How to appraise a commercial space in Peru

Appraising a commercial space in Peru combines market, profitability and replacement cost. More than a home, a space is appraised as an income flow: the key question is not only how much the square meter costs, but how much rent it can generate and for how many years. In this guide we review the methodologies recognized in the RNT, the documents to have ready, and the mistakes that can hide between 10% and 20% of real value.

Three recognized methods

1. Market comparison

The appraiser looks for similar spaces in the same corridor (San Isidro, Miraflores, Surco, Centro de Lima, Arequipa, Trujillo) and applies homologation factors: frontage, depth, number of levels, age, condition. They calculate a reference price per square meter.

Observable ranges in 2026:

• Prime Lima corridors (San Isidro Empresarial, Miraflores Larco): US$ 3,500 to US$ 5,500 per m² of ground floor with frontage.
• Intermediate corridors (Magdalena, Pueblo Libre, Surquillo): US$ 1,800 to US$ 2,800 per m².
• Secondary corridors (San Martín de Porres, Comas, Villa El Salvador): US$ 800 to US$ 1,400 per m².
• Provinces (Arequipa, Trujillo, Chiclayo, Cusco): US$ 1,200 to US$ 2,500 per m² in central areas.

2. Income capitalization

It is the most relevant method because a space is essentially an investment asset. Net annual rent is divided by the corridor's capitalization rate.

Value = Net annual rent / Capitalization rate

Typical capitalization rates in Peru:

• Lima Top (San Isidro, Miraflores, prime Barranco): 7%–9%.
• Modern Lima (Surco, La Molina, Magdalena): 9%–11%.
• Northern and Southern Lima: 10%–13%.
• Provinces: 10%–14%.

Example: a space with net annual rent of US$ 30,000 in San Isidro, with a cap rate of 8%, is worth approximately US$ 375,000.

3. Replacement cost

Measures the cost of building the property new less accumulated depreciation, plus land value. It is the method of choice in atypical spaces (logistics warehouses in Lurín, spaces in wholesale markets) and for insurance reports.

Appraisers usually weight the three methods. A common mix for operating spaces is 50% comparative + 40% capitalization + 10% cost.

Who can appraise

For appraisals with legal effects —mortgage guarantee, succession, judicial process, expropriation— the appraiser must be registered in the National Appraiser Registry of the Ministry of Housing, Construction and Sanitation. For bank appraisals, additional registration with the financial institution is required.

Appraisals for private negotiation can be done with a non- registered appraiser, but they lose evidentiary value before SBS, SUNAT or courts.

Documents to have ready

• Current literal copy of the registry entry in SUNARP.
• HR and PU of the autoavalúo for the current year.
• Certificate of no debt for Impuesto Predial and arbitrios.
• Approved architectural plans or descriptive memorandum.
• Operating license if the space is in operation.
• Current lease contracts and their addendums.
• Internal regulations and maintenance fees if in a shopping center or gallery.

Variables that move the price

• Frontage and depth: a space of 6 m of frontage and 12 m of depth is worth more per m² than one of 4 m of frontage and 18 m of depth.
• Corner with double frontage: adds between 10% and 25%.
• Levels: ground floor is worth more than mezzanine and second floor.
• Parking: in San Isidro or Miraflores, having own parking spots adds value.
• Municipal zoning: a space with a license for food and beverages or with a permit for alcohol consumption is worth more than one with restricted zoning.
• Pedestrian traffic: avenues with high flow (Larco, Pardo, Conquistadores, Petit Thouars) carry a premium versus internal streets.

Step-by-step process

1. Define the purpose: sale, rental, mortgage guarantee, succession, expropriation.
2. Select the appraiser by purpose and verify their RNT registration.
3. Gather the property's documents.
4. Accompany the appraiser on the visit and show them current operating flows (cash, sales, occupancy).
5. Receive the report with methodology, factors and conclusive value.
6. If you are going to sell, complement the report with a comparables analysis updated by a real-estate advisor.

Practical case: a space in Miraflores

A 90 m² space on Avenida José Pardo, rented at S/ 12,000 per month with a contract indexed by CPI, is appraised with a cap rate of 8%.

Net annual rent = (12,000 × 12) − 5% vacancy − 5% expenses
               ≈ S/ 130,000
Capitalization value = 130,000 / 0.08 ≈ S/ 1,625,000

Comparables mark a range between S/ 1,500,000 and S/ 1,750,000. The appraiser's conclusive value is S/ 1,620,000.

Practical case: a logistics warehouse in Lurín

A 1,200 m² warehouse in Lurín has no direct comparables due to its combination of height and adjoining office. The appraiser applies replacement costs for the building, adds land value from industrial comparables, and verifies with a cap rate of 11% on projected rent of US$ 9.50 per m² per month. The crossing of the three methods yields a consistent value.

Mistakes to avoid

• Appraising only by m² ignoring frontage, depth and level.
• Using the autoavalúo declared to the municipality as a single reference: it is usually well below market.
• Not considering the current contract and its conditions.
• Forgetting zoning: two adjacent spaces can be worth differently if one has authorization for restricted use.
• Not verifying maintenance debts in galleries or shopping centers: they pass to the new owner.

Want to know what your space is worth today? Get a free Realio valuation in under a minute.