Colombo Property Market Monitor 4Q20

A comprehensive real estate market update of Colombo City for 4Q20

February 28, 2021

Real Estate market of Colombo remains resilient albeit the challenges of the second wave of COVID-19 during 4Q20. Signs of recovery was noticeable towards the end of 4Q20 with relaxation of lockdown restrictions anticipating the festival season. The Colombo Stock market showcased a stellar quarter, driven by rising investor confidence and the growth of the retail investor base. The ASPI garnered record highs of 10.5% in December YOY, since the lows of May 2020 the growth stood at 59%.The commencement of vaccinations and the opening of foreign tourism into the country further solidifies the positive economic outlook for 2021.

Key highlights:

  • Economic recovery is anticipated in 2021
  • Leasing demand was primarily driven by renewals
  • Recovering demand for residential apartments
  • Retail malls continue to offer rental concessions
  • New developments in the hotel sector

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