Miraflores vs Pueblo Libre: better rental investment? (2026)
n = 3,846 Airbnb listings · 1,804 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Pueblo Libre takes it on the numbers you actually pay: about 5.1% net long-term against Miraflores' roughly 4.8%, and a median near $1,798 per m2 against about $2,423. That is roughly 25.8% cheaper per square metre, or about $617 less. On a 70 m2 flat that is the difference between getting in and stretching.
The long-term gap is about 0.3 points, which is too close to call. Both figures are net: the long-term yield subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. Neither subtracts mantenimiento, because in a Lima long-term let the tenant pays that. The owner self-manages on both sides, and furnishing, cleaning and management fees are not in the model.
On Airbnb the order flips. Miraflores runs about 7.3% gross against Pueblo Libre's roughly 6.8%. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. Note the word gross on the Miraflores side of that comparison: the two Airbnb numbers are not built the same way, so do not read the 0.7-point gap as a clean win.
So the pick depends on what you are buying. If you want the higher net yield and a lower entry price, Pueblo Libre wins and it is not especially close on cost. If you want the Airbnb upside and the deeper resale market, Miraflores is where the guests and the buyers are, and you pay about 25.8% more per square metre for it. The headline yield does not settle this one.
What the data here does not cover: actual vacancy in either district, how long a flat sits before it sells, and what a specific building's mantenimiento or arbitrios run. Those decide more than a 0.3-point yield gap does. Not investment advice.