By Rohan Parikh
A home means different things to different people – a peaceful sanctuary for some, a place to unwind for others. A place that forges relationships as well as a place where a community thrives. However, over the years, the definition of a ‘home’ has taken a new meaning – especially in a country like Sri Lanka. Not just a mere spectator, Colombo has been at the centre of a high concentration of high-rise condominiums, spatial townhouses, and beautiful single-family apartments in the recent past.
In the 1960s and 1970s, the Sri Lankan Government launched numerous housing projects as a strategic initiative to resolve the burning issues of low and middle-income communities in Colombo. Through decades, the housing projects have gradually proceeded to become full-fledged townhouses, condominiums, and apartments. In the course of time, modern Sri Lanka has witnessed a surge in the demand for plush condominiums and capacious apartments. These properties have gained immense limelight and have become the housing of choice for the people staying here.
So, what is driving this move from traditional housing style to modern apartment living? What are the trends that Sri Lankan real estate is witnessing? Here are some of the most prominent trends to make a note of.
Trend #1: Changing nature of families
The concept of family has evolved, and with it the size of homes. In traditional families, people lived under one roof with their individual families but were still considered to be one big happy unit. Today, one can witness how extended families and large family structures have paved the way for smaller and nuclear families. A lot of this shift is cultural as the current generation is practical in its thought process and is quick to embrace its individuality. Today’s millennials are more realistic, especially when it comes to their comfort in terms of proximity to the workplace or other destinations. Add technology and modern machinery to the mix, and nuclear living is more manageable and easier.
Trend #2: Affordable and convenient form of housing
In an increasingly urbanised area like Colombo – one of the fastest-growing cities where land is in short supply – affordable living is the way to go. People are on the lookout for homes that are within their budgets and convenient in every possible way. This is where apartments fill that void. Their vertical structure, compact size, and modular shape make them cheaper than a house and an easy choice for prospective homebuyers. As the cost of land becomes more expensive in this day and age, apartments become the go-to homes for those with budget constraints and for those looking for an affordable way of living. Since the cost of maintenance is also shared across numerous apartments, this makes security and other facilities less of a financial drain on individuals.
Trend #3: Convenience of a modern lifestyle
Gone are the days where house ownership was driven by the Sri Lankan mindset of owning a piece of land and building a house on it. With land becoming a scarce resource and property prices rising, owning a house is ticked off from their wish list and has become a distant dream for people residing here. Instead, nuclear families are turning to apartments to obtain the conveniences that a modern lifestyle offers.
With both adults working, there is hardly any time to devote to the care and upkeep of a house. At such times, apartments cater to the vital needs of a busy person and demand little maintenance. Modern-day apartments also possess state-of-the-art pools, an in-house gymnasium, laundry pick-up services, mini shops, and a receptionist to manage all the household tasks effortlessly in the absence of a house member. This ease of handling things and convenient stay is what makes apartments the go-to place for homebuyers.
Trend #4: The choice to lead an independent life
In this day and age, iconic developments are also witnessing an increased number of people choosing to live by themselves – especially retired couples and youngsters. While living independently is an individual choice, it also means the need for additional facilities that make life safer and comfortable for these people. Since people living alone require an adequate amount of safety and security – these conveniences come with an additional cost. However, apartment buildings offer these facilities to people in a cost-effective manner. Such homes also lend a sense of belonging and the feeling of living within the community.
Trend #5: Where cost and convenience go hand-in-hand
While prospective homebuyers are looking to invest in their dream homes, cost and convenience also play a major role in deciding their choices and preferences. While one looks for convenience in terms of close proximity to schools, hospitals, workplaces, supermarkets, etc., one cannot overlook the cost aspect. Along with convenience, homebuyers are also searching for houses that don’t burn a hole in their pockets and fall within their price bracket.
Sri Lankan real estate has undergone significant transformation over the years and will continue to do so in the coming years. Due to the new socio-cultural trends, economic growth, and rapid urbanisation – townhouses, condominiums, and single-family homes have become the future of housing in Sri Lanka. Furthermore, the twin drivers of cost and convenience continue to power the relentless march of modern urban apartment buildings.
(The writer is the Managing Director of Iconic Developments and an alumni of the Wharton School of Business and INSEAD)
The changing face of SL’s housing market: What you need to know
06 Feb 2022
The changing face of SL’s housing market: What you need to know
06 Feb 2022