Miraflores vs Surco: better rental investment? (2026)
n = 4,366 Airbnb listings · 3,119 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Miraflores and Surco both net about 4.8% on a long-term let, so the headline yield tells you nothing. What separates them is the entry price: Miraflores sells for a median of about $2,420 per m2, Surco for about $1,760. Surco is roughly 26% cheaper per square metre, about $630 less. If you are buying with foreign savings, that gap decides how much apartment you get.
The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. It does not subtract mantenimiento, because in a Lima long-term let the tenant pays that, not you. Both districts are modelled the same way, and both assume you self-manage. So the two yields are genuinely comparable, and genuinely tied.
On Airbnb the gross picture is about 7.3% in Miraflores against about 6.4% in Surco. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. Note that mantenimiento lands on you here, because no guest reimburses it. Neither side subtracts furnishing, cleaning, turnover or management fees, so treat both as before those costs.
If I had to pick one, I would take Surco. Same long-term net yield, and you pay far less per square metre to get it. The uncomfortable half: Surco's Airbnb gross sits behind Miraflores, and its resale market is thinner, so a fast exit is harder. Miraflores gives you liquidity and the stronger short-let number, and charges you for both.
The honest answer is that the long-term yields are too close to call. Decide on price, on how easily you could sell, and on whether you will actually run an Airbnb well enough to approach that gross figure. Most owners do not. This is not investment advice, and the figures here are approximate.