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ECONOMYNEXT – Sri Lanka’s condominium sales decreased by 22.7 percent during the fourth quarter of 2024, from a year ago, according to a condominium market survey conducted by the central bank.
“The Condominium Property Sales Volume Index,3 which covers the Colombo district and other major cities, increased by 4.4 per cent on a quarter-on-quarter basis, while on a year-on-year basis, it decreased by 22.7 per cent,” the central bank said.
Its real estate market analysis noted that during 2024 Q4, the Price Index for New Condominiums within the Colombo District recorded a quarter-on-quarter increase of 1.1 per cent, and an increase of 15.8 per cent compared to the 2023 Q4.
Colombo District recorded the highest proportion of condominium sales in 2024 Q4, comprising 54 per cent of the total, followed by Gampaha and Kalutara.
Only 1 per cent of total transactions were reported outside the Western Province during the quarter.
As in previous quarters, the largest proportion of transactions, accounting for 49 per cent, occurred in the 25 million rupees to 50 million rupees price range during 2024 Q4.
“When the percentage of price categories was compared with the previous quarter, transactions below Rs. 25 mn showed a slight increase while transactions between Rs. 50 mn – Rs. 75mn showed a slight decrease.”
The Asking Price Indices for the Colombo District showed a year-on-year increase in the prices of lands, houses, and condominiums, the central bank said.
The majority of condominiums were bought by Sri Lankan residents, with a slight decrease in this category compared
to the previous quarter.
“Meanwhile, purchases by dual citizens showed a slight increase during the same period.”
Most purchases were made for immediate occupancy, while purchases intended for investment showed an increase. Purchases for rental purposes remained unchanged compared to the previous quarter.
“Most buyers used their personal funds to finance their condominium purchases.” (Colombo/Apr7/2025)
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