The Research Intelligence Units suburban apartment price index for February reveals that the apartment prices are continuing to decline in USD terms making it an opportune time for foreign investors.
However, this is not the case when the prices are calculated in LKR terms, RIUNIT says. According to the latest RIUNIT data, suburban average apartment price in LKR terms increased to Rs. 27,154 per Sq.ft in February from Rs. 26,902 per Sq.ft in January while the prices in USD terms rose to $75 per sq.ft. from $74 per Sq ft.
Among 13 selected Colombo suburban the highest price is recorded in the Mount Lavinia area with $143 per Sq ft. which is also the highest gain of 39 percent compared to February 2022.
The lowest drop is recorded in Wattala area with USD 58 per Sq ft. which is a 35 percent drop compared to the previous year, RIUNIT added.
The Research Intelligence Unit (RIUNIT) was originally established on the basis of addressing a need to overcome strategic weaknesses and vision constraints that have cowed growth in developing countries, local governments and other institutions around the globe. Maintaining a strong focus from the onset, the organization has been on a steady growth path, building resources and extending networks to cover the private and governmental sectors in both developed and developing economies.