Magdalena vs Miraflores: which is the better rental investment in Lima? (2026)

The short version: on long-term rental yield, Magdalena beats Miraflores. Magdalena nets 3.9% against Miraflores's 3.5%. That gap comes mostly from the entry price. Magdalena's median is $1,905/m2, Miraflores $2,442/m2 -- about 28% more per square meter for the Miraflores address.

Neither number is exciting. A 3.9% net long-term yield is modest, and 3.5% is worse. If you're comparing against what you can get elsewhere, keep that in mind. But between these two, cheaper square meters and higher rent-to-price is what tips it.

On Airbnb the two are nearly identical on gross yield: Magdalena 1.9%, Miraflores 1.8%. That 0.1 point is noise, not a decision. And note these are gross figures -- before cleaning, management, vacancy and the rest -- so I wouldn't lean on short-term rentals to make either district's case.

So the pick is Magdalena. Lower price per meter, higher long-term net yield, and no meaningful disadvantage on the Airbnb side. Miraflores may offer other things -- brand, demand depth, resale liquidity -- but the figures I have here don't measure those, so I won't pretend to.

This is a comparison of yields and prices, not investment advice. The data here is thin on operating costs and on what drives resale, so treat the yield numbers as a starting point, not the whole story.

Related: Magdalena · Miraflores · Lima Yield Index