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

The short version: on long-term yield, Magdalena wins. It nets 3.9% against Surco's 3.6%. That's a 0.3-point gap, which isn't dramatic, but it's consistent with the direction everything else points.

Prices are the odd part. Magdalena sells for a median $1,905/m² against Surco's $1,779/m². So Magdalena is the more expensive district per square meter and still delivers the higher net yield. That means rents in Magdalena are pulling more than the price premium would suggest.

On Airbnb, the picture is the same but on a lower base. Magdalena runs 1.9% gross to Surco's 1.7%. Note these are gross figures, not net, so they aren't comparable to the long-term numbers above, and they don't account for management, cleaning, or vacancy. On their own they're thin, but they lean the same way.

My pick is Magdalena, on the yield it actually produces. The margin is small, so don't treat this as a knockout. If you find a specific Surco unit priced below the median with strong rent, the district-level average won't save you from a bad individual deal, or lock you out of a good one.

This isn't investment advice, and the data here is a snapshot of averages. Run the numbers on the actual apartment you're looking at before you commit.

Related: Magdalena · Surco · Lima Yield Index