This study focuses on the impact of the real estate growth in Lima, how the urban space is being used and how all this affects the social dynamics, the neighborhood cohesion and the individual’s identity in relation to his/her place of living. By studying the development of a neighborhood undergoing a real estate densification process, this work identifies the patterns of public space use and its evolution amidst the neighborhood changes. It also studies the arrival of a new and bigger population. Many of the basic premises concerning the public space deficits and the changes in the land use therein become evident under a quantitative viewpoint. However, the surveys show that the perceptions among the local population do not always match those facts. Likewise, a dialogue has been started between reality and perception, which allows define the events that remain and those being replaced.