How to value an urban lot for free in Peru

An official appraisal signed by a REPEV-registered expert (Registry of Verifying Experts and Appraisers) costs between S/700 and S/3,500. Before spending that money, it's reasonable to want a sense of the lot's price range. For a first approximation, free methods combine public information from the Ministry of Housing, the municipalities, SUNARP and the real estate portals.

Variables that move the value of an urban lot

• District and area: San Isidro or Miraflores is not the same as San Juan de Lurigancho.
• Zoning: residential RDB/RDM/RDA, commercial, industrial, other uses.
• Urban parameters: maximum height, free area, setbacks.
• Services: SEDAPAL/EPS water and sewage, electricity, natural gas.
• Frontage and shape: regular lots are valued higher.
• Risks: huaico zones, collapsible soils, marginal strips.
• Registry status: independización, encumbrances, declaratoria de fábrica.

Method 1: Ministry of Housing tariff as a floor

The tariff value is published annually by the MVCS and is the base for the Impuesto Predial. Although usually well below market, it's a minimum benchmark. You'll find it:

• On the property's HR/PU autoavalúo.
• At the district municipality.
• In the official tariff maps by zone.

As a practical rule, market value in consolidated districts of Lima is typically between 3 and 8 times the tariff value.

Method 2: comparables on portals and observatories

Compile at least 10 similar lots in the same area, with comparable surface and zoning. Compute price per m² and discard extremes. Important:

• Filter by recent publication date.
• Exclude lots with active declaratoria de fábrica or buildings, unless you discount the building value.
• Consider the MVCS real estate observatory and reports from local chambers and consultants for benchmarking.

Remember closing prices tend to be 5% – 12% below listing prices.

Method 3: project residual

If the lot allows a concrete project (for example, a 6-story multifamily building), the residual method is very useful:

1. Estimate how many sellable m² you can build under the parameters.
2. Set an average price per m² by district.
3. Compute the project's potential revenue.
4. Subtract construction cost, habilitación cost if applicable, IGV differential, sales commission, general expenses and minimum expected profit.
5. The result is the maximum value of the land for the project to be profitable.

Method 4: automated valuators

Some digital platforms cross partidas registrales, transfers and urban parameters to deliver an instant estimate. It works very well in districts like Surco, San Borja, La Molina, Magdalena, Pueblo Libre or Cercado de Arequipa, where there are many comparables. In areas with little information, it's better to combine it with the residual method.

Step-by-step to a free range

1. Get the property's partida registral at SUNARP (online search).
2. Request a copy of the HR and PU or check your autoavalúo at the municipality.
3. Request the certificate of urban and building parameters at the district municipality (some deliver it free or very cheap).
4. Collect updated comparables on portals and observatories.
5. Cross the comparables average with the tariff value and with an AVM if available.
6. Document the final range with a ±10% margin.

Example: lot in Miraflores of 250 m²

• Official tariff: S/3,200/m² → base value S/800,000.
• Active comparables: S/9,500 to S/11,200/m² → adjusted average S/10,000/m² → S/2,500,000.
• AVM: S/2,420,000.
• Residual assuming a building of 1,200 sellable m² at S/9,500/m² and typical costs: S/2,650,000.

Final range: S/2,400,000 – S/2,700,000. The tariff worked as a floor; comparables and the residual defined the realistic range.

Common errors that cost money

• Confusing tariff with market value.
• Comparing lots with different zoning.
• Forgetting maximum height or minimum parking, which in some districts change the entire calculation.
• Taking portal averages without discarding old or irregular publications.
• Not reviewing the partida registral: encumbrances, mortgages, observations on physical-legal saneamiento can lower the value.

When you need a REPEV appraisal

For bank mortgage loans, COFIDE, judicial cases, expropriation, trusts or liquidation of sociedad de gananciales, an appraisal signed by a REPEV expert is required. Your free estimate helps you arrive well prepared at that appraisal, not to replace it.

Final recommendation

Before setting a sale price — or accepting an offer — always compare at least three methods: comparables, tariff and residual. If all three point to similar ranges, you're on track. If they diverge widely, something about the area or the lot deserves further investigation.

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