With the growth of the economy in Sri Lanka, there has been an elevated concentrate on the actual estate market within the island as well. As a result of higher concentration of development occurring closer to the capital city Colombo, it has additionally increased the demand for property either for sale or rent in the vicinity. But such rapid developments and increased demand has additionally led to a scarcity of free land available. Since the necessity to buy home properties must be given a solution, many leading apartment builders have begun several projects to offer potential homeowners with viable solutions to decide on from. This kind of developments is supported by statistics that indicate that the whole Western province covers only 6% of the country’s land areas but close to 28% of the populace 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 on the market and also apartments for brief term rent that may be chosen based on your requirements. The Continuum Showflat Additionally, there are several good houses on the market obtainable in nearby areas but because of the high prices, they are not suitable for many interested homebuyers. With regards to apartments there are broadly two categories, namely, luxury apartment projects and micro apartments readily available for consideration.
In previous times, property agents and property developers focused more on offering stand-alone houses for sale. But now, with the limitations highlighted above, these developers have looked to offer those who want to buy home units the possibility of choosing from luxury apartments. It’s been discovered that the demand to purchase apartment that fall into the blissful luxury category arises from the Sri Lankan community along with foreigners. Such investments made in terms of own properties in Colombo area also have shown high increase in popularity. According to the statistics gathered until 2015, there has been close to over 2600 luxury apartment units and it is further estimated that this number could reach close to 6000 units by 2019. Such luxury units are also found to be available for individuals who need to rent a condo, giving rise to more and more apartments for brief term rent being offered.
Another alternative to houses on the market is the option of property in the form of micro apartments. Many apartment builders also have dedicated to such projects that have been in high demand those types of who want to buy apartment space in Colombo. The mark market for this type of property has actually found appeal on the list of affluent customers who could even want a luxury apartment along with middle-income individuals who want to invest in this home for them. Similar to the above category, this type of housing solutions are also available as apartments for brief term rent for individuals who are unable to buy home units by making an overall purchase and therefore check out rent a condo instead. This opens up the likelihood for more home seekers to obtain closer for their dream of having a home in a primary city location.
If you think about purchasing such properties you ought to be prepared in making the investment. The key decision you would need to make would be in terms of whether you really want to purchase apartment space or you still want to look out to purchase home in the form of a separate house. As a key consideration whenever you purchase property you would need to determine the space or size of home. Normally houses in Sri Lanka have a tendency 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 offer additional services such as for instance security, cleaning, waste disposal and other recreational facilities that are normally not available with separate housing units. But on one other hand, you should consider these that are normally not available with apartments.
As a result of various requirements of homeowners there are many other options made available in terms of to be able to rent an apartment. Many individuals who would be considering surviving in small living spaces for brief amounts of time can consider finding apartments for brief term rent. While there is a top percentage of the populace that require to locate accommodation to happen to be work and for other arrangements in the town limits, this has be of a financially viable option many prefer. Depending on the requirement you might even arrange to increase the rental period once agreed with the renter. That is also a great way to test whether you can conform to a condo style living. If the lifestyle appeals for you, with time, you could also consider owning a condo of one’s own.