Understanding 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 real estate market within the island. Due to the increased concentration of development taking place 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 free land available. Because the need to purchase homeownership must have a solution, many leading apartment builders have undertaken various projects to provide potential homeowners with viable solutions to choose from. This type of development is supported by statistics indicating that the entire western province covers only 6% of the land areas of the country, but about 28% of the population seeks to make their home in the area.

Since this trend has been on the rise for the last few years, you can now find many apartments for sale and also short-term rental apartments that can be chosen according to your requirements. There are also several good houses for sale available in nearby areas, but due to 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 your consideration.

Types of apartments for sale

Popularity of luxury apartment projects
In earlier times, real estate agents and property developers were more focused on offering detached homes for sale. But now, with the limitations highlighted above, these developers have sought to offer those who want to purchase housing units the option of choosing between luxury apartments. It has been found that the demand to buy apartments that fall into the luxury category comes from the Sri Lankan community as well as foreigners. Such investments made in connection with owned properties in the Colombo area have also shown a huge increase in popularity. According to statistics compiled up to 2015, there have been close to 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. , leading to 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 these types of projects which have been in great demand among those who want to buy an apartment in Colombo. The target market for this type of property has actually found it attractive among wealthy clients who might even want a luxury apartment, as well as middle-income individuals 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 up the possibility for more home seekers to come closer to their dream of owning a home in a prime location in the city.

Choosing between apartments and houses for sale
When you consider purchasing such properties, you must be prepared to make the investment. The main decision you have 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 the main consideration when you invest in real estate, you must decide on the space or size of the house. Normally, houses in Sri Lanka tend to cover around 2,700 square feet, while an apartment would generally be in the 1,000 to 1,500 square foot range. In addition, apartments tend to offer additional services such as security, cleaning, garbage disposal, 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 that 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 pet restrictions
• Your ability to engage in 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 want to consider finding apartments for short-term rental. 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 a financially viable option that many prefer. Depending on the requirement, it could even arrange to extend the rental period once agreed with the tenant. This is also a great way to check if you can adjust to apartment-style living. If the lifestyle appeals to you, eventually you might also consider owning an apartment of your own.

To meet much of the demand for wanting to buy apartment properties, there have been various investors and developers who have become interested in developing projects that are in demand for this market. Amongst these companies are several renowned apartment builders operating on the island who have produced several leading apartment projects and have several others lined up as future projects.