Publish in Special Reports - Wednesday, September 25, 2013
Between 2009 and 2010 sales of homes in the Lima-Callao area skyrocketed by 75.8 percent. (Photo: Quado678)
Land prices, which have been soaring in recent years, may have hit their ceiling.
BY CATHERINE ELTON
LIMA --- Despite a slight cooling off of in certain niches of Peru’s real estate market in recent months, Peru continues to be in the midst of historic real estate boom which has produced spectacular growth in the past few years. While these cyclical periods of cooling may occur, experts say, the country likely has more growth years ahead of it.
“We are experiencing in Peru what the US experienced in the 1950s when families were having four or five kids and buying houses in the suburbs to raise them,” says Eric Rey De Castro, Peru Country Manager for Colliers International, adding that Peru’s population of 29 million is projected to swell to 40 million by 2050. “We have a ...