Study Note No. 51: Real Estate Market Indicators of the IT of 2026

BCRP STUDY NOTES No. 51 - May 22, 2026 1 / 9 REAL ESTATE MARKET INDICATORS OF THE IT OF 20261 Average of quarterly medians of apartment sale prices

1. In the first quarter of 2026, the weighted average of the medians of apartment sale prices, per square meter in constant 2009 soles, increased by 0.2 percent compared to the fourth quarter of 2025 and decreased by 1.0 percent compared to the first quarter of 2025. Meanwhile, the weighted average of the medians of prices in current dollars increased by 1.7 percent compared to the previous quarter and by 10.9 percent compared to the same quarter of 2025.

Chart 1 Weighted average of medians of sale prices in dollars and constant 2009 soles per m2 of apartments 12 districts* Source: Urbania. Own elaboration.

• Considers the districts of Barranco, La Molina, Miraflores, San Borja, San Isidro, Surco, Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo. BCRPData/NEINM202603G1

1 Since 1998, the BCRP has been monitoring the evolution of the real estate market through indicators of sale and rental prices of apartments. The data used are collected from Urbania and are listed prices (offered), so they do not necessarily reflect the prices at which sale or rental transactions of an apartment are executed. The districts from which information is collected are: Barranco, La Molina, Miraflores, San Borja, San Isidro, Surco, Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo. The first six districts make up the High Income Sector, while the last six make up the Medium Income Sector.

US$ 2,042 S/ 4,088

BCRP STUDY NOTES No. 51 - May 22, 2026 2 / 9 Weighted average of quarterly median sale prices of apartments

Source: Urbania. Own elaboration. BCRPData/NEINM202603C1

Average of quarterly medians of apartment sale prices in districts of the High Income Sector

2. In the first quarter of 2026, the weighted average of the medians of apartment sale prices, per square meter in constant 2009 soles, of the high income sector increased by 0.5 percent compared to the fourth quarter of 2025, and decreased by 2.0 compared to the first quarter of 2025. In current dollars, the average increased by 2.0 percent compared to the previous quarter and by 9.7 compared to the same quarter of 2025.

Chart 2 Weighted average of medians of sale prices in dollars and constant 2009 soles per m2 of apartments High Income Sector* Source: Urbania. Own elaboration.

• Considers the districts of Barranco, La Molina, Miraflores, San Borja, San Isidro and Surco. BCRPData/NEINM202603G2

2026 I II III IV I II III IV I II III IV I Constant Soles (2009) per m2 4,390 4,237 4,213 4,372 4,230 4,239 4,205 4,187 4,130 4,098 4,029 4,082 4,088 Var.% previous quarter -6.4 -3.5 -0.5 3.8 -3.3 0.2 -0.8 -0.4 -1.4 -0.8 -1.7 1.3 0.2 Var.% last 12 months -8.7 -10.2 -10.7 -6.8 -3.6 0.1 -0.2 -4.2 -2.3 -3.3 -4.2 -2.5 -1.0 US$ per m2 1,811 1,834 1,848 1,861 1,828 1,854 1,839 1,831 1,841 1,867 1,900 2,009 2,042 Var.% previous quarter -3.1 1.3 0.8 0.7 -1.8 1.5 -0.8 -0.4 0.6 1.4 1.8 5.8 1.7 Var.% last 12 months -1.2 -2.2 -0.2 -0.4 0.9 1.1 -0.5 -1.6 0.8 0.7 3.3 9.7 10.9

2023 2024 2025

BCRP STUDY NOTES No. 51 - May 22, 2026 3 / 9 Table 2 Weighted average of quarterly median sale prices of apartments – High Sector Source: Urbania. Own elaboration. BCRPData/NEINM202603C2

Average of quarterly medians of apartment sale prices in districts of the Medium Income Sector

3. In the first quarter of 2026, the weighted average of the medians of apartment sale prices, per square meter in constant 2009 soles, of the six districts of the medium income sector decreased by 0.4 compared to the fourth quarter of 2025, and increased by 0.9 percent compared to the first quarter of 2025. In current dollars, it increased by 1.1 compared to the previous quarter, and by 13.1 percent compared to the same quarter of 2025.

Chart 3 Weighted average of medians of sale prices in dollars and constant 2009 soles per m2 of apartments Medium Income Sector* Source: Urbania. Own elaboration.

• Considers the districts of Jesús María, Lince, Magdalena, Pueblo Libre, San Miguel and Surquillo. BCRPData/NEINM202603G3

2026 I II III IV I II III IV I II III IV I Constant Soles (2009) per m2 4,663 4,482 4,421 4,632 4,437 4,477 4,421 4,406 4,355 4,305 4,198 4,246 4,266 Var.% previous quarter -4.2 -3.9 -1.4 4.8 -4.2 0.9 -1.2 -0.3 -1.2 -1.1 -2.5 1.1 0.5 Var.% last 12 months -5.6 -8.6 -9.4 -4.9 -4.9 -0.1 0.0 -4.9 -1.8 -3.8 -5.0 -3.6 -2.0 US$ per m2 1,924 1,940 1,939 1,972 1,917 1,958 1,934 1,927 1,942 1,961 1,979 2,090 2,131 Var.% previous quarter -0.8 0.8 -0.1 1.7 -2.8 2.1 -1.2 -0.3 0.8 1.0 0.9 5.6 2.0 Var.% last 12 months 2.2 -0.5 1.2 1.7 -0.4 0.9 -0.3 -2.3 1.3 0.2 2.4 8.4 9.7

2023 2024 2025

BCRP STUDY NOTES No. 51 - May 22, 2026 4 / 9 Table 3 Weighted average of quarterly median sale prices of apartments – Medium Sector Source: Urbania. Own elaboration. BCRPData/NEINM202603C3

Distribution of apartment sale prices in Metropolitan Lima

4. Most districts show similar dispersions except for San Isidro, Lince and Barranco which show the largest dispersions of their prices per square meter. The prices of San Miguel, Pueblo Libre and Surquillo are those that present the smallest dispersions.

Chart 4 Distribution of price per square meter – 2026 I Current Dollars Source: Urbania. Own elaboration. Note: The percentiles associated with the boxes are: 95, 75, 50, 25 and 5. BCRPData/NEINM202603G4

Price to Annual Rental Income Ratio (PER – Price to Earnings Ratio)2

5. As of the first quarter of 2026, the acquisition price of an apartment is equivalent on average to the income from 16.7 years of rent, a result higher than that calculated in the previous quarter (16.3 years), due to the increase in the average sale price from 1967 to 2034 dollars per square meter. Districts such as San Isidro and Pueblo Libre presented the largest increases in sale price compared to the previous quarter. On an annual basis, the PER decreased by 2.3 percent compared to the first quarter of 2025. Districts such as San Borja, Surquillo and La Molina present the largest annual decreases in the PER.

Table 4 BCRPData/NEINM202603C4

Table 5 BCRPData/NEINM202603C5

Table 6 BCRPData/NEINM202603C6

2019 - IT 2020 - IT 2021 - IT 2022 - IT 2023 - IT 2024 - IT 2024 - IIT 2024 - IIIT 2024 - IVT 2025 - IT 2025 - IIT 2025 - IIIT 2025 - IVT 2026 - IT Barranco 17.8 16.1 16.7 20.4 17.1 16.0 17.1 16.5 17.3 17.5 17.3 16.9 15.3 17.0 Jesús María 15.9 16.6 17.9 18.5 16.7 17.1 16.9 16.2 16.6 15.7 16.0 16.0 16.7 17.5 La Molina 19.3 18.5 21.2 23.3 18.6 19.3 20.2 18.9 19.5 17.3 16.2 18.1 15.4 15.5 Lince 14.5 15.5 17.7 17.8 17.4 16.2 17.6 18.3 17.1 16.2 14.0 14.2 15.0 15.1 Magdalena 16.1 14.8 20.4 17.7 17.0 17.0 16.8 16.5 15.8 16.1 15.6 15.2 16.2 15.4 Miraflores 17.5 17.0 20.0 19.3 18.1 18.4 18.3 18.2 20.1 17.6 16.9 16.2 17.5 17.8 Pueblo Libre 15.5 15.7 19.3 21.3 17.8 18.5 17.3 16.8 18.3 17.3 17.5 18.9 14.9 16.9 San Borja 19.4 18.4 22.9 21.5 21.1 19.4 18.1 17.1 20.0 20.8 19.7 17.9 18.1 17.6 San Isidro 18.1 18.3 19.4 15.2 18.0 18.2 17.1 16.8 15.6 16.1 16.2 16.3 15.9 16.7 San Miguel 14.7 15.1 19.1 19.1 17.1 16.8 17.4 15.2 15.8 15.0 16.0 15.3 16.9 17.4 Surco 19.2 18.1 21.1 20.0 19.8 19.0 19.8 18.2 17.5 18.6 16.7 17.7 19.8 18.2 Surquillo 16.0 15.5 18.9 16.9 17.5 16.5 17.0 15.1 16.2 16.9 15.1 15.4 14.4 15.0 Average2/ 17.0 16.6 19.6 19.2 18.0 17.7 17.8 17.0 17.5 17.1 16.4 16.5 16.3 16.7 Source: Urbania. Own elaboration. 1/ The ratios have been calculated based on the medians of the sale prices of each district and the rents of nearby areas. 2/ Simple average of the 12 districts. PER: SALE PRICE / ANNUAL RENTAL INCOME IN US$ per m2 1/

2019 - IT 2020 - IT 2021 - IT 2022 - IT 2023 - IT 2024 - IT 2024 - IIT 2024 - IIIT 2024 - IVT 2025 - IT 2025 - IIT 2025 - IIIT 2025 - IVT 2026 - IT Barranco 2,259 2,513 2,236 2,333 2,200 2,095 2,300 2,232 2,189 2,376 2,490 2,373 2,463 2,556 Jesús María 1,700 1,744 1,709 1,728 1,651 1,781 1,792 1,768 1,778 1,749 1,805 1,949 2,086 2,103 La Molina 1,495 1,429 1,524 1,538 1,411 1,538 1,533 1,516 1,552 1,451 1,500 1,510 1,392 1,510 Lince 1,638 1,771 1,715 1,912 1,871 1,828 1,817 1,856 1,783 1,838 1,798 1,850 1,970 1,894 Magdalena 1,614 1,577 1,846 1,729 1,726 1,743 1,738 1,733 1,711 1,730 1,820 1,818 1,880 1,986 Miraflores 2,175 2,222 2,200 2,083 2,149 2,177 2,200 2,188 2,222 2,230 2,212 2,250 2,400 2,464 Pueblo Libre 1,471 1,554 1,573 1,587 1,474 1,652 1,603 1,630 1,597 1,653 1,653 1,667 1,717 1,875 San Borja 1,800 1,831 1,981 1,889 1,929 1,845 1,911 1,901 1,857 1,944 1,912 1,962 2,000 2,099 San Isidro 2,295 2,191 2,173 1,974 2,136 2,300 2,277 2,232 2,226 2,144 2,300 2,272 2,273 2,605 San Miguel 1,333 1,322 1,385 1,439 1,419 1,417 1,452 1,463 1,462 1,418 1,464 1,537 1,697 1,637 Surco 1,727 1,688 1,764 1,726 1,750 1,676 1,725 1,700 1,680 1,706 1,700 1,730 1,873 1,818 Surquillo 1,663 1,707 1,737 1,696 1,683 1,708 1,723 1,687 1,720 1,732 1,753 1,768 1,849 1,856 Average2/ 1,764 1,796 1,820 1,803 1,783 1,813 1,839 1,825 1,815 1,831 1,867 1,890 1,967 2,034 Source: Urbania. Own elaboration. 1/ The values have been calculated based on the medians of the prices of each district. 2/ Simple average of the 12 districts. SALE PRICE IN US$ per m2 1/

2019 - IT 2020 - IT 2021 - IT 2022 - IT 2023 - IT 2024 - IT 2024 - IIT 2024 - IIIT 2024 - IVT 2025 - IT 2025 - IIT 2025 - IIIT 2025 - IVT 2026 - IT Barranco 127 156 134 115 128 131 134 135 127 136 144 140 161 150 Jesús María 107 105 96 94 99 104 106 109 107 111 113 122 125 120 La Molina 78 77 72 66 76 80 76 80 80 84 93 83 90 97 Lince 113 115 97 108 108 113 103 102 104 113 128 130 132 126 Magdalena 100 106 91 98 101 102 104 105 108 108 116 120 116 129 Miraflores 124 130 110 108 119 118 120 120 110 127 131 139 137 139 Pueblo Libre 95 99 81 74 83 89 93 97 87 96 94 88 115 111 San Borja 93 99 87 88 91 95 106 111 93 94 97 109 110 119 San Isidro 127 120 112 130 119 127 133 133 143 133 142 139 143 156 San Miguel 91 88 72 75 83 85 83 96 92 95 91 100 100 94 Surco 90 93 83 86 88 88 87 93 96 92 102 98 94 100 Surquillo 104 110 92 100 96 104 101 111 106 103 116 115 128 124 Average2/ 104 108 94 95 99 103 104 108 104 108 114 115 121 122 Source: Urbania. Own elaboration. 2/ Simple average of the 12 districts. 1/ The values have been calculated taking into account the addresses and characteristics of the medians of sale prices. ANNUAL RENTAL INCOME IN US$ per m2 1/

BCRP STUDY NOTES No. 51 - May 22, 2026 5 / 9

Chart 5 Value to Rental Ratio – Annual Average Source: Urbania. Own elaboration.

• As of the first quarter. BCRPData/NEINM202603G5

Price to Average Annual Formal Income Ratio in Lima (Price to Income Ratio)3

6. The affordability ratio has an annual value of 12.1 years, the lowest value since 2014. This is due to an increase in average annual income. Average annual income increased by 1.7 percent in the first quarter of 2026 compared to the fourth quarter of 2025, and increased by 4.7 percent compared to the first quarter of 2025.

Chart 6 Price/Income Ratio (Average price of 85 m2 apartments / Average annual income) Average: 13.4 Source: Urbania. Own elaboration.

• Data as of the first quarter BCRPData/NEINM202603G6

3 The price to average annual formal income ratio in Lima shows the number of years a formal employee must work to pay for the value of an 85 square meter property. It is an indicator of accessibility to home purchase.

BCRP STUDY NOTES No. 51 - May 22, 2026 6 / 9

Table 7 BCRPData/NEINM202603C7

Table 8 BCRPData/NEINM202603C8

Hedonic Price Index of Apartments

7. The hedonic price methodology consists of making a regression between the price of a product (in this case, a property) and a vector of its characteristics. This allows achieving two objectives: (i) to obtain estimates of the valuations of the characteristics in the sale price; and, (ii) the construction of a pure price index, which controls for price variations derived from changes in characteristics (Hill, 2011)4. In addition, the hedonic price index has the advantage of being able to incorporate new districts into the calculation of the aggregate index without generating jumps in the level of the indicator.

8. For the calculation, a regression is estimated between the logarithm of the apartment sale price with respect to its main characteristics: surface area, number of bedrooms, number of bathrooms, whether it includes a garage or not, and the age of the property. To capture the effect of the apartment's location, the regressions are performed by district and an index is obtained for each one. Then, to construct the aggregated hedonic price index, a weighted average is performed based on the value of the apartment stock in each district.

9. According to the hedonic price index, the sale prices of apartments in Metropolitan Lima had a growing behavior between 2007 and 2014. Thereafter, apartment prices have remained relatively stable, registering an increase in the first quarter of 2026.

Chart 7 Hedonic Price Index of Apartments* I Trim 2013 = 100 Source: Urbania. Own elaboration.

• Based on current dollar prices. BCRPData/NEINM202603G7

4 Hill, R. (2011). Hedonic Price Indexes for Housing. OECD Statistics Working Papers, 2011/01, OECD Publishing, Paris.

BCRP STUDY NOTES No. 51 - May 22, 2026 7 / 9

10. As of the first quarter of 2026, the hedonic price index increased by 2.3 percent compared to the previous quarter and by 7.9 percent compared to the first quarter of 2025. Meanwhile, the index of the weighted average of medians increased by 1.7 percent compared to the previous quarter and by 10.9 percent compared to the first quarter of 2025.

Chart 8 Apartment Price Index* I Trim 2013 = 100 Source: Urbania. Own elaboration.

• Based on current dollar prices. BCRPData/NEINM202603G8

BCRP STUDY NOTES No. 51 - May 22, 2026 8 / 9

Table 9 Quarterly Price Index of Apartments BCRPData/NEINM202603C9

You can find all the tables and charts of this report at BCRPData/NEINM202603

Price Statistics Department Macroeconomic Statistics Sub-Department Economic Information and Analysis Management July 08, 2026

2026 II III IV I II III IV I II III IV I II III IV I Hedonic Price Index (I 2013 = 100)* 108 109 109 111 109 110 109 110 110 112 114 116 119 Var.% previous quarter 0.9 0.1 0.0 -0.3 1.2 0.2 1.8 -1.7 0.2 -0.2 0.2 0.6 1.7 1.6 2.2 2.3 Var.% last 12 months -1.7 0.1 1.5 0.8 1.0 1.1 2.9 1.5 0.4 0.1 -1.5 0.7 2.2 4.1 6.1 7.9 Weighted average of medians index (I 2013 = 100)* 112 110 111 108 109 110 111 109 110 110 109 110 111 113 120 122 Var.% previous quarter 2.3 -1.3 0.9 -3.1 1.3 0.8 0.7 -1.8 1.5 -0.8 -0.4 0.6 1.4 1.8 5.8 1.7 Var.% last 12 months 0.3 -1.0 2.9 -1.2 -2.2 -0.2 -0.4 0.9 1.1 -0.5 -1.6 0.8 0.7 3.3 9.7 10.9 Source: Urbania. Own elaboration.

• Based on current dollar prices

2022 2023 2024 2025