Property for Sale in Peru, Central America

Foreign residents and non-residents alike may buy Peruvian property. Investment in Peruvian real estate property does not require government approval, except if such property is close to Peru’s frontiers. Foreigners are restricted to own property near government installations and military bases.

Peru has enjoyed spectacular economic growth during 2006-2007. Combined with a good economy, this has had a miraculous effect on Peruvian property values.

Real estate ownership is generally absolute. It is recommended to be represented by a real estate agent during the transaction. The whole process of registering a property can be completed in around 33 days.

Once a buyer has decided upon a property, the first step is to get a copy of the notarized deed (escritua) of the property from the Public Registry. It is imperative to check the Declaratoria de Fabrica to ensure that both the land and building constructed on it are registered.

Lima (pop. 8.2 million) continues to see much construction of new apartment buildings in residential areas.

There is the traditional elite Miraflores area, which has high priced apartments with magnificent sea views. For the most exclusive buyers there is the San Isidro district. There is also Barranco in the Los Malecones area.

Further from the centre, the Surco area has a large number of good-quality apartment blocks, and is well-administered so that values tend to be well-maintained. Within Surco, agreeable areas are Las Casuarinas, Chacarilla del Estanque, San Jorge, Santa Teresa and parts of Valle Hermoso. For detached housing Surco is also interesting, as is San Borja.