elevated the expectations of Lima’s luxury buyers. As more of these properties hit the market, savvy house hunters are taking notice of the growth potential, especially in San Isidro, where the influence of RAMSA is unmistakable.
“The RAMSA buildings have completely transformed the luxury concept in Peru,” says Nella Pinto, a real estate agent at Peru Sotheby’s International Realty. “Their buildings offer amenities that weren’t available before. One of their gyms is the best in Lima, and the spa is outstanding. Plus, their buildings are meticulously maintained, which is often not the case here.”
Known for their classical design elements, New York-inspired facades, and luxurious finishes, RAMSA’s buildings have sparked a shift in the local market. Alen Becerra, founder of Becerra Group/Leading Real Estate Companies of the World, notes that the developments have drawn greater interest from both foreign investors and international buyers. “Other developers are now following RAMSA’s lead, pushing forward with more luxury projects,” he adds.
RAMSA’s influence in San Isidro began over a decade ago when Peruvian development giant ACM Grupo enlisted the firm to design something unique for the neighborhood. “At the time, all the new buildings were glass structures that looked alike,” recalls Paul Whalen, partner at Robert AM Stern Architects. “Our client wanted something different, something that would stand out.”
RAMSA is renowned for its classic, limestone-clad towers in Manhattan, which command some of the city’s highest real estate prices, including multiple sales over $100 million. For the Lima projects, however, they tailored their signature style to reflect local tastes. “ACM Grupo wanted us to use materials similar to those in New York City, like limestone, but with some local accents,” Whalen explains. “We incorporated brick with limestone trim and designed the lobbies with traditional, modern-classical touches.”
While the designs reflect RAMSA’s signature elegance, they also accommodate the unique Peruvian lifestyle. According to Becerra, the average price per square meter in San Isidro was $2,277 in Q2 of 2024—up from $2,171 in the same period the previous year. In total, nearly 5,716 new apartments were sold across Lima in Q3 of 2024, marking a 26% increase compared to the year before.
Foreign buyers make up a growing segment of the market, with Americans, Britons, Spaniards, and Italians among those seeking out properties in Lima’s luxury neighborhoods. However, as Becerra points out, about 80% of luxury buyers in Lima are locals.
While San Isidro remains the top destination for high-end buyers, other areas like the Miraflores beachfront, the artsy Barranco district, and gated communities in La Molina and Las Casuarinas are also seeing a rise in demand.
Prices in San Isidro have surged in recent years, with some areas seeing price increases of up to double, according to Ana Maria Cardenas, CEO of Peru Luxury Properties. Yet, rising prices have not benefited all homeowners equally, especially as new developments set higher standards for the market.
Lima’s growing international reputation as a culinary destination has also fueled the demand for luxury properties. Ivan Zalaquett, operating principal at Keller Williams Peru, believes this cultural rise, combined with an improving economy, presents a solid investment opportunity. “The stability of the gastronomy market, along with improving economic conditions and declining interest rates, makes Lima an attractive place for long-term investment,” he says.
As luxury developments continue to reshape the city, Lima’s real estate market looks poised for even more growth—and with it, the promise of new opportunities for buyers and investors alike.
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