Condominium boom continues

Indunil HEWAGE

The Condominium Management Authority is optimistic of achieving considerable growth in the condominium industry in Sri Lanka.

The condominium industry is showing growth.

Condominium Management Authority’s (CMA) acting Assistant General Manager Nayana Palpita said the CMA has issued 19 certificates to investors from January to the first week of April this year as against the 66 certificates issued in 2010 to build condominiums.

Private sector participation in the condominium construction activities has shown considerable growth as against the government sector.

The demand for condominiums has shown a marked increase in recent months with more foreign and Sri Lankan expatriates’ willingness to purchase apartments as future investments.

The present favourable economic growth and infrastructure development initiatives have acted as main catalysts to fuel government and private sector investments in the condominium industry in Sri Lanka.

However people living in condominiums particularly in the Wellawatte area have vacated or sold their apartments to settle down in the Northern and Eastern parts of the country with the dawn of peace.