Peru's property market has broken a landmark record, according to new figures. 21,990 residential property units were sold in Peru this year, the country's Construction Chamber announced, the highest number of sales in 17 years.
The record year follows a successful 2011, which saw 21,441 units sold, already a huge leap from the 14,516 sold in 2010.
But more units are on the way to meet demand. Local newspaper Gestion says that 48,394 units were registered as under construction this year: over 20,000 were sold, prompting predictions that building permits will continue to climb through the thousands.
With all this pressure on the market, prices have started to skyrocket. In the last three years, the price per square metre of apartments in Los Olivos, Lima, jumped by almost 100 per cent from $441 to $877, according to the Peruvian Construction Chamber. In just one year, prices in districts such as Barranco, also in Lima, have soared by 40.3 per cent from $1,456 per square metre to $1,987.
Even with Peru's booming property market, many are confident that the country is still set for bigger and better things.
"While the rate of increase of prices in certain districts is abnormally high and difficult to sustain, as a whole the residential market has significant growth potential, particularly for middle class and lower middle class housing," comments World Property Channel .
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