He Lima real estate market is showing us a clear sign: the home purchase once again takes center stage compared to rent. According to the most recent Urbania Real Estate Demand Report, today 51% of searches are focused on purchasing, surpassing for the first time in years the 49% that corresponds to renting. It is not a minor change, it reflects a new balance in the way Lima residents think about their housing and finances.
During the pandemic and the years after, the rent It established itself as the most flexible option. However, since late 2022 we have seen a sustained shift towards buying. This shift responds to several factors: a pricing environment that grow below inflation, the relative stability of mortgage rates (7.9%), and the reactivation of first use projects that have restored dynamism to the offer. In a context where rent has increased by 4.3% so far this year, compared to the 1.1% increase in sales prices, it is not surprising that more families evaluate the purchase as a long-term investment.
A new profile of the real estate buyer
This new buyer look for medium-sized apartments, between 60 and 80 m², with two or three bedrooms, located in central areas but still competitive in price, such as Jesús María, Surquillo or Magdalena. This behavior shows us a more rational consumer, who prioritizes connectivity, services and the balance between cost and quality of life, compared to the “status” of traditional high-ticket districts.
At the same time, the data confirm that Lima is not a homogeneous market. While in North Lima A strong purchase intention predominates, with more than 56% of searches leaning towards this option, in the area called Historic Centermade up of the districts of San Miguel, Magdalena, Pueblo Libre, Jesús María, Breña, La Victoria and Cercado de Lima, a balance is maintained between purchase and rental. This diversity of scenarios poses different opportunities for investors and developers.
As in any market, the risk is to look at these figures only as a situation. I think we are facing something deeper: a change of mentality. Families are not only looking for a roof over their heads; search financial stability, assets and predictability. The purchase is once again seen as a logical step in the construction of long-term security, while renting is beginning to lose attractiveness due to its transitory nature and its progressive increase in cost.
But this drive is not without challenges. The accessibility It continues to be an important barrier, especially for young segments who are starting their independent life. Here, the articulation between real estate supply, bank financing and public policies will be key. It is not just about the market growing, but about growing with inclusion and sustainability.
In my opinion, the trend towards purchasing is not temporary. It is the reflection of a Lima that seeks to anchor certainties in the midst of a changing economic environment. For the real estate sector, it is a wake-up call: buyers are no longer satisfied with promises, require strategic locationswell-designed projects and clear financial conditions.
The challenge is in respond to that expectation. If we achieve this, this new wave of demand will not only consolidate a more dynamic market, but also a more mature one. And that can be, without a doubt, the best news for all the actors involved.
