{"id":118424,"date":"2021-09-21T17:02:38","date_gmt":"2021-09-22T00:02:38","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=118424"},"modified":"2021-09-21T17:02:38","modified_gmt":"2021-09-22T00:02:38","slug":"property-prices-in-sri-lanka-remain-positive-and-stable-in-q2-despite-covid-waves-lankapropertyweb","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/09\/21\/property-prices-in-sri-lanka-remain-positive-and-stable-in-q2-despite-covid-waves-lankapropertyweb\/","title":{"rendered":"Property Prices in Sri Lanka Remain Positive and Stable in Q2 Despite COVID Waves: LankaPropertyWeb"},"content":{"rendered":"

Lanka Property Web (Pvt) Ltd<\/strong><\/em><\/span><\/h2>\n\n\n

A recent study on the House Price Index\ndeveloped by LankaPropertyWeb which is based on the asking prices of its\nlistings revealed that overall residential land prices (per perch) had soared\nby 44.19% from Q2 2020 to Q2 2021. 4 bedroom house sales prices had increased\nby 15.68% from Q2 of 2020 while average 3 bedroom apartment prices had risen by\n2.64%.<\/p>\n\n\n\n

However, in\nColombo when compared to Q1 of 2021, average apartment selling prices had\nincreased by 3.1% in Q2 with the average selling prices of apartments being\nRs.49.93Mn for a 3 bedroom apartment. Apartment prices have also seen three consecutive quarters of growth in\nasking prices, with values heading towards their peak levels during 2018. This\ncould be fuelled by the\nincrease in construction costs and buyers realizing that now is the best time\nto invest in apartments as new developments cannot be built or sold at these\nprices in the future with a sharp increase in construction costs. <\/p>\n\n\n\n

Further, the LankaPropertyWeb listings\nprices revealed that the average price of a 4 bedroom house in Colombo during\nthe second quarter was at Rs.170.84 million. While 3 bedroom apartments were\npriced at an average of Rs. 51.57 million. When compared to the overall changes\nin property prices for houses and apartments, these fluctuations are evidence\nof the continuous improvements in property demand in Colombo city. With the\nColombo Port City Economic Commission Act, No.11 of 2021 passed 3 months ago\nand estimates of it said to add USD 4.5 billion during its initial years, it is\nexpected that property prices are to soar further in the metropolitan city as\nthe demand for residential rental property rises with the development in\nColombo Port City.<\/p>\n\n\n\n

In terms of land,\na study on the average prices for Q2 in 2021 revealed that the selling price\nfor a land plot in Sri Lanka was Rs.2.48 million. However, residential land\nprices in Colombo were recorded at 11.92 million per perch, which is a 79%\npremium from the overall land prices of the country. Besides Colombo city, land\nprices in the Western Province had also increased by 19% when compared with Q1\nof 2021 while land prices in the Uva province had reduced by 18%. <\/p>\n\n\n\n

Unlike most\ncountries in the world, the Sri Lankan real estate market has maintained its\nstability despite facing three COVID-19 waves. Between the second quarter of\nlast year where the pandemic struck in Sri Lanka at its worst to the current\nquarter this year, fluctuations in the property prices have remained relatively\nless volatile.<\/p>\n\n\n\n

According to the\nSri Lanka customs (Policy and Strategic Planning division Sri Lanka\u2019s export\nperformance January – May  2021) with the\nmerchandise exports increasing by 50.71% when compared with May 2020 and 2021\nand rubber-based product exports improving by 78.12%, the opportunities for\nexporting have relatively increased despite the pandemic. As a result, prices\nof tea and rubber lands have also seen positive influences, with minor\nincreases in price. Between Q2 of 2020 and 2021, tea land prices have increased\nby 14% while the prices of rubber lands grew by 2.2%. <\/p>\n\n\n\n

Average land price fluctuations in the Western Province<\/strong><\/p>\n\n\n\n

In the Western\nProvince between Q1 of 2020 and 2021, 7 cities experienced average price\nincreases by over 50%. Ingiriya in the Kalutara district recorded an increase\nof 109% followed by Ragama, where land prices increased by 76%. Lands in\nPadukka increased by 74% with prices in Angoda rising by 69%, Dompe by 67%, and\nPeliyagoda by 62%. <\/p>\n\n\n\n

Lands in Moratuwa\nalso improved by 56% with demand for property increasing over the years in areas\nsuch as Rawathawatha in particular.<\/p>\n\n\n\n

During the same\nperiod, certain cities also experienced a reduction in average land price\nvalues. These included Rajagirya, Athurugiriya, Gampaha, Gothatuwa, Kesbawa and\nNegombo. Land prices of high-demand cities such as Dehiwala increased by only\n4%, Mount Lavinia 8%, Kelaniya 13%, Rathmalana 20%, and Thalawathugoda 17%.<\/p>\n\n\n\n

Disclaimer<\/strong><\/p>\n\n\n\n

These values and percentages represent\nstatistical average prices of lands listed on LankaPropertyWeb website for that\nwhole area. Prices within the area will have their own variances, such as land\nclose to main roads or junctions being expensive and above average. If you wish\nto obtain more accurate prices for your land or neighbourhood prices, then you\nshould view land for sale<\/a> listings for that\narea, check with an estate agent or valuer<\/a> in your area.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lanka Property Web (Pvt) Ltd A recent study on the House Price Index developed by LankaPropertyWeb which is based on the asking prices of its listings revealed that overall residential land prices (per perch) had soared by 44.19% from Q2 2020 to Q2 2021. 4 bedroom house sales prices had increased by 15.68% from Q2 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-118424","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=118424"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118424\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=118424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=118424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=118424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}