Impact of infrastructure projects on the Peruvian real estate market

The recent execution of significant infrastructure projects in Peru, such as the Port of Chancay and the new Jorge Chávez Airport City, has generated a notable impact on the real estate market in the surrounding areas. According to a study by Binswanger, a consulting firm specialized in the sector, the lands adjacent to these initiatives have increased considerably in value, attracting the interest of investors and entrepreneurs looking to capitalize on the upcoming economic potential.

Max Medina, research manager at Binswanger Peru, commented that the consultancy analyzed ten infrastructure projects, but highlights the Port of Chancay and the Jorge Chávez Airport City due to their imminent inauguration, which promises an immediate effect on land valuation. In particular, it is estimated that the port will be delivered by the end of this year, and the sale prices of industrial lands nearby are around 175 dollars per square meter, with a range fluctuating between 70 and 220 dollars for lots larger than 10,000 square meters.

In contrast, urban lands in the city have seen an even more dramatic increase, surpassing 1,000 dollars per square meter. According to Medina, these lands are available in sizes ranging from 200 to 500 square meters, reflecting the growing interest in the area. However, agricultural lands are also observed, whose prices, although still low, have experienced a significant increase since the project announcement, rising from less than 5 dollars to nearly 40 dollars per square meter.

Medina warned about the speculation surrounding land prices, highlighting the absence of an Urban Development Plan (UDP) that clearly defines land use in the area. The lack of clarity regarding zoning has made some investors cautious, despite the attractiveness of the investment. "The plan could determine land uses that differ from the original expectations of buyers," he emphasized.

Despite the uncertainty, there are investment funds that have shown interest in acquiring land in Chancay, although many have chosen not to finalize their investments due to the lack of clear information about zoning. The potential creation of a Special Economic Zone (SEZ) between the ports of Callao and Chancay has generated even more expectations in the region, which could alter the urban development landscape in the future.

Regarding rental rates, Binswanger reports that the prices of industrial lands near the airport average 1,100 dollars per square meter. This figure represents a 16% increase over the last four years, with the expectation that this trend will continue as the projects in the area solidify. This increase reflects the growing interest in industrial development in the area, driven by proximity to the new infrastructure.

Warehouse rental prices have also seen a considerable increase, with independent spaces reaching an average of 6.75 dollars per square meter, while those in condominiums average 7.33 dollars per square meter. These rental increases, of 23% and 13% respectively since 2020, are indicative of the recovery and growth of the logistics sector in the region.

The development of the Airport City not only includes the construction of the air terminal but also the awarding of significant projects such as the Callao Logistics Park, which includes companies like CAPIA and Latam Logistic, as well as the establishment of hotels and cargo areas. These initiatives will contribute to the creation of an efficient logistics ecosystem that will facilitate trade and connectivity in the area.

The synergy between the expansion of the Callao port docks and the new airport infrastructure also promises to enhance commercial activity, allowing for a greater volume of trade and logistical efficiencies. These interactions between infrastructure projects are essential to maximize the economic potential of the region.

As these projects develop and the UDP is defined, land valuation is expected to continue rising, creating a favorable environment for investment and urban development. Undoubtedly, the Port of Chancay and the Jorge Chávez Airport City are marking the beginning of a new era for the Peruvian economy, with significant implications not only for the region but for the country as a whole.