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Property prices in Peru

Hello everyone,

Finding affordable housing in Peru is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Peru?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

If you want to live in the greater Lima area, expect to pay $600 @ month for a nice 1 bedroom apartment with - SECURITY!  Expats are a target of crime in Peru; you need to feel safe in your own home.

I live 1 1/2 hours away from Miraflores; but my rent is $150 @ month with good security.  I can take the train & bus to MF very cheaply; I am retired so the time involved is not an issue.  I prefer living outside the "tourist areas"; as this is where you can experience the "real" Peruvian life.  It may not be for everyone; but for me it is rewarding & I don't spend so much of my SS check on housing. 

I could afford to live in the fancy areas; but choose not to.  I work using the internet; which you can access in 97% of Peru.

As far as purchasing a property - BE VERY CAREFUL!  I know many owners who have seen property values decrease by 20% in the last 2 years; there is definitely a "bubble" which may burst at any time.  Also, there has been a lot of over-building which has to be absorbed by the population; some owners are reluctant to cut prices, but they will be forced to in a supply/demand real estate market. 

Personally I would take a "wait & see" response to purchasing; unless the opportunity was too good to pass-up.  In this situation, you need professional/unbiased help to make an informed decision.  Don't trust a realator or friend to advise you; you could be making a VERY EXPENSIVE mistake!   As in any major purchase; do your due dilligence!

Best wishes to all; Peru is a wonderfully beautiful country!

Philip C. Brown
Retired US expat
Brown International Consultants

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