Price Per Square Meter Drops in Lima
In May, eleven districts in Lima saw a drop in the price per square meter—an encouraging sign for buyers and investors looking for strategic entry points into the real estate market.
According to the latest Urbania Index, the average price per square meter in Lima stood at $1,818 USD (equivalent to S/6,816). While this reflects a slight year-over-year increase, it’s actually a real decrease of 0.7% when adjusted for inflation.
How Much Does It Cost to Buy an Apartment in Lima?
Property prices in Lima vary based on location and size. Here’s an idea of current averages:
- A 60 m² apartment with two bedrooms and parking space costs around $112,676 USD.
- A 100 m² apartment with three bedrooms averages $175,739 USD.
South San Isidro remains the city’s most expensive area, with an average price of $3,196/m², while North Los Olivos continues to be the most affordable at $890/m².
Districts Where Prices Dropped
The most notable trend in May was the drop in property prices across several districts. Here are some of the sharpest declines:
- Callao: from $926 to $911/m² (-1.7%)
- Ate: down by $7/m²
- Barranco: -0.5% ($14 less per m²)
- Breña: -0.5% ($7 less)
- Chorrillos: -0.5% ($8 less)
- Surco: -0.4% ($7 less)
- Pueblo Libre: -0.3% ($5 less)
- Jesús María: -0.2% ($4 less)
- Lince: -0.2% ($5 less)
- La Molina: -0.2% ($2 less)
- Downtown Lima: -0.1% ($2 less)
For savvy investors and buyers, these dips present unique buying opportunities—especially in districts where long-term value is likely to rebound.
Not All Districts Are Falling
On the other side, some districts saw increases. La Perla led monthly growth with a +3.3% uptick, followed by Surquillo with +1.2%. Year-over-year increases were strongest in:
- La Victoria: +10.7%
- Downtown Lima: +7.2%
- Jesús María: +5.1%
- San Miguel: +4.9%
What Does This Mean for the Market?
These contrasting trends point to a dynamic and shifting market. Some areas are becoming more accessible, while others are solidifying upward pricing trends. For buyers, investors, and developers alike, understanding these microtrends is essential to spot the best opportunities and avoid potential risks.
Bottom line: With prices dropping in key districts, now could be a strategic time to enter the Lima real estate market—whether for living, investing, or diversifying your portfolio.
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.
