Lamudi examines change in residential property market

1 June 2015 03:25 am - 0 - {{hitsCtrl.values.hits}}

A A A

It is not an easy task to meet the needs of the residential property market. With a mass of residential properties on the rise, understanding what house-hunters are looking for can be a challenging task for a developer. Previously the goal of a developer was only to satisfy the basic need of shelter; today, property-seekers are looking for the complete lifestyle package. From comfort to design, it is crucial for a developer to understand the exact needs of the potential homeowner in order to secure the sale.
An element of change that has occurred over the past 50 years is the size of the average home. From single-storey houses to luxury condominiums, architecture and housing needs in Sri Lanka have seen enormous amounts of change in the last five decades. Apartments were much less common in the mid ´60s and ´70s. Many Sri Lankans owned large estates or single-storey homes with substantial space. Living rooms were big and bedrooms were slightly smaller but overall the house was large in size. During this time, most people preferred to live in colonial homes passed down through generations.
In the early 1980s, Colombo began to develop more rapidly, with the population in the economic hub of Sri Lanka growing simultaneously. Housing schemes were built in areas such as Colombo 13, 14 and 15, which were closer to the key commercial districts in the city. As a result, smaller homes sprang up alongside large homes in the area. Apartments were introduced in the late 20th century and these have grown in size and design over the years. Today, many people are choosing vertical living, which affords them views of the skyline of Colombo and the west coast beach. Initially, apartments were constructed around the Colombo 4 and 6 areas which attracted people from all around the country. Home sizes ranged from 800 to 1200 square feet in order to accommodate many people in the most sought-after areas.
The luxury living or rather large living space concept has been brought back today by means of pricey condominiums. The Altair project, Clearpoint Residencies and the Destiny project are examples of the return to large living spaces, while still meeting the demand for high-rise living. With living areas alone averaging over 2000 square feet, these developments have been designed to suit the needs of the modern house-hunter.
Lamudi Sri Lanka Managing Director Hugh van der Kolff said, “Luxury living is a growing trend in the Colombo area with several projects in play. However, the majority of the people search for smaller homes within the margins of the city. At the same time renting is a common trend, with prices ranging from 15,000 to 25,000 rupees per month.”
Today, living in Colombo for the working-class group means smaller homes than usual. The average rent in Colombo 06, a sought-after location for average-sized apartments and houses, is up to 50,000 rupees. The majority of the populace is on the lookout for smaller living space in Colombo because this is more cost effective and convenient to travel to work and back. For this reason, micro apartments within the city centre would attract a large number of property-seekers while larger homes in the suburbs would attract commuters looking to purchase or lease.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Lamudi examines change in residential property market

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

Former MP Palitha Thewarapperuma dies from electrocution

SL on alert on possible genocide allegations by Canada

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Two racing drivers arrested over Fox Hill tragedy

Street food vendor arrested for verbally harassing foreigner

MIRROR CRICKET

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

TODAY'S HEADLINES

United States and SL Navy collaborate in CARAT 2024 exercise in Trincomalee

Upcountry estate workers stage a token strike

People have already selected Ranil for Presidency: Prasanna

Construction work for India-funded 10,000 housing units commenced

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident

Indian cricket manager indicted for Legend Cricket League match-fixing allegations