According to the report dubbed ‘An Island of Retail Opportunity’ by the investment management firm Jones Lang LaSalle (JLL), Gampaha is one of the upcoming retail hotspots in the country.
Even though the city of Gampaha is the administrative capital of the region, the largest metropolis within the district, the city of Negombo, is also showing remarkable growth in its real estate sector thanks to its tourism value.
According to Lamudi’s own in-house data, the city is the third most searched residential location, with Colombo and Kandy being the first and second, respectively. The most common type of real estate searched in Gampaha as of 2017 are its houses and lands. In fact, census data has shown that there were more than 50,000 households in the Gampaha municipality in 2012.
In the past, property prices within the city remained lower than standard price levels making it possible for property seekers to easily purchase and rent properties in Gampaha. However, due to the economic growth in the country and well maintained infrastructure, the city tends to attract more investments compared to other suburbs. Gampaha at present, witnesses the rise of many lucrative developments such as the Metro Kadawatha which encompasses of a six storied commercial complex and three apartment blocks, Sanasa Purahala with 117 shops and 68 condominium apartments, Ward City providing over 196 shops and over 12,000 square-feet of office space, and Unity Shopping Complex predicted to have four stories of office space and 42 apartments in seven floors.
Additionally the city will also see the rise of infrastructural developments such as the Outer Circular Highway – OCH that passes through Colombo and Gampaha, Colombo - Kandy Highway that will further make Gampaha a lucrative place to live, invest and do business.
According to Lamudi.lk, a luxury apartment for sale indicates an average price of LKR20 million to LKR30 million in the city of Gampaha. In comparison, the average sale price of luxury apartments in Colombo 03 is LKR100 million to LKR150 million. Due to factors such as well improved infrastructure, friendly environment with necessary amenities close to hand, buyers are driven towards purchasing apartments in Gampaha.
While a modern house with two to three bedrooms costs more than 30 million in Colombo, a similar type of property can be purchased at an average price of LKR10 million to LKR15 million and mid-range house prices lie between LKR5 million to LKR10 million in Gampaha.
Prices of land have escalated over time due to the impressive economic growth of the city. Most of these lands are purchased for residential purposes than commercial purposes as the city indicated the highest population growth and holds recognition to being one of the residential friendliest cities to live in. Thus, a property seeker is able to purchase a land at an average price of LKR70k to LKR100k per perch.