Categorized | International

Real Estate Market Shows Strength in Peruvian

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The residential real estate market in Peru has show tremendous growth since 2010, and that growth will likely continue for at least another year. While the country of Peru is often overlooked by other South American nations such as Brazil, it has enjoyed incredible growth in the past two years.

In the last year alone, residential real estate prices have increased by more than twenty percent. The total sales volume has increased by more than fifty percent. The overall housing growth can be attributed to the strong performance being posted by Peru’s economy.

The average home price in Lima is now roughly six million Soles. When looked at in United States currency, the most expensive homes in Lima cost around fifty thousand dollars.

Contributing to the growth in the residential real estate market is the gains in economic strength, increasing public investment, and low mortgage rates. The economy has improved for the last twenty-nine months, and is up by more than five percent from where it was one year ago.

As China continues to need more raw materials such as copper, Peru’s economy will likely continue its growth in the near future.

Many believe that the newly elected Peruvian president is taking tips from Brazil in promoting positive economic growth. He looks to decrease the overall rate of poverty while boosting economic performance across the board.

While there has been tremendous growth in Peru’s housing market, it should be noted that the overall population of people that are homeowners is still relatively small in comparison to more industrialized countries.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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