Peru 2026: real estate investment map, US$ 15.8 billion pipeline and the players shaping the cycle

Lima recorded 24,713 homes sold in 2025, consolidating Peru's upcycle

Lima's real estate market closed 2025 with sales of 24,713 homes, a 19% increase over 2024, according to data from the Confederación de Desarrolladores Inmobiliarios del Perú (CODIP) published by Gestión in January 2026. The value of real estate sales in the capital exceeded S/ 11,000 million during the same period, with prices remaining stable at a modest 3% increase. These figures position Peru as one of Latin America's most dynamic residential markets in a year marked by investor caution across other regional economies.

This data point is significant because it demonstrates that housing demand in Lima has evolved from a cyclical phenomenon into a structural driver of Peru's real estate cycle. The combination of contained prices and growing volume suggests the market is absorbing inventory without significant inflationary pressures—a favorable condition for institutional capital entry and new project development.

What are the priority asset classes for investment in Peru in 2026?

Residential: Lima Top and the expansion into provinces

The residential segment leads transactional activity. Developer Lateral projects a US$ 70 million investment across five projects in the Lima Top corridor for 2026, as reported by Gestión. This commitment confirms the confidence of local developers in the capital's highest value-added segment.

Outside Lima, the potential is considerable. Arequipa and Piura lead provincial real estate demand, with a potential market of 300,000 and 370,000 households respectively, according to CODIP data compiled by Forbes Perú. These regional corridors represent a growth frontier for developers seeking to diversify their geographic exposure beyond the capital. Peru's mid-sized cities hold a reserve of housing demand that few Latin American markets can match at similar levels of institutional formalization.

Offices: stabilization with no new supply

Lima's Class A office market recorded a vacancy rate of 11.9% at the close of 2025, with no new deliveries during the period, according to Cushman & Wakefield's MarketBeat Lima Offices Q4 2025 report. The absence of new supply allows for gradual vacancy compression, which could create conditions for landlords to regain rental negotiating power during 2026. For institutional investors, Lima's prime office segment presents an entry window before the absorption cycle triggers new developments.

Hospitality: new international brands

Peru's hotel pipeline features a landmark project: the opening of The Meliá Collection Lima in the Historic Center, scheduled for July 2026, as confirmed by Gestión and Meliá Hotels International. The arrival of an international brand of this caliber in Lima's old town signals a bet on high-value cultural and business tourism, reinforcing the thesis that Peru's hospitality sector has room for premium segments that complement the existing supply.

Infrastructure pipeline: US$ 15.8 billion in the portfolio

The infrastructure project portfolio for 2025-2026 exceeds US$ 15.8 billion, with emphasis on public-private partnerships (PPPs) and Asset Projects, according to data from Revista Constructivo and ProInversión. This volume makes Peru's pipeline one of the most robust in the Andean region and creates direct opportunities for operators, construction firms, and infrastructure funds with appetite for emerging markets.

The institutional framework underpinning this portfolio has undergone a significant transformation. Law No. 31841 established the Autoridad Nacional de Infraestructura (ANIN), an entity designed to execute landmark projects and disaster prevention initiatives, replacing the previous Reconstrucción con Cambios framework. ANIN, currently led by Hernán Yaipén Aréstegui pursuant to Supreme Resolution No. 028-2024-PCM, centralizes public infrastructure decision-making and serves as the primary interlocutor for the private sector.

Additionally, Supreme Decree No. 096-2024-EF establishes special procedures for the application of standardized international engineering and construction contracts, such as NEC and FIDIC, in ANIN projects. This contractual standardization reduces legal uncertainty for foreign operators and facilitates the participation of international firms in Peruvian tenders. The adoption of international contractual standards in Peru's public pipeline sends a clear signal that the country aims to compete for global infrastructure capital under harmonized rules.

Which international players are positioning themselves in the Peruvian market?

Spain's Grupo Ortiz was awarded the operation and maintenance contract for the Villa El Salvador Emergency Hospital in July 2025, as reported by Swissinfo and EFE. This award places the group among the international operators with active presence in social infrastructure concessions in Peru, a segment that ANIN seeks to expand within its project portfolio.

GIA+A, a Mexican firm with a track record in hospital and infrastructure concessions in the Andean region, maintains strategic interest in the Chilean and Peruvian markets, although no specific confirmed awards in Peruvian territory have been recorded for 2025-2026. Its regional positioning suggests that opportunities in Peru's pipeline could attract participation from Latin American construction firms and operators in upcoming tender cycles.

The entry of international operators into the social and hospital infrastructure segment reflects a trend visible across Latin America: the migration of capital from purely commercial assets toward sectors with cash flows backed by long-term public contracts.

The profiles shaping the cycle: institutional and sector leadership

Two figures hold particular relevance in shaping Peru's cycle. Hernán Yaipén Aréstegui, as head of ANIN, manages the execution of the most ambitious public infrastructure portfolio Peru has assembled in the last decade. His management will determine the pace of awards and the state's ability to meet the timelines of a US$ 15.8 billion pipeline.

Paola Lazarte, former Minister of Transport and Communications during 2022-2023, is emerging as an expert voice on Peruvian infrastructure, as reported by outlets such as Impacta and La República. Her knowledge of the regulatory apparatus and private investment promotion mechanisms makes her a key reference for analyzing the public policies that impact the sector.

These leaders, both public and sectoral, are decisive in a market where coordination between the state pipeline and private capital defines the speed of the cycle.

Peru as a standalone investment destination

For years, market analyses have treated Peru as a minor component within the Andean bloc, subordinate to Colombia or Chile in the investor mindset. The 2025 data contradicts that narrative. A residential market growing 19% in volume, an infrastructure portfolio exceeding US$ 15.8 billion, and the entry of international operators into hospital concessions constitute an ecosystem that warrants dedicated analysis and coverage.

Peru offers in 2026 a rare combination in Latin America: deep residential demand, an institutionalized public pipeline, international contractual standardization, and regional corridors with quantified housing deficits. For real estate and infrastructure investment leaders who participate in GRI Institute events, the Peruvian market presents an early positioning opportunity in a cycle that is only beginning to unfold at full scale.

Perú GRI Real Estate 2026 will bring together the leading decision-makers in Peru's real estate ecosystem, including developers, investment funds, infrastructure operators, and regulators, in an exclusive discussion format designed to facilitate investment decision-making based on verified market intelligence.

GRI Institute produces independent market analysis for its global community of real estate and infrastructure leaders.