Fynsa
The Peruvian real estate market closed 2024 with a 30% growth, according to the Association of Real Estate Companies of Peru (ASEI), driven by a greater alignment between supply and demand, better financing conditions and a recovery of formal employment. In total, 4,900 new homes were added and 21,479 real estate units were sold, reflecting the renewed dynamism of the sector. One of the most relevant indicators was real estate absorption, which rose from 0.4% in 2023 to 2.8% in 2024, evidencing a significant recovery in the market's capacity to place available units. This expansion was strongly supported by greater access to mortgage credit, thanks to more competitive rates and an increase in formal household income. By 2025, additional growth of between 7% and 8% is projected, consolidating the sector as one of the key drivers of the national economy.
Lima continues to be the main focus of investment, but there is increasing dynamism in intermediate cities such as Piura, Trujillo, Arequipa and Chiclayo, which concentrate a significant part of the demand outside the capital.
The buyer's profile has evolved: today, functional, sustainable and technologically incorporated spaces are a priority. This trend has driven the development of residential projects with eco-friendly solutions and innovative common areas. In emerging middle-class districts within the Lima metropolitan area -such as San Miguel, Magdalena, Surquillo and Surco- there has been a boom in multifamily buildings that include everything from sky bars to pet-friendly areas, adapting to the needs of a more demanding urban public.
This territorial growth is also having a positive impact on employment: it is estimated that the sector will generate more than 50,000 direct and indirect jobs in the coming years, including construction, real estate services and related activities. In addition, the construction sector currently represents around 5.4% of GDP, underscoring its structural role in the Peruvian economy.
Regional comparison: how is Peru positioned?
At the regional level, a report by the consulting firm Tinsa (2024) places Peru among the three most dynamic emerging markets in South America, together with Colombia and Paraguay, in terms of private real estate investment. This position responds to its post-pandemic recovery, the unsatisfied demand in intermediate cities and the interest of developers to expand outside Lima.
Main market players
The growth of the sector is being led by developers such as Besco, V&V, Senda, Albamar and Actual Inmobiliaria, which concentrate a significant part of the supply in Metropolitan Lima. These companies are betting on modern multifamily projects in emerging districts, and have been recognized for incorporating sustainability, technology and functional design in their buildings.
Urban complement: Las Begonias as a new city landmark
An example of the new urban approach that boosts real estate development is the Las Begonias Financial District Master Plan in San Isidro. Developed by Sasaki and Urbanova Inmobiliaria, this project seeks to transform 73 hectares into a vibrant, sustainable and accessible district, with renovated public spaces such as Parque Cáceres and a modern commercial corridor on Calle Las Begonias. Although this is not a traditional real estate project, its impact on capital gains and urban dynamics makes it a key element in Lima's comprehensive development.
Strategic vision for sustainable growth
Although the Peruvian real estate sector shows solid signs of expansion, its future development will also depend on key factors such as the evolution of construction costs, the efficiency of municipal licensing processes and the consolidation of integrated urban policies. Addressing these aspects will help sustain the pace of growth and ensure a more competitive and balanced environment for all market players.
Armando Herrera
General Manager Fynsa Peru
