March, 27, 2016
Apartments have gained a high demand and are known to be one of the fast selling types of Real Estate. Notable projects have been carried out by various developers which have earned them a high rank in the real estate market. Lamudi explores how the rise of apartments have made an impact on the real estate market of Sri Lanka.
The dawn of apartments - Early Days
The Real Estate market has grown from what it used to be in the past, as a massive progression was achieved by developers and contractors with the aid of advanced technology and infrastructure.. Apartments were commonly referred to as ‘Flats’ sometime back as they were built in housing schemes and was widely accommodated by those who were on a budget.
Starting prices ranged from Rs. 5.5 million to Rs. 9 million when apartments were starting to make a buzz in the market, back in the day.
Most suburbs had a very high demand for property which aided the growth of apartment presence in colombo. Areas like Wellawatte are well noted and popular for its growth of apartment complexes. It’s evident that in most parts of the city large apartments have been built and still continue to attract property seekers from around the country. Due to its growth from the past, it has inspired developers to build more projects and to improve the quality of vertical living.
Areas like Bambalapitiya, Rajagiriya, Havelock Town, Borella and Negombo were also one of the first cities involved in the growth of apartment complexes. These cities have greatly contributed to the current market which is driving its way towards success and high demand.
What the future Looks like
The concept behind living in apartments has now become a trend that it has gone up to the extent of attracting foreigners who are migrating to the country and those who are living in the country temporarily. Developers have been inspired from upcoming projects from their competitors and due to the increasing demand, they have been motivated to build properties with advanced technology. The presence of apartments since then have always grown as the same areas that were first in line to offer their land for apartments to be built, are still leading their way through and gaining very high momentum in the country.
One of the most popular apartment complexes was ‘Havelock City’ located in the heart of Havelock town, Colombo. Havelock City offers a wide range of facilities and was one of the very first mid-range apartments that were built in the city. Prices today start from Rs. 28 million to Rs. 37 million for a two or three bedroom apartment. Luxury apartments have earned high demand and sustainability throughout the years.
Established projects like the Empire, Trillum Residences, Emperor and Lumiere sell at least 80 percent of their units upon construction. According to the Sri Lanka Real Estate Market Brief, the government plans on encouraging more foreign participation and have reduced tax obligations of international buyers.