Property searches in the Sri Lankan city of Colombo rose by 28 per cent in Q1 of 2017 compared to the same period last year, according to a report conducted by the property portal Lamudi.
Between 2014 and 2015, data from Lamudi showed a 20 percent increase in searches for property in the Sri Lankan capital; data emphasising that the city is five times more popular than Gampaha and ten times more in demand than Kandy.
The Lamudi market report implies that Colombo’s suburbs are popular among locals at the moment because they tend to command lower prices, while foreign investors are most likely to invest in apartments in key locations such as central Colombo and Kandy.
Lamudi currently has 9,420 property listings covering the whole island.
Previous data from the property search site indicates that 45 to 50 percent of Sri Lanka’s property searches were conducted by people aged between 25 and 34.
“These days, young professionals in larger cities, such as Colombo, are the most likely to purchase an apartment in Sri Lanka,” the Lamudi market report showed.