Apartment prices in Wattala area further bolster: RIUNIT

10 October 2023 09:45 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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Sri Lanka’s real estate expert, the Research Intelligence Unit (RIUNIT), says that Wattala in the Colombo suburb region is one of the developing markets for apartments.

According to the most recent data from the RIUNIT, the average apartment (Tier 2 and 3) pricing in the Wattala area grew to Rs.23,447 per sq.ft. in August, from Rs.23,411 per sq.ft. in July. This represents a 3.5 percent annual rise, compared to Rs.22,689 in August 2022.

With the influence of rupee depreciation, the prices in US dollars dropped to US $ 73 per sq.ft. in August, from US $ 74 per sq.ft. in July. This is a 15 percent yearly increase, compared to US $ 63 in August 2022.
“It’s great to see new supply additions coming into the market after a period of several years when hardly any new residential developments were launched,” RIUNIT CEO Roshan Madawela said.

Moreover, he says the local developers are leading the way with new and innovative projects that are breathing new life into the suburbs.

“Overall, a new stock coming to the market amidst an environment of high absorption in residential developments is a positive sign for this industry.”

Comments - 3

Niroshan Tuesday, 10 October 2023 02:44 PM

Many people like to live in Wattala because it is a calm place with decent and helpful people. That is the reason land prices are rapidly going up.

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Farhath Amith Wednesday, 11 October 2023 12:02 AM

Wattala speaks itself of its demand proudly for multitude of reasons. The only Suberb city after Colombo with multi-ethnic communities, so considered as the only Suberb with the highest purchasing power and proven with many Churches, Kovils, Temples and Mosques. Single suburb which has all the commercial Banks as comparable to Colombo. . Immediate access to Colombo bordering Colombo 15 and Thotalanga. One and only Suberb popularly known as both Commercial and Residential. Central Fish market and Fresh produce market shifted from Colombo at Wattala perimeter. The first expressway called the Colombo Katunayake Expressway ( CKE) begins from Wattala and also has quick access to Southern highway via Kadawatha . Lanes are clean and very wide . Wattala boasts as having two largest international schools. Many people from other suburbs and from Colombo city wishes to shift to Wattala for those reasons. "WELCOME TO WATTALA THE PROUD CITY ".

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S.K Kumara Wednesday, 11 October 2023 03:30 AM

No land prices are on the rise in this economic crises, this is all made up to give false hope. If anything the land prices should decrease.

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