48 Hours Studying Lima’s Residential Market
Field note. Lima / Peru · 2026. Lives inside Latin America Living Outlook.
Observations from the ground — districts, delivery, and how projects are actually capitalized.
Unit programs are tightening toward what can be financed.
What we observed is a market editing product to the buyer who can close — not to an abstract unit mix. Sizing, amenity, and parking are being treated as feasibility variables, not as late design preferences.
Presales fundamentally change project capitalization.
Preventa is not a marketing tactic. It is how residential development in Lima forms capital during construction. That is a different stack from U.S. multifamily — and it has to be underwritten as such.
Parking remains an important feasibility variable.
Stall counts, basement cost, and what a buyer will actually pay for parking still move basis. Infinity reads parking as an underwriting input, not a code leftover.
Mortgage formalization is uneven by district.
Lima is not one credit market. Access, ticket size, and the pace of closing change by residential node. Infinity studies Miraflores, San Isidro, Barranco, and emerging districts as separate absorption systems.
Construction methodology is decided too late in most stacks.
Schedule certainty and constructability have to be priced before land is closed. That observation is why Cortex treats delivery method as a pre-commitment question — in Lima as in Los Angeles.