In which districts of Lima did housing prices rise the most?

The apartment sales prices in Metropolitan Lima they continued to rise in the third quarter of the year, but the pace differed depending on the income level of each area. According to the Central Reserve Bank (BCR), districts in the middle-income sector showed a significantly greater increase than those in the high-income sector.

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The BCR groups Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo within the middle-income districts. In the high-income segment are Barranco, La Molina, Miraflores, San Borja, San Isidro and Surco.

The report highlighted that, in the third quarter, the price per square meter (weighted average of the medians) in middle-income districts rose 5% compared to the same period in 2024 and advanced 3.3% compared to the second quarter of the year.

Jesús María was the district with the greatest increase in the price per square meter. According to the BCR, based on information from Urbania, the values increased 10% in the analysis period. After Jesús María, San Miguel followed with an increase of 5.1%, Magdalena with 4.9% and Surquillo with 4.8%.

In contrast, high-income districts recorded much more moderate increases: 2.4% year-on-year and 0.9% compared to the second quarter. Within this group, Barranco recorded the greatest increase per square meter, rising 6.3%, followed by San Borja (+3.2%) and Miraflores (+2.9%).

This divergence would reflect greater demand pressure in middle class areas, where more affordable prices generate greater mobility and rotation in the market.

Sale price per square meter in dollars
Income segment	District	Price	Variation %
Media	Jesus Mary	1949	10.2
High	Barraco	2,373	6.3
Media	Saint Michael	1,537	5.1
Media	Cupcake	1,818	4.9
Media	Surquillo	1,768	4.8
High	San Borja	1962	3.2
High	Miraflores	2,250	2.9
Media	Free People	1,667	2.2
High	San Isidro	2,272	1.8
High	Groove	1,730	1.8
Media	Lynx	1,850	-0.3
High	The Molina	1,510	-0.4
Source: Urbania/ BCR. The values have been calculated based on the median prices of each district.

Price dispersion

The BCR also analyzed the dispersion of sales prices, that is, how wide the differential in values is within each district. In the high-income segment, San Isidro, Barranco and Miraflores present the greatest dispersions, while San Miguel and La Molina show the most uniform prices.

In the middle-income districts, the greatest dispersion per square meter is observed in Lince and Jesús María, and the least in Pueblo Libre and Surquillo.

Rents rise more than prices

One way to evaluate the relationship between the evolution of sales prices and rentals is the PER ratio, which measures how many years of rental would be needed to recover the purchase value. A reduction in the PER indicates that rents are growing at a faster rate than the sales price.

According to the BCR, for the 12 districts in the study the indicator was reduced to 16.5 years, below the 17 years reported in the same period of the previous year. On a year-on-year basis, the PER decreased with more marked declines in Lince, Miraflores and Magdalena, which suggests an adjustment towards greater rental profitability.

Lince recorded the largest increase in rental prices within the 12 districts analyzed: values increased 28% in the last year. In second place was Miraflores, followed by Magdalena and Jesús María.

Rental price per square meter in dollars
Income segment	District	Rent	Variation %
Media	Lynx	130	28
High	Miraflores	139	15.8
Media	Cupcake	120	14
Media	Jesus Mary	122	11.8
High	San Isidro	139	4.9
High	Groove	98	4.5
Media	Saint Michael	100	4.4
High	The Molina	83	3.9
High	Ravine	140	3.4
Media	Surquillo	115	2.9
High	San Borja	109	-1.3
Media	Free People	88	-9.4
Source: Urbania/ BCR. The values have been calculated taking into account the directions and characteristics of the median sales prices.

To construct this indicator, the BCR verifies that the compared departments have similar characteristics of location and size. The aggregate PER of Lima results from the simple average of the ratios of all the evaluated districts.