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

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