The property market in Peru has been performing strongly for a
couple of years, and this is largely due to strong economic growth in
the country. In 2010 GDP grew by 8.8%, while in 2011 it grew by 6.9%.
According to figures from Peru Tinsa, the average price of homes
sold in the Lima metropolitan area increased by 19.9% last year to
reach $99,449. Residential sales increased by 52.2% in 2011 compared
to 2010, and there was a 31.57% increase in the area sold.
All the indications are that the property market will continue to
perform strongly this year due to lower mortgage rates, the strong
economy, and improved public investment. Most of the new developments
are concentrating on higher end property, but the best-selling homes
in Lima are priced between $30,000 and $50,000.
By January this year Peru had seen 29 consecutive months of
economic expansion, as GDP was up 5.38% compared to the same period
last year, and is predicted to grow by 5.7% this year. Much of this
increase is due to the strength of the Chinese economy, as the demand
for raw materials such as copper is huge.
Peru has made sure that its export market remains competitive, as
the Central Reserve Bank of Peru has intervened to make sure the
currency doesn't appreciate too much. Last year saw the inauguration
of Ollanta Humala, as the 94th president of Peru, and though there
were initial concerns as to how he would lead the country, it seems
as if he is following the same democratic and highly successful path
as the Brazilian president. This means he is dedicated towards
modernising the economy while maintaining a strong social commitment.
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