Buying a property in Peru

What to expect when buying a new home

Many expats choose to rent houses and apartments when moving to Peru, however you may prefer to buy your own place. In general, the process of purchasing a property is not very complicated or expensive, however, expats should do their research beforehand.

Peruvian property market

The residential property market in Peru is still booming after Peru’s economic growth during the global crisis in 2009. Towards the end of 2011 the average prices for properties in the Lima metropolitan area increased by around 20% compared to the previous year. The number of property sales, specifically in Lima and Callao, have increased due to economic growth, greater job opportunities, attractive financing conditions, and higher consumer confidence.

Compared to other countries in South America, purchasing property in Peru is not very expensive: the only countries where square meter prices are lower are El Salvador and Ecuador. Property prices in Peru vary depending on many factors, the main one being location. Buying a home in Lima tends to be the most expensive. The best-selling properties in Lima have been said to be from US$30,000 to US$50,000 (€23,000 - €38,400) (Peruvian Chamber of Construction ).  

In general, property rights in Peru are protected compared to the rest of the continent. This means national laws exist to protect private property rights and the government enforces these laws to an extent.

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