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PROPERTIES
Land, lots
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Home Sales Expected to keep growing
Prices for real-estate have skyrocketed over the past decade, in Perú, particularly in the big cities such as Lima , capital city of the country, as well as Arequipa, Cusco, Trujillo, Chiclayo Piura , capital cities of some of the main Regions. Other cities are following the same process as the builders are targeting their areas for new developments.
Analysts estimate that the housing deficit in Lima is equivalent to some 500,000 units and in the whole country about 1.5 million units. These numbers are being increased by 50,000 units per year, due to the fact that developing of new housing projects covers 50,000 out of the 100,000 units required per year.
Economic growth in the last decade has put more money in the hands of Peruvians to buy things like new apartments. Increasing demand has raised the prices. In a middle-class district in Lima , prices for square meter have increased from US$600, six years ago to 2000 US$ in 2014. Many apartments, normally between 70 square meters to 80 square meters, are now priced at about US$ 80,000 to 150,000, while six or seven years ago they were going for about US$ 30,000 to 50,000.
Many economists have said the boom in the prices is due to the housing deficit, as many Peruvians are for the first time able to access bank financing in order to purchase properties. The current analysis by many is that the real-estate prices in Lima are catching up to other Latin American capitals.
However housing sector is not the only real estate area of opportunities for investors: tourism, agriculture and industry are also important focus of investment in real estate.
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