With the growth of the economy in Sri Lanka, there’s been an increased concentrate on the real estate market within the island as well. As a result of higher concentration of development occurring nearer to the capital city Colombo, it has also increased the demand for property either for sale or rent in the vicinity. But such rapid developments and increased demand has also led to a scarcity of free land available. Since the requirement to buy home properties has to be supplied with a solution, many leading apartment builders have begun several projects to provide potential homeowners with viable solutions to decide on from. This sort of developments is supported by statistics that indicate that the whole Western province covers only 6% of the country’s land areas but near 28% of the populace seek to create their homes in the area.
Since this trend has been on the rise during the past few y The Continuum ears, now you can find many apartments on the market and also apartments for brief term rent that may be chosen in accordance with your requirements. Additionally, there are several good houses on the market for sale in nearby areas but as a result of high prices, they are not suited to many interested homebuyers. With regards to apartments you will find broadly two categories, namely, luxury apartment projects and micro apartments available for consideration.
In previous times, real estate agents and property developers focused more on offering stand-alone houses for sale. Nevertheless now, with the limitations highlighted above, these developers have looked to provide those who would like to buy home units the option of choosing from luxury apartments. It’s been discovered that the demand to purchase apartment that belong to the true luxury category comes from the Sri Lankan community along with foreigners. Such investments made in relation to own properties in Colombo area have shown high increase in popularity. According to the statistics gathered up to 2015, there have been near over 2600 luxury apartment units and it is further estimated that this number could reach near 6000 units by 2019. Such luxury units are also found to be available for many who wish to rent a condo, giving rise to more and more apartments for brief term rent being offered.
Another alternative to houses on the market may be the accessibility to real estate in the shape of micro apartments. Many apartment builders have invested in such projects which have been in high demand those types of who would like to buy apartment space in Colombo. The mark market for this kind of property has actually found appeal among the affluent customers who may even want a luxury apartment along with middle-income individuals who would like to invest in such a home for them. Just like the above category, this kind of housing solutions are also available as apartments for brief term rent for many who are unable to buy home units by making an outright purchase and therefore turn to rent a condo instead. This opens up the chance for more home seekers to have closer with their dream of running a home in a leading city location.
If you think about purchasing such properties you ought to be prepared for making the investment. The main decision you will have to make could be in relation to whether you really want to purchase apartment space or you still want to look out to purchase home in the shape of another house. As a key consideration once you invest in real estate you will have to determine the area or size of home. Normally houses in Sri Lanka tend to cover about 2700 sq ft while a condo would generally fall in the product range of 1000 to 1500 sq ft. In addition apartments tend to provide additional services such as for example security, cleaning, waste disposal and other recreational facilities that are normally unavailable with separate housing units. But on one other hand, you may want to consider these that are normally unavailable with apartments.
As a result of various requirements of homeowners there are several other options made available when it comes to being able to rent an apartment. Many individuals who’d be taking a look at living in small living spaces for brief periods of time can consider finding apartments for brief term rent. While there is a top percentage of the populace that require to get accommodation to travel to work and for other arrangements in the city limits, it’s be much more of a financially viable option many prefer. With respect to the requirement you might even arrange to increase the rental period once agreed with the renter. This really is also a good way to test whether you can adapt to a condo style living. If the lifestyle appeals to you, with time, you could also consider owning a condo of your own.