In recent years, real estate developers in Peru have overlooked the demand for larger apartments and smaller residential projects. Despite a decrease in home sales last year, the real estate company recorded sales of US$17 million, a 50% increase compared to the previous year.
The real estate company, primarily located in Miraflores, aims to achieve a revenue of US$27 million this year, representing a 60% growth. Currently, they have eight projects for sale and plan to develop six new real estate proposals during the year. These apartments range in size from 200 m2 to 400 m2, with prices ranging from US$600,000 to US$1.2 million.
During the first semester, they plan to launch three new projects in Miraflores. These projects are located near Parque Naciones Unidas and on Chamberí Street 123. The apartments vary in size, from 200 m2 to 255 m2, and the demand for this type of housing is evident, as they have already sold three out of nine apartments in the first project.
Another project is located near Huaca Pucllana, with apartments ranging from 80 m2 to 130 m2. In total, the real estate company’s investment in these projects will reach US$24 million.
Furthermore, according to the real estate consultancy platform Properati, the demand for luxury apartments in Miraflores has remained stable in recent quarters. The main interested buyers in this type of property are men and women between 35 and 55 years old.
While this market niche is small, experts believe there are business opportunities in the development of this type of property. Real estate developers must have sufficient capital to invest in construction materials and unique services demanded by these types of buildings.
In summary, Miraflores continues to be an attractive district for the purchase of apartments, both for housing and investment purposes. The demand for larger and luxury apartments shows constant growth, presenting a business opportunity for real estate developers.