Why you shouldn’t be late to the party!
by admin on August 17, 2017
While vertical living remains the most sustainable way of housing for a crowded city like Colombo, with close to 0.9 million calling the city home, the lack of affordability has created a property boom in the suburbs of Colombo. According to a 2019 report of Colombo-based equities brokerage, JB Securities, 75 percent of new apartment in Colombo were only affordable to the top 10 percent of urban households by income or just 1.6 percent of households across the country. The affluent, looking for luxury landed residential properties, also seek prime, at the same time, spacious plots of lands to build their dream homes with luxury amenities like outdoor swimming pools, curated gardens and outdoor play areas for their children in the greater Colombo area.
Specially, prices of land plots in suburbs like Pelawatte, Battaramulla, Thalahena, and Thalawathugoda have surged in the recent times given their relative proximity to the central business district in Colombo, developed road network and easy access to services like supermarkets, clothing stores and so on. Particularly, land prices in Pelawatte, Battaramulla and Thalawathugoda were in for further surge with the proposed JICA-funded light railway project, a possible decline in land prices is yet to be seen with the recent cancellation of the project. Undeniably, landed properties offer a more perks to homeowners compared to high-rises, staring with more square footage. You won’t have to practice your Yoga moves in that claustrophobic corner in your apartment on the 16th floor. Instead the curated garden in your landed residential property will provide you with an attractive spot, full of nature, to carry out your fitness activities.
Also, if you have a large family, including ageing parents, landed housing would be more suitable for you than apartment living. Further, if you particularly don’t like the hustle and bustle of the city and long for peace and quiet while keeping a link with the city, a landed property in the Greater Colombo area could become your safe haven. Guarded or gated homes could become a popular choice among those who worry about lack of security in landed housing compared to high-rise living.
On the whole, Sri Lanka’s property landscape remains extremely hot—may it be high-rise apartments in the Colombo city or landed residential properties in the suburbs—and you shouldn’t be late to the party and then regret it forever!
