Renters Turned Homeowners: Why More Lima Residents Are Making the Move
The dream of owning a home is becoming increasingly attainable for many in Lima. A recent study by Best Place to Live shows that the shift from renting to buying is no longer just an ideal: today, one out of every three homebuyers was previously renting. This trend underscores a growing search for stability, long-term wealth building, and life-planning, especially among younger generations.
A More Diverse, Decisive Buyer Profile
According to the 2025 Real Estate Buyer Profile report, 35% of new homeowners were renters, 29% lived with their parents, and 25% already owned property. These figures point to a more varied real estate market, where different segments are finding real opportunities to own.
From Renting to Investing: A New Mindset Among Buyers
For Cinthia Pasache, Commercial Manager at Best Place to Live, this shift is more than a passing trend:
“Renting is no longer seen as a place to settle — it’s a transitional stage. Today’s buyer arrives with a clear life plan and the intention of treating their home as an investment.”
The surge in searches for new homes signals a real interest among Lima’s residents in leaving behind rent and embracing homeownership. This movement is fueled by three main factors:
- A growing supply of housing, with a recent increase of about 30%.
- More flexible financing and credit conditions, making ownership more accessible.
- A stronger, long-term view of property as a valuable asset, especially among young professionals.
Pasache emphasizes that current housing projects align supply, pricing, and buyer expectations: modern developments offer efficient designs and price points tailored to many buyers’ budgets — making the jump from renting to owning more achievable than ever.
Who’s Buying in Lima?
The study identifies the main profiles behind this shift:
- Millennials: 48% of purchases
- Generation X: 33%
- Centennials (Gen Z): 10%
- Baby Boomers: 9%
In terms of intent:
- 61% are buying a primary residence
- 29% are purchasing as an investment
- 9% are buying a second property
Interestingly, lifestyle factors such as owning a pet (35%) or a car (51%) influence the kind of housing people look for — promoting pet-friendly units, parking availability, and efficient common spaces in new developments.
Impact on the Rental Market: Toward a New Balance
This shift toward homeownership is beginning to reshape the traditional rental market. Pasache notes that demand for long-term rentals will likely decrease, while interest in “multifamily” buildings — developments designed for mass rental — is growing. This segment seems poised to coexist alongside the booming market for property purchases, offering a broader range of options for various lifestyles and financial goals.
The Most Affordable Districts in Lima to Buy Property
The latest report from Urbania reveals which areas remain the most budget-friendly for homebuyers. Below are some of the districts with the lowest price per square meter, converted to U.S. dollars:
| District | Price (PEN/m²) | Approx. Price (USD/m²) |
|---|---|---|
| San Martín de Porres | S/ 2,953 | ≈ US$ 800/m² |
| Callao | S/ 3,353 | ≈ US$ 907/m² |
| San Juan de Miraflores | S/ 3,434 | ≈ US$ 928/m² |
| Los Olivos | S/ 3,651 | ≈ US$ 987/m² |
| Bellavista | S/ 4,232 | ≈ US$ 1,144/m² |
These numbers show that there are still attractive opportunities for homebuyers with tighter budgets — especially in well-connected districts that offer good value for their price per square meter.
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.
