📈 Premium Condominium Sales Above Rs. 50 Mn Lead Colombo Market in Q1 2026

The Colombo District condominium market in Q1 2026 showed a clear shift toward luxury segments despite a broader slowdown in transaction volumes, based on provisional data. • Overall Market Activity & Prices • The Price Index for New Condominiums in Colombo reached 284.4, an 18.5% YoY increase. • The Sales Volume Index decreased by 15.2% YoY, indicating cooling market activity. • Land asking prices in Colombo surged by 31.9% YoY, while housing and condo asking prices rose 6.4% and 11.0% respectively. • Sector & Price Breakdowns • Luxury Units (Above Rs. 75 Mn): Market share grew sharply to 29%, up from 11% a year ago. • Premium Units (Rs. 50 Mn - Rs. 75 Mn): Share edged up slightly to 23% from 22%. • Mid-Range Units (Rs. 25 Mn - Rs. 50 Mn): Share dropped significantly to 29% from 49% a year prior. • Affordable Units (Below Rs. 25 Mn): Stood relatively stable at 19% vs 18% YoY. • Regional Metrics • Colombo remains the primary hub, commanding 65% of total sales transactions. • Single condo projects in Colombo accounted for 59% of transactions, followed by Gampaha and Kalutara districts at 32%. • Inventory & Buyer Demographics • Inventory: Completed projects are nearly exhausted, with 98% of units sold. Ongoing projects have 51% of units pre-reserved. • Funding: Resident Sri Lankans remain the primary buyers, largely purchasing for immediate occupancy. Notably, 80% of transactions were financed using own funds over bank loans. • Development: Pre-sale deposits continue to be the main funding source for developers, contributing 48% of development capital.