With the growth of the economy in Sri Lanka, there’s been an elevated concentrate on the true estate market within the island as well. Because of the higher concentration of development occurring nearer to the capital city Colombo, it has additionally increased the demand for property either to buy or rent in the vicinity. But such rapid developments and increased demand has additionally generated a scarcity of free land available. Since the need to buy home properties must be given an answer, many leading apartment builders have begun several projects to supply potential homeowners with viable solutions to decide on from. This type of developments is supported by statistics that indicate that the entire Western province covers only 6% of the country’s land areas but close to 28% of the people seek to make their homes in the area.
Because this trend has been on the rise during the past few years, now you’ll find many apartments for sale and also apartments for brief term rent that may be chosen in accordance with your requirements. Additionally, there are several good houses for sale obtainable in nearby areas but due to the high prices, they are not suited to many interested homebuyers. In terms of apartments you can find broadly two categories, namely, luxury apartment projects and micro apartments readily available for consideration.
In previous times, property agents and property developers focused The Continuum more on offering stand-alone houses for sale. But 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 unearthed that the demand to purchase apartment that fall under the true luxury category comes from the Sri Lankan community in addition to foreigners. Such investments made in relation to own properties in Colombo area have also shown high escalation in popularity. According to the statistics gathered up to 2015, there has been close to over 2600 luxury apartment units and it is further estimated this number could reach close to 6000 units by 2019. Such luxury units may also be found to be around for those who wish to rent a condo, giving rise to more and more apartments for brief term rent being offered.
Another alternative to houses for sale is the option of property in the proper execution of micro apartments. Many apartment builders have also dedicated to such projects that have been in high demand those types of who would like to buy apartment space in Colombo. The goal market for this kind of property has actually found appeal among the affluent customers who could even want a luxury apartment in addition to middle-income individuals who would like to invest in this home for them. Just like the above category, this kind of housing solutions may also be available as apartments for brief term rent for those who cannot buy home units by making an overall purchase and therefore check out rent a condo instead. This opens up the chance for more home seekers to get closer to their dream of having a home in a prime city location.
When you consider purchasing such properties you ought to be prepared for making the investment. The key decision you would have to make could be in relation to whether you really want to purchase apartment space or you still would like to look out to purchase home in the proper execution of a separate house. As a principal consideration when you purchase property you would have to decide on 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 range of 1000 to 1500 sq ft. In addition apartments tend to provide additional services such as for instance security, cleaning, waste disposal and other recreational facilities that are normally unavailable with separate housing units. But on one other hand, you should consider the following that are normally unavailable with apartments.
Because of the various requirements of homeowners there are several other options made available when it comes to being able to rent an apartment. Many individuals who would be considering living in small living spaces for brief periods of time can consider finding apartments for brief term rent. Since there is a high part of the people that need to get accommodation to travel to work and for other arrangements in the town limits, it has become more of a financially viable option many prefer. Depending on the requirement you could even arrange to extend the rental period once agreed with the renter. That is also an effective way to test whether you can adapt to a condo style living. If the lifestyle appeals to you, as time passes, you might consider owning a condo of your own.