The price on a luxury apartment listing is the first line of the budget, not the last. For a one-million-dollar property in San Isidro or Miraflores, total closing cost runs an additional 50 to 75 thousand dollars. These costs are not optional and many are not negotiable. The difference between a buyer who has cash to close and one who falls short sits in the detail of six to eight line items the listing does not mention.

This guide walks through the 360-degree view of costs associated with buying a luxury property in Lima in 2026: taxes, notary, registration, legal advisory, bank, insurance, foreign investor costs, and the less visible line items.

Alcabala tax: the most predictable

The Alcabala tax equals 3 percent on the transfer value above 10 UIT (roughly 53,500 soles in 2026, or about 14 thousand dollars). The buyer pays it at the SAT of the district where the property is located.

For a one-million-dollar purchase, the taxable base is 1,000,000 minus 14 thousand of UIT exemption, equivalent to 986 thousand dollars. Three percent comes to 29,580 dollars. For a 2.5 million property, Alcabala sits around 74,580 dollars.

Payment is made before signing the public deed. The payment receipt must be presented to the notary on signing day. Without Alcabala paid, there is no deed.

Notary: drafting and signing the public deed

Notary fees in Lima cover the drafting of the private contract and the signing of the public deed. The typical range is 0.4 to 0.8 percent of property value, with a fixed minimum of approximately 1,500 dollars. Some premium HNW notaries sit in the upper range of 0.8 to 1.2 percent, justified by file sophistication and processing speed.

For a one-million purchase, notary fees sit between 4 and 12 thousand dollars. The difference is real but should not be the notary selection driver; track record with luxury operations and the network of relationships with SUNARP and municipalities usually justifies the premium.

SUNARP: title registration

Transfer registration at SUNARP has two components. Registration fees (a percentage of property value) and qualification fees. For properties above 500 thousand dollars, total registration cost typically sits between 0.1 and 0.3 percent of value, with a regulated cap.

For a one-million purchase, registration fees add up to between 1,000 and 3,000 dollars. Registration timeline runs 7 to 35 business days depending on file complexity and registry workload. Registration is not optional; without SUNARP filing, the buyer is not legally owner against third parties.

Legal advisory: the investment that pays for itself

Legal advisory specialized in luxury operations is the line item that varies most and yields most per dollar invested. The typical range is 0.5 to 1.5 percent of property value. The lawyer’s role in luxury extends beyond document review: structuring the operation (individual, company, trust), drafting and negotiating clauses in the contract, coordinating consular powers of attorney, supervising banking compliance, validating SUNARP encumbrances, and technical due diligence on the asset.

For a one-million-dollar purchase, full luxury legal advisory sits between 5,000 and 15,000 dollars. The difference with a standard advisor usually compensates with a single well-negotiated clause or a contingency caught before signing.

Bank: what it charges the buyer

Even in cash operations, the Peruvian bank receiving the wire and issuing the cashier’s check for closing charges fees. The cashier’s check for the public deed costs between 50 and 200 dollars. Incoming international wire fees sit between 0.05 and 0.2 percent of the amount, with absolute caps at some banks. Account maintenance during the pre-closing period are smaller but accumulate.

For a cash operation, total bank costs typically run between 500 and 2,500 dollars. For a partially financed operation, add credit evaluation, bank appraisal, mandatory insurance, and credit administration fees, which can add 1 to 2 percent of the financed amount.

Mandatory and recommended insurance

The buyer can or must take out several insurance policies at closing. Life insurance, mandatory if there is bank financing, covers the credit balance in case of holder’s death or disability. The cost is paid monthly and sits between 0.05 and 0.15 percent of credit balance.

Multi-risk property insurance, recommended though not mandatory, covers fire, theft, water damage, and other risks. The annual cost runs between 200 and 800 dollars for a luxury apartment, depending on declared value and additional coverage.

Title insurance, widely used in markets like the United States, is not standard in Peru. Some HNW buyers contract it optionally with international insurers for operations above 2 million dollars.

Specific costs for the foreign investor

The non-resident buyer adds four extra line items. Consular legalization of the power of attorney: 100 to 500 dollars depending on consulate. Hague apostille when applicable: 50 to 200 dollars. Tax advisor to define holding structure: 1,500 to 5,000 dollars depending on complexity. Notary fees in the country of origin to sign the POA: variable by jurisdiction, typically 200 to 1,000 dollars.

Total additional for foreign investor: approximately 2 to 7 thousand dollars over the standard closing budget.

The less visible costs

Three line items buyers tend to underestimate.

Moving, installation and services. For a luxury apartment, professional moving with specialized packing costs between 2,000 and 8,000 dollars. Service installation (electricity, water, gas, internet, cable) adds 200 to 500 dollars. Acquiring new furniture or adapting existing furniture can run 30 to 150 thousand dollars depending on how furnished the property is delivered and the desired style.

First year maintenance. Monthly condominium fees in premium buildings sit between 600 and 1,500 dollars. The first year runs between 7,200 and 18,000 dollars. Annual property tax, calculated on assessed value, adds between 1,500 and 6,000 dollars for a prime property.

Renovations and improvements. If the apartment is bought with some wear, renovations can be substantial. Full floor refinishing costs 60 to 200 dollars per square meter. Bathroom renovation, 8 to 25 thousand dollars. Kitchen renovation, 30 to 80 thousand dollars. These costs vary widely with ambition but should be budgeted before closing.

Consolidated view for a one-million-dollar purchase

For a one-million-dollar apartment in San Isidro or Miraflores, bought in cash by a Peruvian individual, with no immediate renovations:

Alcabala: 29,580. Notary: 5,000 to 8,000. SUNARP: 1,500 to 3,000. Luxury legal advisory: 5,000 to 12,000. Bank: 500 to 1,500. First-year multi-risk insurance: 400. Moving and installation: 3,000 to 5,000. Total: approximately 45 to 60 thousand dollars in direct closing costs.

To direct costs add the first year of holding: condominium fee (7,200 to 18,000), property tax (1,500 to 6,000), basic insurance and maintenance. The additional first year runs around 12 to 25 thousand dollars.

For the foreign investor, add 2 to 7 thousand dollars in additional international file costs.

How to budget correctly

The practical rule the HNW buyer should use is to budget 5 to 8 percent of property price as total closing costs, not counting furniture or renovations. For a foreign investor, add another 1 percentage point. For partially financed operations, add another 1 to 2 points.

Those numbers are not aspirational; they are the operational reality of the Peruvian luxury market in 2026. The buyer who knows them before signing the offer enters closing with margin. The one who does not know them arrives short.

If the operation is close, the practical steps are three. Ask the legal advisor for a detailed cost projection before signing the offer, not after. Confirm fees and the list of included services with the notary. Keep at least 8 percent of the price available in liquid cash for closing, on top of property price. The operation closes when cash is in place, not before.