Miraflores vs San Miguel: which is the better rental investment in Lima? (2026)

On long-term rentals the two districts are nearly tied: Miraflores nets 3.5%, San Miguel 3.6%. That is a rounding-error difference in yield, so the story is really about what you pay to get in.

Here the gap is real. Miraflores sells at a median $2,442/m2, San Miguel at $1,680/m2. So San Miguel gives you a marginally better yield on a much smaller cheque. For the same budget you buy more square metres in San Miguel, or the same flat for roughly two-thirds the price.

Airbnb is where they separate. San Miguel runs 3.0% gross against Miraflores' 1.8%. That is a big spread, and it points the same direction as the price and long-term numbers. One caveat: those short-term figures are gross, not net, so cleaning, management and vacancy will eat into both before you compare them to the long-term nets.

On the numbers given, San Miguel wins on all three counts: cheaper per metre, slightly higher long-term net, and clearly higher on Airbnb gross. Miraflores' only argument here is prestige and liquidity, neither of which is in this dataset.

So the pick is San Miguel. Just remember the Airbnb edge is a gross figure and the long-term difference is trivial. This is not investment advice, only what the four numbers say.

Related: Miraflores · San Miguel · Lima Yield Index