Magdalena vs Surco: better rental investment? (2026)
n = 1,303 Airbnb listings · 1,797 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Magdalena and Surco land on the same long-term number, about 4.8% net, so the yield table tells you nothing. What separates them is the entry price: Surco's median sits near $1,760 per m2 against Magdalena's roughly $2,140, which is about 18% cheaper, or near $399 per m2 less. On a 70 m2 flat that is the difference between roughly $124,000 and roughly $150,000. Same return, less capital in — that is the whole case.
Both long-term figures are net. They subtract property tax, arbitrios, rental income tax and a 3% vacancy allowance. They do not subtract mantenimiento, because in a Lima long-term let the tenant pays that, not you. You self-manage on both sides, so no management fee comes off either. What the model also leaves out is furnishing and fit-out, cleaning and turnover, and consumables — none of those reduce the returns above, and I am not going to pretend they do.
On Airbnb the picture flips slightly. Magdalena runs about 7.0% gross against Surco's roughly 6.4%. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento — the host pays it here, no guest reimburses you — property tax and arbitrios. So the district that costs more to buy is also the one with the better short-let number, and the gap is thin.
My pick is Surco. The long-term yields are within 0.3 points, which is too close to call, so you are really buying price and liquidity, and Surco is the cheaper way in. Magdalena only wins if you actually run the Airbnb well enough to hold that roughly 7.0% gross, and most owners do not. If you want the tenant and the quieter life, Surco gets you the same net for less money down.
Two caveats. The prices here are medians, not your building, and a 70 m2 flat is a reference size, not a quote. The Airbnb numbers are gross and the long-term numbers are net, so do not read them as the same kind of figure. Not investment advice.