Housing boom in Lima continues
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Peru’s housing market has been sizzling hot the past two years, making a strong comeback in 2010. Not surprisingly, as there was 8.8% GDP growth in 2010, followed by 6.9% economic growth in 2011 (figures from Central Reserve Bank of Peru (BCRP)).
The average price of homes sold in Lima Metropolitan Area rose 19.9% in 2011, to 262,043 Soles (US$ 99,449), according to Peru Tinsa, though this may partly reflect a change in the composition of home sales (there is no house price index in Peru). In 2011, residential sales were up by 52.2% on the previous year to 6,000 million Soles, according to Tinsa, with a 31.57% increase in area sold.
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