Miraflores: prices, rental yield & Airbnb income

Miraflores is Lima's postcard district — clifftop parks above the Pacific, the tidiest streets in the city, and the address nearly every foreign buyer names first. It's where tourism, expat demand and long-term professional tenants all overlap, which makes it the safest place to own a Lima rental — and the most competitive. You pay the highest prices per square metre in the city, and in return get the deepest tenant pool and the easiest resale. Who buys here: first-time foreign investors who want low risk over maximum yield, and Airbnb operators chasing steady tourist demand.

Net of predial · arbitrios · 3% vacancy · 5% income tax, with 5% purchase costs on the price base and no management fee — self-managed. No mantenimiento: in a Lima long-term let the tenant pays it, and it was never inside the advertised rent either. Vacancy is the one figure here we chose rather than measured. What comes out, line by line →

Long-term, apartments sell for a median $2,423 per square metre, and a long-term net rental yield of 4.8% after costs.

Net of 3% platform fee · utilities & internet (a real bill, not a % of revenue) · mantenimiento, plus predial, arbitrios and 5% income tax, on the same price base, and no management fee — self-managed. Mantenimiento sits here and not on the long-term side: the host pays it every month and no guest reimburses them. Furnishing is left out as one-time capital, which flatters this figure slightly. The gross yield above is before all of it. Empty nights need no allowance here: they sit inside the measured occupancy. What comes out, line by line →

Long-term returns cluster tightly across Lima; Airbnb returns do not. The middle listing earns 4.4%; the top quarter earns 8.6% — measured on both axes at once, each listing’s own nightly rate times its own occupancy. How the top quarter is built, and its two limits →

Airbnb listings average $66 a night at about 50% occupancy, grossing roughly $12,253 a year, a gross yield near 7.3%.

Occupancy counts near-term nights only: a calendar read months ahead shows nights nobody has booked yet. Neither yield carries repairs, insurance or a refurbishment reserve — no yield on this site does, on either side. Why, and what it means for the figure →

Occupancy peaks around December (~34%) and is quietest in June (~3%). Trailing months with enough data — Lima's short-term demand tracks the Dec–Feb summer. Seasonality is the one Airbnb figure still sourced from airroi rather than our own census.

Returns differ a lot by unit size. Net yields per bedroom count — after each strategy's own costs, the same model as the figures above, so the table agrees with the headline:

Net on both sides, decided the same way as the verdict above. Every cell carries its sample: n = sale/rent comps for long-term, n = priced/with a calendar week for Airbnb. Read a thin cell as a direction, not a rate. Why the samples are small, and the floor we publish above → Compare districts

More on Miraflores: Airbnb income · is long-term worth it?