Peeling paint shows the old layer beneath a fresh surface, read as appearances wearing thin. It stands for a need to renew something properly instead of covering it again.
When this appeared in your dream, what were you feeling?
My Cosmic Code has a private dream journal. Write a dream down and the app picks out the symbols in it, shows what dream books say about them and, over time, which words recur across your entries. The journal is stored on your device only.