Barranco vs Miraflores: better rental investment? (2026)
n = 4,966 Airbnb listings · 2,020 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
On long-term net yield there is nothing to choose: Barranco and Miraflores both come in at about 4.8%, and a gap that thin is noise, not a signal. If you are buying for the tenant and the monthly cheque, pick on price and liquidity instead, because the headline number will not do it for you.
Miraflores is the cheaper way in. It sells for a median of about $2,420 per m2 against about $2,540 in Barranco, roughly 4.6% less, or about $117 per m2. On a 70 m2 flat that is real money, and you are buying the same long-term yield for less.
The Airbnb side is where they separate. Barranco runs about 6.2% gross and Miraflores about 7.3%, so Miraflores is ahead by roughly a point. That is gross, and the Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance, but not mantenimiento, because in a Lima long-term let the tenant pays that.
Both of these assume you self-manage. Neither figure subtracts furnishing or fit-out, cleaning, turnover or consumables, or management fees, so if you hand either side to an administrator, your real return lands below what is printed here.
So: Miraflores, on price and on Airbnb upside, with the long-term yield a tie. Barranco is not a bad buy, but you pay more per square metre for the same net yield and a thinner short-let number. If you want Barranco, want it for the building or the street, not for the spreadsheet. Not investment advice.