Magdalena vs Miraflores: better rental investment? (2026)
n = 3,989 Airbnb listings · 1,884 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Magdalena and Miraflores both net about 4.8% on a long-term let, so the headline yield tells you nothing. What separates them is the entry price: about $2,140 per m2 in Magdalena against about $2,423 in Miraflores, roughly 10.4% cheaper, or about $251 per m2 less. On a typical 70 m2 flat that is real money, and it is the only hard edge either district has over the other.
The long-term figure 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, cleaning or management fees, so do not treat those as already priced in.
On Airbnb, Magdalena runs about 7.0% gross against Miraflores's about 7.3%. That gap is thin, and gross is not what you keep — the cost list above is longer on the short-let side, and the host carries mantenimiento there with no guest to reimburse it. Miraflores has the deeper tourist demand and the liquidity; Magdalena has the cheaper basis. If you are buying to hold and rent long-term, take Magdalena and pocket the price difference. If you actually intend to run short-lets and can fill the calendar, Miraflores's extra demand is worth paying for.
I would pick Magdalena for a long-term hold. Same net yield, lower entry price, and you are not betting on your own ability to run a short-let well. The uncomfortable half: the data here is thin on occupancy, on actual achieved nightly rates and on how either district's short-let supply is growing, so the Airbnb numbers are the softest thing on this page. Not investment advice.