Godman
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Sri Lanka’s Rapid Urbanization Triggers Condo Boom
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 salein 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.
As a general trend, most locals are moving towards the suburbs of Colombo where property is less expensive. The suburbs offer a greener environment as well as better traffic conditions.There is a lot of land for sale in the suburbs and still many plots to choose from.According to research carried out by Lamudi Sri Lanka,A small family home in Gampaha (a suburb of Colombo) can be purchased for betweenRs. four million/$29,630 andRs. six million/$44,444, compared to Rs. six million/$44,444 to eight million/$59,260 in Kandy.
The concept of living in apartmentsis relatively new to the people of Sri Lanka. However, since many foreign and Sri Lankan expatriate investors are migrating into the country, the demand for apartments isincreasing rapidly. Most of these apartments are aimed towards the expatriate Sri Lankans who are interested in setting up businesses in their native country and foreign investors who are interested in settling or purchasing a holiday homein Sri Lanka. According to a survey of local real estate agents in Sri Lanka, 65% believe that the demand for luxury apartments will increase in the next 12 months, while only 25% believe that the demand for luxury houses will decrease.
Accordingto data from KPMG, Price levels for condominium units per square foot (sq. ft.) in Sri Lanka are,
• Super Luxury – US$230 to US$ 385
• Luxury – US$ 115 to US$ 270
• Semi Luxury – US$ 92 to US$ 170
LAMUDI
Lamudi is a leading global property portal focusing exclusively on emerging markets. It offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. Lamudi was established in 2013 in Berlin, Germany and it is currently available in Latin America (Mexico, Colombia and Peru), Asia (Philippines, Bangladesh, Indonesia, Myanmar, Pakistan, Sri Lanka) and Middle East (Jordan, Qatar, Saudi Arabia, United Arab Emirates). Within fewer than three years, Lamudi has established its presence as a key online real estate marketplace in the countries where it is operating.
http://www.thesundayleader.lk/2016/07/24/sri-lankas-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 salein 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.
As a general trend, most locals are moving towards the suburbs of Colombo where property is less expensive. The suburbs offer a greener environment as well as better traffic conditions.There is a lot of land for sale in the suburbs and still many plots to choose from.According to research carried out by Lamudi Sri Lanka,A small family home in Gampaha (a suburb of Colombo) can be purchased for betweenRs. four million/$29,630 andRs. six million/$44,444, compared to Rs. six million/$44,444 to eight million/$59,260 in Kandy.
The concept of living in apartmentsis relatively new to the people of Sri Lanka. However, since many foreign and Sri Lankan expatriate investors are migrating into the country, the demand for apartments isincreasing rapidly. Most of these apartments are aimed towards the expatriate Sri Lankans who are interested in setting up businesses in their native country and foreign investors who are interested in settling or purchasing a holiday homein Sri Lanka. According to a survey of local real estate agents in Sri Lanka, 65% believe that the demand for luxury apartments will increase in the next 12 months, while only 25% believe that the demand for luxury houses will decrease.
Accordingto data from KPMG, Price levels for condominium units per square foot (sq. ft.) in Sri Lanka are,
• Super Luxury – US$230 to US$ 385
• Luxury – US$ 115 to US$ 270
• Semi Luxury – US$ 92 to US$ 170
LAMUDI
Lamudi is a leading global property portal focusing exclusively on emerging markets. It offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. Lamudi was established in 2013 in Berlin, Germany and it is currently available in Latin America (Mexico, Colombia and Peru), Asia (Philippines, Bangladesh, Indonesia, Myanmar, Pakistan, Sri Lanka) and Middle East (Jordan, Qatar, Saudi Arabia, United Arab Emirates). Within fewer than three years, Lamudi has established its presence as a key online real estate marketplace in the countries where it is operating.
http://www.thesundayleader.lk/2016/07/24/sri-lankas-rapid-urbanization-triggers-condo-boom/
