Research
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