Jesús María vs Miraflores: better rental investment? (2026)
n = 4,171 Airbnb listings · 1,897 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Jesús María takes this one on the long-term numbers: about 5.1% net against Miraflores's 4.8%. That is a thin edge, and I would not pretend otherwise, but it points the same way as the entry price, and for a foreign buyer wiring money into Lima that combination is the whole argument.
You pay roughly $2,110 per m2 in Jesús María against about $2,423 in Miraflores, which the market quotes as near 13.7% cheaper, or about $332 per m2 less. On a typical 70 m2 flat that is the difference between about $147,690 and about $168,000. Same city, same tenant pool in broad terms, and one of them asks you for less capital to get the same rent.
The long-term figure is net: it already subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. It does not subtract mantenimiento, because in a Lima long-term let the tenant pays that, not you. The owner self-manages on both sides, so no management fee comes off either.
Airbnb is close to a tie and slightly favours Miraflores: about 7.1% gross in Jesús María against roughly 7.3% in Miraflores. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. Note that the host carries mantenimiento there, since no guest reimburses it, and that both figures are gross of the things the model leaves out.
So the pick is Jesús María. You give up a sliver on the short-let side and you give up Miraflores's address recognition, which matters if you ever want to sell to another foreigner. What you get is a cheaper entry and a better net long-term yield. If you are buying to hold and rent to a resident, that trade is worth making. If you are buying the postcard, pay for the postcard.