Condominium Market sales up significantly in 3Q | Daily News

Condominium Market sales up significantly in 3Q

Supported by low interest rates structure and increased mobility in-between first and second waves of the COVID-19 pandemic, sales transactions increased significantly during 3Q compared to 2Q, according to the Central Bank – Condominium Market 3rd Quarter report.

Sales have increased in both mixed development and single condominium projects in Colombo district and indicated a high preference among the buyers for units priced below Rs.25 million, in single condominium project category.

As at the end of the quarter, 92 per cent of the units in completed single condominium projects were sold and 55 per cent of the units in both single and mixed development projects in ongoing category were also reserved, On average, 40 per cent of the funding requirement for condominium developments was met through pre-sale deposits while 31 per cent was fulfilled by bank loans.

The remaining 29 per cent was developers’ equity. These averages were calculated to get an overall understanding about the funding structure of condominium developments using the percentages of funds received through different funding sources provided by each developer.

Majority of the condominium buyers were resident Sri Lankans and most of them have purchased condominium units for immediate living. Meanwhile, prime source of funding used by the condominium buyers has been their own funds.