September, 16, 2019
With the construction of expressways in the county, the land prices located specially near the exit points of the Expressways have skyrocketed, Millennium Housing Developers PLC, CEO Arjuna Waidyasekera said.
“There has been a steady increase in land prices located near expressways and exit points. Also the ease of access to and from Colombo has resulted in an increase in apartment complexes in the respective areas near the expressways,” Waidyasekera told shareholders in the annual report 2018/2019.
Housing approvals in Greater Colombo continued to decline in 2018, with housing approvals plunging by 11% during the first half of 2018.
“The supply of affordable housing is estimated to be below demand in Sri Lanka,” Waidyasekera said.
However, “There is a demand for housing from people migrating from rural to urban areas, particularly to Greater Colombo townships, influenced by location and convenience factors related to employment and business proximities.”
At the higher end of the spectrum, investments by Sri Lankans who are living abroad are notable and are expected to surge if and when greater political stability is evident, he said.
Waidyasekera further noted that with the population in the Western Province expected to reach 9 million by 2030, the Government intends to minimize the negative effects of high urbanisation, driven by the projected economic growth in the Western Province, by implementing the Western Region Megapolis Master Plan Project.