SL construction costs better positioned for investments compared to neighbours

Monday, 11 August 2025 05:14 - - {{hitsCtrl.values.hits}}

CIOB develops digital solution for reliable cost and all sourcing information, “BuildMarket.lk”

Qserve Managing Director and CIOB Adviser Prof. Chitra Weddikkara

VFORM Consultants Director Chartered QS Lalith Ratnayake

CIOB President Dr. Rohan Karunaratne

After several challenging years marked by inflation, supply chain disruptions, and industry uncertainty, construction costs in Sri Lanka have finally begun to show signs of a downward trend (cost reduction). Based on the Construction Industry Development Authority (CIDA) bulletin of construction statistics published in the year 2024, the major materials’ average prices such as reinforcement steel, cement and concrete decreased by 35%, 24%, 15% respectively in 2024 when compared with the year 2022. Whereas the construction labour wages index in the year 2024 increased by 4% when compared with the year 2022. As a result Sri Lanka has reached a more desirable position compared to its neighbouring countries.

What is BuildMarket.lk?

In response to persistent challenges such as inaccurate pricing and lack of transparency, the BuildMarket.lk platform has been launched to serve as Sri Lanka’s first real-time construction information and material price tracker. The platform offers up-to-date prices for a range of materials — from cement, bricks, and tiles to electrical fittings and timber etc. Whether you’re a contractor, architect, developer, or homeowner planning a renovation, BuildMarket.lk offers users to monitor material costs daily, technical literature, sourcing information, new products’ details enabling informed purchasing decisions.

A collaborative solution to industry challenges

CIOB, together with VFORM, QSERVE and Concolab, has been actively working to develop a comprehensive digital solution that addresses critical issues such as inaccurate cost benchmarking, limited access to international markets, delays in product promotion, and a lack of real-time analytics for price trends. To address these gaps, CIOB partnered with award-winning digital service providers to build a first-of-its-kind virtual hub. It helps position Sri Lanka as a competitive and attractive destination for construction investment.

Looking ahead

As Sri Lanka’s construction sector slowly rebounds, tools like BuildMarket.lk are poised to play a critical role in restoring trust, improving cost efficiency, and empowering informed decision-making. With support from CIOB, VFORM, QSERVE and Concolab, the industry is entering a new phase — more connected, more transparent, and more resilient.

The website launch shall take place at the Hilton on 16 August along with the 13th World Construction Symposium.

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