There are several reasons in the real estate sector to hope that 2025 will be a better year than 2024, even though the latter was not a bad year.
According to the Association of Real Estate Companies of Peru (ASEI), last year the sector sold around 20,000 units. However, there are reasons to think that sales could reach the record of 2012, when 24,000 homes were sold.
Juan Carlos Tassara, director of Edifica, told Perú21 that among the reasons are, first of all, the sales achieved in the last two months of 2024. He specified that in November of last year there were close to 2,000 units sold and in December it was exceeded. that brand, which suggests that people are more optimistic about spending and taking on long-term debt.
“Now that we have surpassed the 2,000 barrier, we are talking about a good year,” he indicated.
Another factor highlighted by Tassara is the reduction that mortgage interest rates have had with the monetary policy of the Central Reserve Bank (BCR). Since the monetary authority began these cuts, the average rates of bank mortgages in soles have decreased from 9.17% to 8.19%; and in dollars, from 7.93% to 7.11%.
Another key factor for 2025 is the dynamism expected for social housing. Tassara said that, although the evolution of this segment will depend on the management of the Mivivienda Program, the funds for the program to remain active this year have already been allocated.
Finally, he cited as another indicator the improvement in business confidence, which has been with this trend for a couple of quarters. He indicated that this factor also helps boost the real estate market.
Downward trend
A factor that could also contribute to the sector is the stability of real estate prices. An analysis by the Central Reserve Bank (BCR) revealed that, during 2024, the values of apartments for sale showed a general downward trend.
According to the BCR indicator, the average price per square meter in high-income districts reached US$1,934 at the end of the third quarter of 2024. This represents a drop of 1.9% compared to the fourth quarter of 2023, when it was located in US $1,972.
And, if adjusted for inflation, the drop is more pronounced. At constant prices, the value of the square meter in these districts decreased 4.5%, reaching S/4,421 (in 2009 soles).
The BCR includes in this group districts such as Barranco, La Molina, Miraflores, San Borja, San Isidro and Surco. According to the monetary authority, San Isidro and Barranco present greater dispersion in apartment prices due to the variability in the characteristics of the properties.
On the other hand, the average price per square meter in the middle-income districts, which include Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo, showed a slight increase of 0.24% in dollars as of the third quarter of 2024, compared with the fourth quarter of 2023. However, in constant soles, prices in these districts fell 2.44% in the same period.
“Apartment prices have remained stable and in some districts they have risen slightly,” said the general manager of Ciudaris, Ricardo Arbulú.
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