How Much Does Buying an Apartment in Lima Really Cost? Fees, Taxes and Budget to Plan For

The purchase price: starting point, not final budget

In Lima, properties in sought-after districts (Miraflores, San Isidro, Barranco, Magdalena del Mar, San Miguel) are generally denominated in US dollars (USD). This is the reference currency of the formal Peruvian property market.

For a Switzerland-based investor, this implies exposure to CHF/USD exchange rate risk: if the Swiss franc strengthens against the dollar, the CHF value of your investment decreases proportionally. This risk is known and manageable, but must be factored in from the planning stage.

The purchase price is the largest line item, but you should systematically budget an additional 10% to 15% to cover all fees, taxes and set-up costs. The rest of this guide details each component.

The Alcabala: the unavoidable transfer tax

The Alcabala is the Peruvian tax on property transfers. It is the sole responsibility of the buyer. That still holds on the day you sell: the costs that then fall on the seller are set out in our guide to selling an apartment in Lima from Europe.

Rate: 3% of the transfer value (or the cadastral self-assessment value if higher), after deducting the first 10 exempt UIT (Tax Units).

The UIT (Unidad Impositiva Tributaria) is a Peruvian tax reference unit whose value is set annually by the State.

• UIT 2025: S/ 5,350 → exemption = S/ 53,500 ≈ USD 15,700
• UIT 2026: S/ 5,500 → exemption = S/ 55,000 ≈ USD 16,200

It is collected by the SAT (Lima Tax Administration Service), typically at the notary's office at the time of signing. Payment generates an official receipt to keep carefully.

Note: when buying a new-build unit sold for the first time by a developer, the construction itself is generally exempt from Alcabala, though the land value may remain taxable. The exact amount must be confirmed with the notary at the time of the transaction.

Notary and public deed

In Peru, the notary plays a central role in a property transaction: they draft and authenticate the Escritura Pública de Compraventa (notarised deed of sale), which constitutes the legal title for the transfer of ownership.

Unlike the Swiss system where the notary is a cantonal public official, the Peruvian notary is a private professional freely chosen by the parties (typically the buyer). Choosing a trustworthy notary, recommended by your lawyer or local representative, is important.

Estimated cost: from 0.3% to 1% of the sale price depending on the notary and the complexity of the file. For a property at USD 120,000, that represents between USD 360 and USD 1,200.

Land registry registration (SUNARP)

After signing the Escritura Pública, the notary registers the transfer with the Superintendencia Nacional de los Registros Públicos (SUNARP), the Peruvian equivalent of the land registry. This step is essential: it makes your title enforceable against third parties and is your ultimate legal protection against any potential claims.

Estimated cost: from 0.5% to 1% of the sale price. For a property at USD 120,000: between USD 600 and USD 1,200.

The registration period varies from a few days to several weeks depending on the registry workload. Fees may vary depending on the urgency of the procedure.

Lawyer, due diligence and proxy

For a non-resident foreign buyer, using a Peruvian property lawyer is strongly advised, indeed essential. Their role includes:

• Verifying the Partida Registral (SUNARP extract) to ensure there are no encumbrances, mortgages, disputes or non-consenting co-owners;
• Checking the seller's situation (legal capacity, absence of proceedings);
• Drafting or reviewing the Minuta de Compraventa (preliminary contract).

Estimated cost: varies depending on the lawyer and the complexity of the file. Generally budget between USD 500 and USD 1,500 for a standard transaction.

If you cannot be in Lima at the time of the transaction, a proxy (notarised power of attorney) can sign on your behalf. The cost of the Swiss notarised power of attorney plus apostille adds a few hundred CHF.

International transfer and exchange costs

To transfer funds from Switzerland to Peru, several costs come into play:

• SWIFT transfer fees: typically between CHF 20 and CHF 80 per transfer depending on your Swiss bank.
• CHF/USD exchange margin: traditional banks often apply a margin of 0.5% to 1.5% on currency conversions. On USD 120,000, this can represent USD 600 to USD 1,800. Specialist platforms (Wise, Revolut Business) offer more competitive margins.
• Receipt delay: allow 2 to 5 business days for funds to arrive in the Peruvian bank account of the seller or notary.

Opening a USD bank account in Peru, or using a fiduciary account where relevant, can simplify fund management and limit conversions. We help you choose the most suitable solution, in coordination with the notary and local professionals.

Furnishings and set-up (for rental investment)

If your aim is short or long-term rental, you may need to complete the apartment's furnishings and equipment. The budget, however, depends heavily on what is already included: some apartments are sold furnished, and many new-build units already come with a hob, oven or extractor hood.

Indicative budget for an apartment of 40 to 70 m²:

• Basic furniture, sofa, bed, table, chairs and storage: USD 1,500 to USD 3,500
• Additional appliances, fridge, washing machine and microwave: USD 700 to USD 1,800
• Kitchenware and bedding, crockery, utensils, sheets and towels: USD 300 to USD 800
• Décor and finishing touches for short-term rental: USD 300 to USD 1,200

Indicative total: between USD 2,500 and USD 6,500, depending on what's already in place, the floor area and the standard aimed for. The budget can be lower for a property already partly furnished or equipped, and higher for a high-end short-term rental.

Our partner Havenbnb Peru can help you choose the furniture, purchase the equipment and fully prepare the apartment before it goes to market.

Ongoing property management fees

If you entrust the management of your property to a local professional, which is essential for a Switzerland-based investor, budget for ongoing management fees.

• Long-term management: generally 8% to 12% of gross rents collected.
• Short-term management (Airbnb / platforms): from 15% to 25% of gross income depending on the service level (concierge, cleaning, linen, check-in/out included or not). Our partner Havenbnb Peru offers this type of management in Lima.

These fees are deductible from rental income for Peruvian tax purposes (confirm with a Peruvian accountant). They should also appear in your Swiss tax return as a property expense.

Cash reserve

Even with good management, unexpected costs arise. Set aside a cash reserve to cover:

• Maintenance and minor repairs: plumbing, painting, broken appliances. Budget USD 500 to USD 1,500 per year depending on the condition of the property.
• Vacancy periods: even in a dynamic market, a few weeks without a tenant between two contracts is likely. Set aside 1 to 2 months of rent per year.
• Building maintenance charges (cuotas de mantenimiento): these range from USD 50 to USD 300/month depending on the building (security, pool, lift, gardens). Confirm before purchase.
• Property tax (Predial): paid annually to the SAT, generally modest for a standard apartment (a few hundred soles per year).
• Home insurance: not widespread in the Peruvian rental market but recommended; USD 200 to USD 500/year depending on the coverage.

In practice, a reserve of 3% to 5% of the purchase price set aside before the rental launch will allow you to approach the first year comfortably.