Sri Lanka’s Rapid Urbanization Triggers Condo Boom

  • Colombo, Suburbs Experiencing Massive Demand For Property – Lamudi 

In recent years, Sri Lanka has been experiencing a massive demand for property within Colombo and its suburbs. As new large-scale developments are rising in the city, many local and international investors are showing a keen interest in Sri Lanka’s real estate market. Luxury apartments are being constructed all over the city, attracting international businessman and stakeholders migrating into the city. On the other hand, the high living cost in Colombo has resulted in an increase in demand for housing in the outer suburbs of Colombo. This means that increasing numbers of local people are looking to relocate to the suburbs or commuter cities, which are well connected by public transport services.

Rapid urbanization and increased access to all the latest technologies have transformed Colombo into a commercial and tourist hotspot,capturing the attention of stakeholders around the globe.According to research carried out by Lamudi,Colombo is rated as the most searched for city in property listings for housing properties. Thedevelopment of projects like The 96 Iconic Towers, Platinum, and Shangri La has alsoled to the luxury feel of the city.

Thanks to the steady growth of the travel and tourism industry, cities such as Kandy, Galle, and Negombo are also becoming more prosperous. Tourists are more interested in renting out houses than purchasing them in these areas. Hence there is a higher demand for rental properties. According to the Lamudi research team, an average 2-4 bedroom house for sale in Negombo would cost between Rs 5.5 and  Rs 15 million, for sale. If you are renting out a home, rental prices for similar properties range from Rs 25,000 to Rs 50,000 per month.

Read full story from The Sunday Leader

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