ISSN 2756-3308
African Journal of Estate and Property Management Vol. 1 (3), pp. 056-061, March, 2014. © International Scholars Journals
Full Length Research Paper
Living in high-rise: An analysis of demand for condominium properties in Colombo
D. B. Animansa1* and G. I. Danimi
1Department of Estate Management and Valuation, University of Sri Jayewardenepura, Sri Lanka.
2Government Valuation Department, Sri Lanka.
*Corresponding author. E-mail: [email protected]. Tel: 094-84 8190739.
Accepted 28 November, 2013
Abstract
Colombo has witnessed a higher concentration of low-rise and high-rise condominiums during the last few years. This paper examines the contributing factors for living in high-rise that has created a market for condominiums in the city of Colombo. Managers of purposively selected ten high-rise condominiums and 30 households from 03 low-rise condominiums were interviewed for the primary data collection. With the help of elementary statistics, data were analyzed descriptively. The study revealed that demographic and economic changes in the city during the last few decades have influenced the creation of the condominium property market in Colombo. In case of low-rise condominium properties, well-educated middle-income earners who have migrated to the city for various reasons have raised the demand. At the same time, foreigners and affluent Sri Lankans have raised the demand for high-rise condominium properties considering the security, convenience and location of properties.
Key words: Condominium, demographic and socio-economic factors, housing, ling in high-rise, property market.