Apartments for sale in Elakanda province

Apartments for sale in Colombo

Colombo, the vibrant commercial capital of Sri Lanka, is experiencing a real estate boom, with a particular focus on the apartment sector. As the city continues to develop and modernize, apartments for sale in Colombo have become increasingly attractive to both local and international buyers. 

The Appeal of Colombo's Apartment Market

The demand for apartments for sale in Colombo has surged in recent years, driven by several factors:

• 1.Rapid urbanization and population growth

• 2.Closer to workplaces, schools and all amenities

• 3.Increasing foreign investment in Sri Lanka

• 4.Rising land prices making apartments more cost-effective than houses

• 5.Modern amenities and convenient living spaces

For those seeking a more traditional living experience, houses for sale in Colombo offer an alternative option with additional space and privacy.

Prime Locations for Apartments in Colombo

When searching for apartments for sale in Colombo, several neighborhoods stand out in the area of Colombo 1-15:

• Colombo 1 & 2 (Fort & Slave Island): Has the highest concentration of luxury apartments in Colombo, which oversee the country’s most prominent landmark - the Galle Face and the Indian ocean next to it

• Colombo 3 (Colpetty): Known for luxury high-rises with ocean views and Grade A Commercial Buildings 

• Colombo 4 (Bambalapitiya): Popular for its mix of residential and commercial spaces with plenty of shopping and street food places in the area

• Colombo 5 (Narahenpita & Havelock Town): Offers a balance of urban living and green spaces and one of the most sought after locations in recent years

• Colombo 6 (Wellawatte and Kirulapone): With a vibrant multicultural mix, this area has some of the most affordable apartments, but yet close to the CBD.

• Colombo 7 (Cinnamon Gardens): Prestigious area with luxury apartments

• Colombo 8 (Borella): Central location close to schools and major transport links

Each of these areas provides unique advantages, catering to different lifestyles and preferences. For those not ready to commit to a purchase, apartments for rent in Colombo offer a flexible alternative to experience city living.

Types of Apartments Available

The Colombo apartment market offers a diverse range of options:

• 1.Luxury penthouses with panoramic city views

• 2.Mid-range condominiums with modern amenities

• 3.cheap apartments for sale, ideal for young professionals

• 4.Family-sized units in gated communities

This variety ensures that there are plenty of apartments for sale in Colombo to suit various budgets and needs.

Apartment Prices

As prices of lands for sale in Colombo rise and the city's transient population grows, the demand for apartments in Colombo has surged, driving up their prices as well.

The average price of apartments for sale in Colombo depends on various factors, such as the location, size, condition, facilities, and amenities of the property. The average selling (asking) price of a 3-bed apartment for sale in Colombo is just under Rs. 100 million, as at mid-2024. However, there’re plenty of cheap apartments for sale in Colombo, such as 2-bedroom apartments for sale in Colombo 13 for 15 million. 

The average price per square foot for apartments for sale in Colombo is Rs. 60,500, while super luxury apartments for sale in Colombo command a per sqft price of Rs, 100,000 and above. These prices can vary significantly depending on the specific area and property type. 

Why buy apartments in Colombo

Below are some of the main advantages of buying an apartment in Colombo:

• 1.Colombo being the main commercial hub of Sri Lanka, is the most desirable place to live in, thus demand is high for real estate in the area

• 2.Since the demand is high, it’s also easier to sell your apartment in the future for a good return

• 3.Most workplaces, popular schools, malls and restaurants are in Colombo, so you’re close to everything in life. You’ll be able to cut the travel time and arrive at home quickly to spend more quality time with your family

• 4.Easy to rent your apartment and earn an extra income from professionals or tourists 

• 5.Value appreciation is close to 3 times the price as 10 years ago!

Investment Potential

Investing in apartments for sale in Colombo can be a smart financial move. The average 3-bed apartment sales (asking) price in Colombo has increased by a huge 180% in the past 10 years! That’s nearly triple the amount it was back in 2014. 

The city's growing economy and increasing tourism are driving property values up. Many developers offer attractive payment plans and rental guarantees, making it easier for investors to enter the market.

Apart from capital gains, you can also earn income by renting the apartment. There’s a growing demand for serviced & short term rental apartments in Colombo by tourists, where buyers will be able to capitalize on the growing demand by the tourism industry. 

For those interested in the commercial side of real estate, commercial property for sale in Colombo presents an additional investment opportunity.

Factors to Consider When Buying an Apartment in Colombo

Whether you’re buying a new or used apartment for sale in Colombo, consider the following before purchasing :

• Location and accessibility to key areas of the city

• Developer's reputation and track record

• Quality of construction and materials used

• Amenities offered (e.g., parking, gym, swimming pool)

• Potential for appreciation in value

• Approvals and certifications obtained by the developer (such as CoC)

• Used apartments for sale will be cheaper than new apartments. However the price appreciation of new apartments will be much higher than old ones

Before buying an apartment in Colombo, there are some factors that need to be considered carefully. These include:

The purpose of buying: Whether you are buying an apartment for living or for investment purposes can affect your choice of location, size, design, and budget. For example, if you are buying an apartment for living, you may want to consider the proximity to your workplace, school, or family. If you are buying an apartment for investment purposes, you may want to consider the potential rental income or capital appreciation of the property.

It's also wise to research the local real estate laws and regulations to ensure a smooth buying process. A full checklist of things to look out for can be found in our Property Buying Guide. 

Restrictions, taxes and fees

Both locals and foreigners can buy an apartment on any floor. Foreigners do not need to pay any extra taxes and are also eligible to obtain a 5-10 year residency visa as part of the purchase of an apartment. 

In addition to the purchase cost, you will need to pay stamp duty and legal fees. The breakdown of costs associated with purchasing an apartment can be found in our Property Buying Guide.

The market for apartments for sale in Colombo is thriving, offering a range of options for homebuyers and investors alike. With its combination of modern living spaces, strategic locations, and potential for appreciation, Colombo's apartment sector presents an exciting opportunity in Sri Lanka's real estate landscape.

Whether you're looking for a permanent residence, a holiday home, or an investment property, exploring the diverse offerings of apartments for sale in Colombo is well worth your time. As the city continues to grow and evolve, now may be the perfect moment to secure your piece of Colombo's promising future.