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The most expensive houses in Lima are concentrated in 5 districts

The most expensive houses in Lima are concentrated in 5 districts

In San Isidro, Miraflores, La Molina, Surco and Barranco, the price of houses and apartments exceeds US $ 1 million

The most expensive houses in Lima are concentrated in 5 districts

 

Even though the sale of housing does not take up the best figures of past years, the real estate companies have not stopped developing projects to satisfy the segment that demands apartments or houses with high prices.

According to Tinsa, five districts of the capital house the most expensive real estate projects. These are San Isidro, Miraflores, La Molina, Surco and Barranco.

In the most exclusive areas of San Isidro (Jacinto Lara, Blas Sardinia or Víctor Maúrtua), the m2 today reaches a value ranging between US $ 4,000 and US $ 5,000. And if we look at the seafront of Miraflores and Barranco, the price of m2 surpasses US $ 3,000.

The price per m2 in these districts has increased significantly in recent years. The XIX Construction Study of the Construction and Development Institute (ICD) of Capeco indicates that the average value of m2 in Lima Top (San Isidro, Miraflores, La Molina, Surco and San Borja) increased from US $ 670 to US $ 2,270 between the years 2007 and 2014. This despite the lower rate of home sales since the second half of 2013.

Districts

“Today you can find homes for 3 million dollars in San Isidro, while in Miraflores, La Molina, Surco or Barranco the price varies between 1 and 3 million dollars,” says Eduardo Fiestas, deputy director general of Tinsa.

Indeed, in real estate search engines on the Internet you can find apartments for more than US $ 1.6 million in Miraflores. In La Molina, the firm Sol de Plata offers lots of up to US $ 475 thousand to build luxury homes in areas of 500 m².

Rodolfo Bragagnini, president of the Association of Real Estate Companies of Peru (ASEI), argues that the most expensive real estate in the city represent between 1% and 2% of the total supply of the real estate market, ie between 300 and 400 homes .

Both Bragagnini and Fiestas coincide in pointing out that the current demand for these goods has slowed down in line with the entire sector. This is due to the greater caution of segment A that these properties demand.

“If before it was sold as ten, now it is sold as four. In times of economic slowdown, segment A is the most susceptible to any risk, but it is also the one that most enters to buy when the economy returns to be stable, “says Bragagnini.

NEW STEPS

Where will the next exclusive real estate projects settle? In the opinion of Rodolfo Bragagnini, the districts of San Isidro, Miraflores and La Molina will continue to be the stars of segment A as long as land is available.

On the other hand, more and more companies will be betting on developing projects south of Lima, while various companies, industries and businesses set up offices in these districts. For example, the Octagon group has defined an investment of US $ 30 million to build the first luxury condominium in San Bartolo.

Eduardo Fiestas adds that outside of Lima, Paracas is also becoming an attractive plaza, although it is in the process of maturing.

In relation to the development of luxury homes, José Aspíllaga, from the Sol de Plata real estate agency, affirms that the supply of land for self-construction will be reduced, due to the scarcity of available areas and the tendency to privilege the vertical growth of the city. This would prevent the development of new projects of this type.

WHY DO THEY COST SO MUCH?

There are several factors that intervene to define the value of a property. Tinsa points out that the price will respond to the location, the residential area, the recreational areas, the equipment and finishes, as well as the proximity to attractive areas. Capeco points out that at the end of 2014, the most expensive house for sale in Lima was in San Isidro: a 550 m² apartment valued at US $ 2,876,500, that is, US $ 5,735 per m².

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