Research Intelligence Unit (RIUNIT), a premier real estate research and consultancy firm witha presence in the UK, Sri Lanka, the Maldives and Bangladesh says that since the beginning of 2023, the apartment selling price per sq ft in rupees has remained steady.
However, RIUNIT says that in the four months ending June 2023, the suburban apartment selling prices (US$ per sqft) have shown a consistent increase.
During the eight years ending 2023, RIUNIT says the Mount Lavinia area has witnessed a consistent upward trajectory in the cumulative supply of apartments, and the same trend is expected to continue.
According to their April 2023 report Tier 1 apartment prices in Colombo 1 (USD 468 per square foot) was at the highest price point while the lowest was Colombo 3 at USD 265 per sq.ft.
Among the 15 selected Colombo cities in the Tier 2 segment the highest price point was in Colombo 5 (USD 207) while Colombo 7 (USD 203) a close second. Lowest prices were recorded from Colombo 15 (USD 99 per sq.ft)
RIUNIT says that in the Tier 3 segment the highest price is recorded in the Colombo 3 area at USD 140 and the lowest prices are recorded form the Colombo 9 area at USD 60.
“RIUNIT team is celebrating 20 years and our reports cover critical data points such as cumulative supply, absorption rates, inventory levels, price fluctuations, socio-economic indicators, and infrastructure information”, said head of real estate research at RIUNIT, Suneth Viduranga.
“The company firmly believes that market research is the cornerstone of market intelligence, and to achieve this, information must be readily available to all in a transparent and equitable manner”, he said.