Why are the prices of houses / property lots so expensive in Perú? (crime, place)
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Argentina is a super bargain currently because of their currency devaluation compared to the USD. However, I've heard that when you exchange dollars for the Argentinian pesos, you need a strategy to avoid getting ripped off on the exchange.
I think I recall going through the black market instead of official exchange sites you'll get the best deal. Apparently, that is what everyone does.
I asked about the price of undeveloped rural land in southern Colombia, and was amazed. It ws more per acre than Kansas farmland.
On the other hand , in a small town in Paraguay, I rented a 2-room house on a lot maybe 1,000 sq-ft, for $30 a month. How much could I have bought that for? $3,000? Town services, water and lights. I should have. Then it had no hotels, One decent general store, access by unreliable road. Now. 30 years later, has 29 hotels. Atyra, an hour from Asuncion.
It's the cartels. I heard the CJNG has moved into southern Colombia and Northern Peru to do their growing operations. It sucks for the rest of us who dream of owning land but nothing can be done.
Interesting! Polanco in Mexico City definitely has real wealth. I was amazed when I first went there. A Bentley dealership in Sección IV and countless other stuff. Why isn't it at the top? I've never seen Puerto Madero but I imagine it must be similar.
Puerto Madero is a relatively new real estate development. When I was en colegio ( middle & high school), it was the location of the soccer field for our school, and empty warehouses. It is unrecognizable to me now.
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After working and living in Peru for almost 2 years, if I were going to move there for good, I'm pretty sure I would go for Miraflores for all the benefits you get there and just pay the going rate.
My wife and I were discussing about possibly living in Miraflores for a couple of months just for the experience, after our trip there a few years back. Very high quality of life, and an easy flight back to Miami or US east coast.
Perhaps the question is why are prices so cheap in the US compared to many places. Such as here in Australia and in New Zealand?
Depends where in the USA. I can guarantee you that in Greenwich, CT real estate isn't cheap at all compared to anywhere including the ritziest areas of Lima and that's not taking into account the yearly taxes just on real estate.
Yes, no, real estate, land, no price comparison of Peru to places like US, UK and Canada; pricey yes, but, no where near on par price wise for similar status locations. I spent a few months in Lima Peru, last year and the areas mentioned, Miraflores, San Isidro are quite expensive in comparison to many of the surrounding areas, but, those areas are considered more exclusive and are where, mostly, those with upper incomes reside. My friends, live in La Molina, the matriarch of the family who still lives in the rather large home in a gated community. Two of her children and at least one of the cousins live in the home on and off as they attend college or work, three of the older children live outside the home. I do know, that the home has been in the family for at least some 40+ years. You won't find many Gringos in La Molina, but, in Miraflores, there are many people from other countries like Canada and the US, residing there. It is such a lovely area with some breath taking views.
Though, the areas mentioned are more expensive as far as the real estate, and getting pricier by the minute, they aren't in anyway close to the prices of the countries from where us Gringos come from. Not even a little close. But, as mentioned due to a large influx of people moving in from other countries, the values of land and real estate are rising faster than many are happy with, at least those who aren't investors and developers with a stake in those areas.
I must say, I loved my stay in Miraflores, to the point of Peru being at the top of my list for places I am considering moving to for retirement someday. I have spent time living in all the areas mentioned, Miraflores most certainly ticked a lot of boxes for me, though, not really in my budget if I wanted to rent an entire place to myself and be located exactly where I prefered, but, that's ok. I would still be close enough if a home and ride Uber and taxis as they were like $2 to most $5 dollars for 15 to 20+ minute rides. They have dining experiences there that are on par with US prices, but, mostly, day to day dining prices are so low, doing the cooking for oneself was not necessary to keep under budget. I so look forward to going back to Lima in the near future.
I would say even many areas that aren't wealthy are going through price increases simply due to an increase of demand versus the supply that is able to be created. This is not in Lima, but it's in English and captures very well what I just said since this new residential project is really more lower middle class and even the upwardly mobile poor than anything else.
Units here are sold as low cost and by law they have to be in that category to qualify for certain government incentives. For example, there are several bonuses the government offers buyers which cheapen the overall price of a unit, but the can't be sold for more than RD$4.7 million (about US$80,000 to US$90,000 +/-) and many units here are sold for considerably less than that before the bonuses. One of the bonuses is exclusively to first time buyers, but as far as I know this too only applies to first time buyers of a low income home.
I would say even many areas that aren't wealthy are going through price increases simply due to an increase of demand versus the supply that is able to be created. This is not in Lima, but it's in English and captures very well what I just said since this new residential project is really more lower middle class and even the upwardly mobile poor than anything else.
Units here are sold as low cost and by law they have to be in that category to qualify for certain government incentives. For example, there are several bonuses the government offers buyers which cheapen the overall price of a unit, but the can't be sold for more than RD$4.7 million (about US$80,000 to US$90,000 +/-) and many units here are sold for considerably less than that before the bonuses. One of the bonuses is exclusively to first time buyers, but as far as I know this too only applies to first time buyers of a low income home.
The same is probably seen in several other places in Latin America.
Simple, small apartments of 40, 45 or up to 50 square meters like these are sold in Brazil between R$150,000 and R$200,000 (US$30,000 and US$40,000) depending on the city. They are entry-level home for the working class.
Properties in the Miraflores area of Lima in Peru have to be compared with the more upscale areas of New York and Los Angeles, not with areas in the Texas suburbs, because that's what it represents for Peru, it's where the richest in the country live.
Perhaps the question is why are prices so cheap in the US compared to many places. Such as here in Australia and in New Zealand?
We have a lower % per capita of wealthy Chinese buyers paying cash for houses and condos here than Aussieville and NZ. I think NZ has done something about that.
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