Magdalena vs San Miguel: better rental investment? (2026)
n = 1,577 Airbnb listings · 804 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
San Miguel takes this one, and the margin is not close enough to argue about: about 5.3% net long-term against Magdalena's roughly 4.8%. You are buying the cheaper district and getting the better yield, which is the combination foreign buyers say they want and rarely find in Lima.
The entry price is where it really separates. Magdalena's median is about $2,140 per m2; San Miguel's is roughly $1,717, or about 21% cheaper per square metre, some $454 less. On a 70 m2 apartment that is the difference between about $149,800 and about $120,200. You give up a more established, more central address for that, and you should be honest with yourself about whether you care.
On Airbnb the two are level, both near 7.0% gross. That number is gross, and the Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios before it becomes anything you keep. The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance, but not mantenimiento, because in a Lima long-term let the tenant pays that. Both assume you self-manage.
So the pick is San Miguel, on the strength of the long-term number and the price you pay to get in. If you want the Airbnb route, neither district gives you an edge over the other on the gross figure, and the work is yours either way. The data here is thin on block-level variation and on what these flats actually rent for month to month, so treat the district medians as a starting point, not a verdict. Not investment advice.