Language(s): Spanish (Official)
Area: 1,285,216 km2
Population: 29,496,000 (2010)
GDP (PPP): 2012 estimate
Total: $322.675 billion
Per capita: $10,588
Peru, in western South America, extends for nearly 1,500 mi (2,414 km) along the Pacific Ocean. Five-sixths the size of Alaska, Peru is divided by the Andes Mountains into three sharply differentiated zones. To the west is the coastline, much of it arid, extending 50 to 100 mi (80 to 160 km) inland. The mountain area, with peaks over 20,000 ft (6,096 m), lofty plateaus, and deep valleys, lies centrally. Beyond the mountains to the east is the heavily forested slope leading to the Amazonian plains.
Peru's housing market has fared well for the past two years after Peru underwent a meager economic growth during the global meltdown in 2009. The country's economy made a strong comeback in 2010 with an 8.8% growth and with 6.9% in 2011, according to the Central Reserve Bank of Peru (BCRP).
In the fourth quarter of 2011, the average price of homes sold in Lima Metropolitan Area was up by 19.9% from the previous year, to PEN 262,043 (US$ 99,449), according to the consultancy Peru Tinsa.
Large demand has driven house sales up by around 27.1% to 6,990 units sold during the year to Q4 2011. Lima homebuyers are now focused on units whose value ranges from PEN 100,000 (US$ 37,736) to PEN 200,000 (US$ 75,471).