Buying an apartment in Mira Flores; good idea???

Hello....First is MIRAFLORES, in one word only!

Thanks Chavarr, and to correct you would say "ITS Miraflores" not "is Miraflores" in your response, but thanks for reading my post.

Hello Chau.

Welcome to Expat.com!

Hope other members will give you some useful informations soon.

Thank you,
Aurélie

greetings Peruliving......

alright.... in your name you could not finance a loan from a Peru bank because you have no established credit.
and...
It is unlikely that an US bank would mortgage a foreign or Peruvian property because of the inability to foreclose in the event you default / they have no security in a foreign investment.
In any case,, without Residency in Peru you cannot even deal with a Peruvian bank /you would need a Carner de Extranjeria.....

ok / next:

There are many GREAT places in the Lima district / Miraflores is only one of them....... San Isidro is EXCELLENT / Surco is GREAT / Barranco is very cool and hip - kinda like the 'village' in NY / San Borja is up and coming with better pricing........

Keep in mind / that Peru economically is Booming and Real Estate market prices are highly inflated / it is not unlike the US especially the Florida and Nevada housing markets recently in the US only the market here has not 'yet' fallen.
The thought here is that you do not want to ever EVER be upside down in an investment / so / you gotta be very careful now.

And,,,, I can understand you wish to finalize a future plan but really,, if you would spend some lengthy home time here in all of Peru with an emphasis in Lima / you might realize that you have more options than you see right now........

I do not think you have a deadline to accomplish your purchase so it might be best to bide your time....

pistachio

I am an american resident in Peru with many years of experience in Latin America, and I bought a beach lot and recently built a house on it. First thing you will need to pay all cash because banks require not only a Carnet de Extranjeria but proof of a steady source of income within Peru. No US bank would make a loan with out security in the US and proof of  credit and income, so that is out.  You  could of course get a unsecured personal loan in the US if you have income to support payments.

Oh, and a carnet de extranjeria is very difficult to get, I know I spent the last two years on this.  First as married to a Peruvian, then finally as a retired person.  Lots of documents, waiting in lines, many trips to the Ministry and even red tape  in the US for proof of income.  Then you can not be away for more than 183 days out of every 12 months.  Probably not an option for you.

I would never, never put up all the money for property to  be in the name of someone else.  I put up 25% on the house and have 3 american partners for the other 75% (family)with relatives near the property.

A good buy in Miraflores? you probably are too late, prices have risen greatly in the last few years.  If I were to buy a condo in Lima, I would investigate Magdalena or San Miguel, you might find something in your price range there, not furnished, probably built to modest standards and maybe with out a garage or an elevator.  If over 3 floors, forget it with out an elevator.  Pay nore if it includes a garage, these go for around 200 soles per month to rent and may not be very convenient.

Be extremely careful with titles to the property, make sure you can link the owners back a long way, or you may find that someone else will be owning all or part of the condo, a legal battle is very expensive and can take years.  I personally know of several cases with title problems, usually heirs are discovered after the title is registered.  In Peru it is very easy to sub divide or to sell off parts of a property horizontal or vertical.

This is my input,good luck and be cautioud.