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

The numbers split cleanly by strategy. For long-term rentals, Pueblo Libre wins: 3.9% net against Miraflores' 3.5%. It's also cheaper to get in — a median $1,747/m² versus $2,442/m² in Miraflores. So you pay less per square metre and collect a higher yield. On paper that's the obvious pick for a buy-and-hold landlord.

Miraflores only pulls ahead on Airbnb. Gross short-term yield there runs 1.8% against Pueblo Libre's 0.8% — more than double. That's expected: Miraflores is where tourists actually want to stay. But note these are gross figures, before cleaning, management, furnishing and vacancy, so don't read 1.8% as money in your pocket.

One thing to keep in mind: even Miraflores' best Airbnb number (1.8% gross) sits well below its long-term net (3.5%). On these figures, short-term letting doesn't beat just renting out on a normal contract in either district. The Airbnb comparison tells you where the tourist demand is, not that it's the better play.

My pick, on the numbers given, is Pueblo Libre for a long-term rental investor. Higher net yield, lower entry price. If you're specifically chasing short-term tourist lets, Miraflores is the only one of the two that makes sense — but the long-term route looks stronger in both districts.

This is a narrow comparison built only on the figures above. It says nothing about capital appreciation, neighbourhood trajectory, or how these yields hold up after real costs. Do your own homework. Not investment advice.

Related: Miraflores · Pueblo Libre · Lima Yield Index