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

On the long-term rental yield, these two are a dead heat: Magdalena and Pueblo Libre both net 3.9%. The headline claim that Magdalena "comes out ahead" on long-term yield sits on rounding, not a gap you'd feel. Treat them as tied for a straight buy-and-rent play.

Prices tell you where the money goes in. Magdalena runs a median $1,905/m², Pueblo Libre $1,747/m². So you pay roughly 9% more per square metre in Magdalena for the same long-term yield. If long-term letting is all you care about, Pueblo Libre is the cheaper way to get the same 3.9%.

The split shows up on Airbnb. Magdalena's gross short-term figure is 1.9%, Pueblo Libre's is 0.8% — more than double. Note these are gross, so they're not comparable to the net long-term numbers, and they don't net out cleaning, management or vacancy. But the direction is clear: Magdalena draws short-stay demand that Pueblo Libre doesn't.

The pick is Magdalena, on the logic that it matches Pueblo Libre on long-term yield and clearly beats it on short-term. You pay for that with a higher entry price per square metre. If you have no intention of touching Airbnb, that premium buys you nothing and Pueblo Libre is the more efficient buy.

What's missing here is the cost side of the Airbnb number and any vacancy or regulatory detail, so the short-term edge is indicative rather than a net return. This is data, not investment advice.

Related: Magdalena · Pueblo Libre · Lima Yield Index