Sri Lanka micro apartments to attract property hunters through prices

Apr 28, 2015 (LBO) – Sri Lanka’s micro living arrangements have made increasingly popular among residential property hunters for their affordable prices and attractive features, an online property portal said.

According to internal data from local property portal Lamudi, such modest residences particularly those that are offered for rent are some of the most affordable and well-equipped dwellings seen in the country.

“As of 2015, an all-encompassing micro apartment within an urban area in the western province can be obtained for a rent of roughly 12,000 rupees or above subject to the level of facilities being offered.” the portal said.

Factors such as concentrated investment in major infrastructure projects and internal migration towards cities including Colombo, have recently been contributing to high real estate prices.

Properties in major urban areas have become increasingly unaffordable, a trend that has been further influenced by the fact that domestic banks are trimming their housing mortgage portfolios to reduce non-strategic lending activities.

That trend has opened new opportunities, particularly for small to mid-scale apartment developments in the islands western coast.

For a prospective property-seeker, the most popular locations for micro apartments are mostly found within the greater metropolitan region of Colombo with areas such as Kollupitiya, Bambalapitiya, Wellawatta and Thimbirigasyaya.

From outside the commercial capital, the country’s second largest city Dehiwala as well as the urban area of Rajagiriya are the most popular zones for modern apartment seekers, Lamudi said.

“With a growing population and an equally promising economy, innovative concepts such as micro apartments could be the answer for the island to address its emerging housing demand.” Lamudi Sri Lanka head Hugh van der Kolff said.