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Interest rates on mortgage loans rise and sales decrease by 6%

Interest rates on mortgage loans rise and sales decrease by 6%

The , presented its most recent report on the behavior of the sector in Metropolitan Lima and Callao. This monthly study evidenced the behavior of the main indicators of the of first-use homes in Metropolitan Lima and Callao.

Sales

According to the Real Estate Analytics report, at the Metropolitan Lima and PC Del Callao level, an annual variation of -6.2% (Jul-22 vs Jul-21) of the units sold was observed, this decrease is mainly explained by the increase in rates interest on mortgage loans; as well as the increase in the exchange rate.

Modern Lima (group made up of the districts: Jesús María, San Miguel, Lince, Magdalena, Surquillo and Pueblo Libre) was the sector that led real estate sales during July 2022, representing 51% of sales in Metropolitan Lima and PC Del Callao .

Modern Lima is followed in number of apartments sold by the Lima Top Sector (group made up of the districts: Miraflores, San Isidro, Surco, San Borja, Barranco and La Molina) with 25%, followed by Lima Centro (group made up of the districts: Breña, Cercado de Lima, La Victoria and Rímac) reaching 12% of the total sold during July 2022.

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Price per m2 of sale

According to the figures in the report, the average price per square meter of sale (m2), of first-use homes, in Metropolitan Lima during July 2022 was S/. 6,725 / m2, with an annual variation of 17% (Jul-22 vs Jul-21), the variation is mainly attributed to the increase in construction costs due to 3 factors: increase in the exchange rate, increase in fuel and the effect of inflation.

Sales registered a decrease of 6% in the last 12 months.

Offer

The housing supply presented an annual variation of -5.8% (Jul-22 vs Jul-21).

In recent years, a growing trend has been observed in the real estate supply of housing; however, as a result of the political crisis that began in April 2021, a constant decrease was observed due to the decrease in private investment. This means that there are fewer and smaller projects launched. Likewise, in July 2022 there was a slight growth of 2% (Jul-22 vs Jun-22), this turning point began last month.

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