Peru Mortgage Lending Reaches Five-Year High

By contrast, credits financed through Fondo Mivivienda totaled only S/1.799 billion, still 27.2% below the S/2.470 billion posted between August 2022 and July 2023. That leaves the program about S/671 million short of its earlier level even as the overall mortgage market expands.

The same split shows up in volumes. The financial system granted 47,815 mortgage loans in the latest 12-month period, with 38,164 coming from institutions using their own funds and 9,651 tied to Mivivienda. The system-wide figure was the highest in the five-year sample, but the state-backed segment has not recovered at the same pace.

For investors and developers, the message is that demand for housing finance is still holding up, yet the composition of that demand matters. A market led by bank balance sheets rather than public subsidy can support lending growth, but it does less to ease access for lower-income buyers or accelerate the social-housing pipeline that Mivivienda is meant to serve.

Monthly data also point to a choppier backdrop. CAPECO said mortgage disbursements fell for a fourth straight month in July 2026 versus March, even though July lending was still 20.8% higher than a year earlier across the system and 18.4% higher in the Mivivienda-linked segment. In August, social-housing lending rebounded 34.3% from July, helped by a 57.7% jump in Techo Propio placements and a 44.9% increase in the complementary Techo Propio credit.

The next read-through for the market will be whether that August bounce marks a genuine improvement in subsidized housing finance or just a short-lived catch-up after a softer midyear stretch. For now, Peru’s mortgage market is growing — but the state program at the center of affordable housing is still playing catch-up.