Condominium sales drop in Sri Lanka

Condominium sales in Sri Lanka fell by 15.2% during the first quarter of 2026 compared to the same period last year, according to the Central Bank's latest Condominium Market Survey.

The Central Bank said the Condominium Property Sales Volume Index, which covers the Colombo District and other major cities, recorded the year-on-year decline in sales.

Despite the drop in sales, the Price Index for new condominiums in the Colombo District increased by 18.5 per cent compared to the first quarter of last year.

The Colombo District accounted for 65 per cent of all condominium transactions during the period, the highest share in the country.

The survey also found that transactions for properties priced between 25 and 50 million rupees declined, while sales of units valued between 50 and 70 million rupees, as well as those priced above 75 million rupees, recorded a slight increase.

The Central Bank said most units in completed condominium projects had already been sold, while 51 per cent of units in ongoing projects remained reserved.

Meanwhile, asking prices for land, houses and condominiums in the Colombo District continued to increase compared to a year earlier.

The survey also showed that most condominium purchases were made by Sri Lankan residents, mainly for immediate occupancy and financed using their own funds.

Purchases by dual citizens remained unchanged during the quarter.