Colombo 1Q condominium price index up 18.5% YoY as sales volumes fall 15.2%

Friday, 3 July 2026 00:24 - - {{hitsCtrl.values.hits}}

Asking Price Indices for land, houses and condominiums in Colombo District increase by 31.9%, 6.4% and 11%, respectively

Prices of new condominiums in the Colombo District continued to climb in the first quarter of 2026, while transaction volumes weakened, reflecting a market characterised by rising values but softer sales activity, according to the Central Bank of Sri Lanka’s (CBSL) latest Real Estate Market Analysis – Condominium Market Survey.

The CBSL said the Price Index for New Condominiums in the Colombo District rose 18.5% year-on-year (YoY) to 284.4 during the January-March quarter.

In contrast, the Condominium Property Sales Volume Index, which covers the Colombo District and other major cities, declined 15.2% from a year earlier, pointing to a slowdown in transaction activity despite continued price appreciation.

The Colombo District remained the country’s dominant condominium market, accounting for 65% of total transactions during the quarter.

The survey also indicated a shift in demand towards higher-priced properties. Transactions involving units priced between Rs. 50 million and Rs. 75 million, as well as those above Rs. 75 million, recorded a slight increase, while sales in the Rs. 25 million to Rs. 50 million segment declined.

On the supply side, the CBSL noted that most units in completed condominium projects had already been sold, while 51% of units in ongoing developments remained reserved.

The broader property market also continued to record price gains. According to the survey, the Asking Price Indices for land, houses, and condominiums in the Colombo District increased by 31.9%, 6.4%, and 11%, respectively, on a YoY basis during 1Q.