Understand the market for apartments for sale and how to decide the type of property you would like to own in Colombo

Popularity of apartments for sale

With the growth of the economy in Sri Lanka, there has also been an increased focus on the property market within the island. Due to the increased concentration of development occurring closer to the capital city, Colombo, the demand for properties to buy or rent in the immediate vicinity has also increased. But these rapid developments and increased demand have also led to a shortage of available free land. Because the need to purchase residential property must have a solution, many leading apartment builders have undertaken various projects to provide potential homeowners with viable solutions to choose from. These types of developments are supported by statistics indicating that the entire western province covers only 6% of the country’s land areas, but about 28% of the population seeks to make their home in the area.

Since this trend has been on the rise for the past few years, now you can find many apartments for sale and also apartments for short term rent that can be chosen according to your requirements. There are also several good houses for sale available in nearby areas, but due to the high prices, they are not suitable for many interested buyers. In terms of apartments, there are two general categories, namely luxury apartment projects and micro apartments available for consideration.

Types of apartments for sale

Popularity of luxury apartment projects

In earlier times, real estate agents and property developers focused more on offering independent homes for sale. But now, with the limitations highlighted above, these developers have sought to offer those who want to buy housing units the option of choosing between luxury apartments. The demand to buy apartments that fall under the luxury category has been found to come from the Sri Lankan community as well as from foreigners. Such investments made in connection with own properties in the Colombo area have also shown a great increase in popularity. According to statistics collected up to 2015, there have been close to more than 2,600 luxury apartment units and it is further estimated that this number could reach close to 6,000 units by 2019. These luxury units are also available for those who wish to rent an apartment. , resulting in more and more apartments being offered for short-term rental.

Potential for micro apartments in Sri Lanka

Another alternative to houses for sale is the availability of real estate in the form of micro apartments. Many apartment builders have also invested in such projects which have been in high demand among those who want to buy an apartment in Colombo. The target market for this type of property has actually found appeal among wealthy clients who might even want a luxury apartment, as well as middle-income people who want to invest in such a home for themselves. Similar to the previous category, these types of housing solutions are also available as short-term rental apartments for those who are unable to purchase housing units by making an outright purchase and are therefore looking to rent an apartment instead. This opens the possibility that more home seekers come closer to their dream of owning a house in a prime location in the city.

Choosing between apartments and houses for sale

When you consider buying such properties, you should be prepared to make the investment. The main decision you need to make would be in relation to whether you really want to buy an apartment space or if you still want to buy a house in the form of a separate house. As a primary consideration when investing in real estate, you must decide on the space or size of the house. Typically, houses in Sri Lanka tend to cover around 2,700 square feet, while an apartment would generally be in the 1,000-1,500 square foot range. In addition, apartments tend to offer additional services such as security, cleaning, waste removal, and other recreational facilities that are not normally available with separate housing units. But on the other hand, you may want to consider the following which are not normally available with apartments.

• When you buy apartments, you will get a limited parking space

• changes are not possible

• Most apartment complexes have restrictions on keeping pets

• His possibility of dedicating himself to gardening activities is minimal

Considering when to rent an apartment

Due to the various requirements of homeowners, there are several other options available in terms of being able to rent an apartment. Many people who would be looking to live in small spaces for short periods of time may consider finding apartments for short-term rent. Since there is a large part of the population that needs to find accommodation for commuting and other arrangements in the city limits, this has become an economically viable option that many prefer. Depending on the requirement, I could even arrange to extend the rental period once agreed with the lessee. This is also a great way to see if you can adjust to apartment-style living. If the lifestyle appeals to you, in time, you might as well consider owning an apartment of your own.

To meet much of the demand for apartment properties, there have been a number of investors and developers who have been interested in developing projects that are in demand for this market. Among these companies are several reputable apartment builders operating on the island who have produced several leading apartment projects and have several others lined up as future projects.