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Sri Lanka Real Estate Market Report 2021

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The report consists of the economic performances during 2020 and growth forecasts for 2021. Sri Lanka has the highest literacy rate and has the second highest GDP per capita in the South Asian region despite the pandemic.

The report covers the following topics – overview, GDP growth, GDP per capita, inflation rate, interest rate, imports & exports, exchange rate, tourism (tourist arrivals, tourist receipts), foreign direct investments, human development index, business climate, ease of doing business ranking, winners & losers during the pandemic, Western province outlook.

Luxury & Semi Luxury Apartments Market

The annual real estate report by the Research Intelligence Unit (RIU) shows that the industry had performed with tenacity and resilience during the past year, given the economy’s extraordinary challenges. The report concluded that within the next 2-3 years, Sri Lanka would face an undersupply of apartments and other real estate assets due to a combination of variables that would essentially navigate it towards establishing a seller’s market.

The report covers the following topics – overview, cumulative supply of apartments, supply of apartments by tier, supply of apartments by location, supply of apartments in Colombo city, supply of upcoming apartments, demand, price, regional comparisons of the prices, rentals, rental yield, secondary market, product mix & absorption, buyers, buyer segments, non-resident Sri Lankans living abroad, foreign buyers, diaspora HNI survey, payment terms, outlook.

Grade “A” Office Space

The report indicates the ongoing development activities, over the next few years, that a sizeable stock of premium spaces to be introduced to the Central Business District (CBD) bounds. Also, it discusses the challenges commercial real estate faced in the first two quarters of 2020 and how those offices bounced back from the daunting pandemic experience with new office concepts under the new normal.

The report covers the following topics – overview, cumulative supply of office spaces, upcoming supply of office spaces, supply by location, lease rates, absorption, occupancy, positioning for the future of workspaces, key highlights of the post COVID survey, terms of lease, outlook.

Gated Housing Developments

The report discusses about a ‘gated community living’ trend that has started to pick up towards the suburban locations. It further elaborates on the target groups who are interested in gated living and their unique perspective on life and how it should be lived is shaping how homes are being designed and built.

The report covers following topics – overview, location-wise Housing Supply in Sri Lanka, number of units of the major housing projects, major housing projects developers in Sri Lanka, target market, outlook.

Retail Mall Space

The report discusses the substantial shifts the retail industry faced and the diverse approaches retail mall operators opted to combat the pandemic to retain the existing tenants. Though the tourist market’s being hit there was a renewed enthusiasm from the domestic market towards the latter part of the year, which is a strong indication that retail malls will come to their former glory in the short-medium term.

The report covers the following topics – overview, existing supply, upcoming supply, supply by location, leases rates, occupancy, terms of lease, overview.

Bare Lands Market

The report shows land values in central Colombo remained unchanged despite the sentiments that was caused by the pandemic. Consequently, bare lands have been a buyers’ market in central Colombo for the past few years and is a strong indication that it will continue to remain strong considering its long-term investment opportunities. Also, it discusses the suburban areas that are in demand and with repatriation taking place at the same time, the demand for properties in the suburbs is expected to rise further in the future.

The report covers the following topics – overview, bare lands prices, outlook.

Source: Research & Markets – Full Report – February 2021

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