Originally Posted by cyber888
wow, what part of Peru is this? did you buy property or renting ?
Just came across this, sorry for the late reply.
I live in Lima ( The City of Kings) in a district called Miraflores. Back in Lima's hey day the wealthy built their summer mansions here as we are on the cliffs overlooking the Pacific Ocean. As the population grew, and Miraflores became a tourist mecca, they tore down the mansions and built high rise condo's ,hotels and shopping malls.
I both own and rent. My wife has a Oceanfront Penthouse with a 700 sqft private terrace that she rents out on AirBnB. As she is afraid of heights and won't live there, we rent a 3 bedroom apartment ( 2nd floor) two blocks off the ocean. Our rent is less than half of what the rental brings in even if it is only booked 50-60% of the year.
In the past 10 year's RE prices are up 300% due to the rip-roaring economy. Now that our economy has cooled, RE prices are not moving much, but I find it far too expensive for "new retiree's" to buy as Lima's property markets have stagnated for over a decade in the past.