Lima boom continues. House price rises of 8% expected in 2010
The Peruvian housing market has emerged from the global crisis quickly, as has the economy. In July 2010, GDP was up 9.05% from the same period last year, according to the Central Reserve Bank of Peru (BCRP).
Lima (pop. 8.2 million) has seen an explosion of construction of new apartment buildings in residential areas, new shops, new buildings, over the past 5 years. Prices of residences have risen rapidly. And growth continues - the average sales price of homes is projected to rise by up to 8% in 2010, according to research by BBVA Research Peru.
In the second quarter of 2010, the average price of homes sold in Lima Metropolitan Area was up by 4.4% on the quarter, to PEN 293,585 (US$105,228), according to the consultancy Peru Tinsa.
