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Home sales in Lima continue to fall as people are put off by high mortgage rates. In July alone, 1,140 units were sold, a figure showing this month’s momentum not yet considered a recovery.
Compared to the previous year, reflects a 6.2% drop; albeit at a slower pace than May’s 8.2% drop, according to a real estate analyst report from the Association of Real Estate Industries (ASEI).
But the size of the units has also been reduced, said Ricardo Arbulu, president of ASEI’s Market Analysis Committee. The preferred ones are those between 60 and 80 m3, which attract 42.6% of sales, but those that are between 40 and 60 m2 have grown from 24.4% to 31.8%.
“After quarantine families were looking for bigger houses from 80 to 100 square meters or from 60 to 80 m2. Due to interest rate pressure, they now end up buying smaller ones,” he told management.
The most demanded destinations
In Lima at least half of the families who want to buy real estate prefer to buy it in modern areas such as the districts of San Miguel, Lince, Jesus Maria, Magdalena, Pueblo Libres and others. As a second option, there are Lima Top places (Barranco, La Molina, Miraflores, San Borja, San Isidro and Santiago de Surco) which had fewer participants than the previous month.
What is the future of real estate sales?
According to Arbulu, total sales will reach 1,200 units in the coming months. “We predict that this supply will increase slightly over the next three months to around 29,500 units by the end of the year. Mainly due to the launch of new projects,” he explained.
Homes: Property prices will rise by 9.3% this year
prices on Houses in the country will rise in price by 9.3% by the end of the yearpredicts the Peruvian Construction Chamber (Capeco) in a recent report.
Capeco chief executive Guido Valdivia clarified that this price increase is due to rising material costs.
According to the Economic Report on Construction (IEC), building material prices rose by 9.1% between November 2021 and April 2022, and prices are expected to increase by 3.7% in the coming months.
“As a result of this, home values will increase by 9.3% in the annual period from November 2021 to October 2022,” Valdivia explained.
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.