Though the price index for New Condominiums in the Colombo District reached 284.4 in the first quarter of 2026, posting a 18.5% year-on-year increase, the Condominium Property Sales Volume index recorded a 15.2% year-on-year contraction in growth, the Central Bank of Sri Lanka’s Real Estate Market Analysis for Q1 of 2026 shows.

“The Price Index for New Condominiums in the Colombo District reached 284.4 in 2026 Q1,

reflecting a year-on-year increase of 18.5 per cent. Meanwhile, the Condominium Property Sales Volume Index, which covers the Colombo District and other major cities, recorded a year-on-year decrease of 15.2 per cent,” the report said.

According to the report, the Colombo District accounted for 65% of total condominium sales transactions during the first quarter. Further, within the Colombo District, the asking price indices across all property categories saw sizable year-on-year increases, with lands leading the surge with a 31.9% increase, followed by condominiums at 11.0% and houses at 6.4%.

According to the data collected on the condominium purchases, transactions in the price ranges of Rs 50 million to Rs 75 million and above saw a marginal increase, amidst a decline in the number of transactions ranging in the Rs 25 million to Rs 50 million range.

A majority of units in the completed status have been sold, while 51% of the units in ongoing progress remain reserved, the report noted. Notably, the report found that most condominium purchases were made by Sri Lankan residents, with the intent of immediate occupancy, and financing through their own funds.

The primary funding sources for condominium developments were pre-sale deposits, bank loans, and equity.