• 55028
    PROPERTIES
  • 591
    AGENCIES
  • 40
    COUNTRIES

Peru is a country in South America that's home to a section of Amazon rainforest and Machu Picchu, an ancient Incan city set high in the Andes mountains. The area surrounding Machu Picchu, including the Sacred Valley, the Inca Trail and the lively city of Cusco, is also rich in Incan sites as well as hiking, rafting and mountain-biking opportunities.

30.4 million

Low Season (Dec–Feb)

Rainy season in the highlands The Inca Trail closes during February for clean up High season for the coast and beach activities Very rainy in the Amazon, lasting through May

(Sep–Nov & Mar–May)

Spring and fall weather in the highlands Ideal for less-crowded visits September to November for good rainforest trekking

High Season (Jun–Aug)

Dry season in Andean highlands and eastern rainforest Best time for festivals and highland sports, including treks Busiest time due to North American and European holidays


 

Peruvian nuevo sol

Spanish, Quechua, Aymara

Both expat residents and nonresidents can buy property in Peru

Once you have found the property you wish to buy, you will need to gather information on the legal title with the Public Registry called SUNARP ("Superintendencia Nacional de los Registros Publicos").

The first step is to ask the owner to give you his details and the ones of the property you are interested in; with these in hand, you can request the "Certificado Registral Inmobilario" (commonly known as a "CRI"). You should have your lawyer help you interpret this document, because it reveals the identity of the previous and current owner(s), and it details the location and size of the property, as well as the existence of mortgages or liens against the property.

Many expats decide to get a mortgage when buying property in Peru. You need to have Peruvian residency/citizenship to be able to get a mortgage from a Peruvian bank. The interest you have to pay is around 10%.

It is important that you insist on receiving the original documents from the owner of the property, and not copies, and also make sure all the legal documentation is up to date.

You should make sure you know exactly what the restrictive covenants are, for example, whether you’re allowed to use the property as an office space or build an extension. It is important to know if the current owner has paid all the taxes necessary, such as the property tax and the municipal services tax.

Transaction costs that have to be paid when buying a property in Peru include:

  • transfer tax
  • notary fee
  • real estate agent fee
  • registration fee

The seller of the house pays the real estate agent fee whilst the other three are paid by the buyer. Overall the transaction costs vary between 6% and 9% of the total cost of the property. Transfer taxes are normally imposed at 3% in Peru.

Rent contracts in Peru tend to be pro-tenant. The landlord and tenant can normally freely agree on rent, and the contract signed is usually very secure for the tenant. The agreed rent sum can only be revised if there is a clause in the contract that allows that, or if the two sides agree on doing so. The landlord and the tenant can also agree on a deposit that both are happy with. Usually rent prices don’t include utilities such as water, electricity and internet and the tenant has to additionally pay them. However, it is possible to find housing, the rent price for which includes utilities, even though this is quite rare.

In terms of tenancy contracts, there are two types in Peru: time-limited contracts and indefinite period of time contracts.

The maximum period of time for the time-limited tenancy contract is 10 years, however, if the property is owned by the Peruvian state or an incapacitated person, then the maximum period of such contract is 6 years. In the case of an indefinite period of time contract, the one who wants to terminate the contract has to notify the other party in advance.

The notice period would either be stated in the contract, or if not, it is normally a 30-day period. When the contract terminates, the tenant has to return the property to the owner, and if failing to do this on time, the owner can claim for compensation.  

Agent fee amounts to one month's rent