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Thus, in recent years, the development of projects has been observed in Santa Catalina (La Victoria), border areas between Surquillo and Miraflores along the Vía Expresa or the well-known “Linsidro”, which extends along from Arequipa and Rivera Navarrete avenues.
The difference in the offer is particularly attractive for the purchase due to its prices. According to data from the Peruvian Chamber of Construction at the end of 2021, in the border area, the price per square meter in Lince represents between 73% and 86% of the price found in San Isidro.
Likewise, also in the border area, the price of Surquillo represents between 75% and 82% of the value found in Miraflores. In Santa Catalina and San Isidro, this percentage is also close to 70%.
Guido Valdivia, executive director of the Peruvian Chamber of Construction, explained that this price differential has also generated a change in the generation of new supply.
“There are already more non-social housing in districts of Modern Lima than in Top Lima. In good account, there is already housing for medium-high and high sectors of the population outside districts such as Miraflores or San Isidro”he pointed.
Only reviewing the neighboring areas of the capital, it is observed that in Lince the available supply in units reached 1,745, while in San Isidro it was 1,393. Similarly, in Santa Catalina the offer is 581 units while in San Isidro it reached 413 units at the end of last year.
In Valdivia’s opinion, one reason for this higher offer and prices would be found in the limitations that are currently in force in the municipalities of districts of Lima Top to real estate construction.
“Municipalities have been restrictive for the development of housing projects. And if a district places restrictions on the development of real estate projects and it is in the center of the city, what it is going to generate is a demand for the surrounding places”said.
Miguel Deustua, general manager of Granadero Inmobiliaria, agreed. “This is what is known in economics as barriers to entry. In a district of Modern Lima you can make apartments of 40 square meters and on the side there is a parameter of 120 meters minimum area. Said differential already implies a different ticket”, he said.
To have an approximation to the difference in the sales ticket for housing, the Central Reserve Bank’s real estate market report reveals that as of the last quarter of 2021, the average of the median prices of the six high-income districts [Barranco, La Molina, Miraflores, San Isidro, San Borja y Surco] It was S/5,297 per square meter for sale. While in middle-income districts [Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel y Surquillo]was S/4,454.