Office, retail and industrial real estate is booming in Lima and the outlook is even brighter.
BY CHRONICLE STAFF
Lima real estate brokers are closely following any news about the U.S. Congressional approval of the U.S.-Peru free trade agreement. "We are waiting for the American congress approval to a free trade treaty already signed and approved by [the] Peruvian congress that ...will dynamize the sector," says Eric Rey de Castro, managing director of Colliers International Lima. He expects the FTA to be approved by U.S. lawmakers within the next 60 days.
Two-way trade between the United States and Peru is expected to grow significantly as a result of the FTA. The US Chamber of Commerce predicts that US exports to Peru will grow 19 percent annually after the treaty is implemented versus 14 percent without the treaty.
The added push from the FTA will comes on top of an already strong demand for industrial property. "There is a very strong growth in internal demand," de Castro says.
Last year, GDP grew by 8.0 percent, its best performance since 1995. Much