Sri Lanka’s capital skyline changes with rise in luxury apartment market: report

colombocitycenter

Sep 06, 2015 (LBO) –  The skyline of Sri Lanka’s capital is growing in terms of the number of luxury apartment units with the market expected to reach 6,000 units by 2018-19, from 2,657 units at the moment, a research report shows.

“Apartment complexes have had a strong hand in shaping the skyline of Colombo. Starting with only a handful of apartment complexes, the apartment market has grown through leaps and bounds today,” the Sri Lanka Real-estate Market Report – 2015 produced by the Research Intelligence Unit says.

“By the end of 2018-19, the numbers are expected to hit 6,000, when projects such as Altair, Shangri-La, Colombo City and 96 Iconic are completed.”

“The first ever luxury apartment complex of its kind, Royal Park entered the high end residential market with less than 500 units,” the report said. Afterwards, though the number of units in each individual apartment complex seemed to be reduced, the collective number of units in all the apartment complexes continued to grow.

In 2009 the luxury housing stock stood at 783 units and by 2015 the number has gone up to 2,657 units.

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