Sales in Lima have been slow for the last year, agents say. There is no official government data tracking real estate, but prices dropped as much as 30 percent in some neighborhoods after hitting a peak in 2014, said Nella Pinto, general manager and an owner of Peru Sotheby’s International Realty.
The higher end of the market has been particularly slow, after years of new construction, she said.
Peru’s President Ollanta Humala enacted the legislative decree that establishes the home leasing promotion scheme, which is aimed at dynamizing the Real Estate market, so middle-class and low-income families are allowed to make their dream of "owning a home" come true.
Take a walk through the ocean-side districts of San Isidro and Miraflores in Lima and one could almost imagine being in southern California. Wide streets feature comfortable houses and apartment blocks, with palm trees and lawns kept green by sprinkler systems. It is an area that continues to feel the effects of the recent property boom in Peru’s capital, although this is starting to fade as the economy loses some of its momentum.
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