Jesús María vs Surco: better rental investment? (2026)
n = 1,485 Airbnb listings · 1,810 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Jesús María takes it on yield, and Surco takes it on price. The long-term net is about 5.1% against about 4.8%, and on Airbnb the gross runs about 7.1% against about 6.4%. Both gaps are real but neither is a landslide, so the entry price decides more than the headline number does.
Surco is the cheaper way in: a median of about $1,758 per m² against about $2,110 in Jesús María, roughly 15.3% less, or about $318 per m². On a 70 m² flat that is the difference between a market around $123,650 and one around $147,690. You are paying more per square metre in Jesús María to collect a thinner yield advantage.
Be clear about what each yield means. The long-term figure is net: it 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. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. The owner self-manages on both sides.
Neither figure subtracts furnishing or fit-out, cleaning, turnover or consumables, or management fees. If you would hire a manager or furnish an Airbnb unit, that comes out of your pocket on top, and it hits the short-let side harder. The Airbnb numbers here are gross, so treat them as a ceiling rather than a payout.
I would take Jesús María. It wins on both yields, and the long-term gap of about 0.4 points is the one that pays you for doing almost nothing. Surco's price advantage is genuine and it is the better buy if you are optimising for capital rather than income, but the yield case is Jesús María's. Not investment advice.