Most Expensive Neighborhoods in the Colombo

April 23, 2020
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Colombo is one of the busiest cities in Sri Lanka and also the capital of Sri Lanka. Colombo is the main business hub and there are various businesses operating on a daily basis. The Sri Lankan real estate market has boomed in recent years and also it has resulted in creating a huge demand for all the properties in Colombo. While our research has found that some neighborhoods are experiencing a shift towards a buyers’ market, many areas are still largely unaffordable for the typical home buyer. We took a close look at the top five expensive areas, and then we listed down the estimated price for each location. We also listed the commercial value and the residential value for areas in different locations. These Commercial Value and Residential Value are not exact and these values change due to many factors like the overall road frontage and other reasons.

Colombo 7

Colombo 7 is one of the most prestigious neighborhoods in the country and it the home of some of the affluent people in Sri Lanka. Colombo 7 also has many foreign embassies and high commissions. Also, historic monuments such as the Prime Minister’s Office, Independence Hall, Colombo Town Hall, and National Museum of Sri Lanka.

LocationCommercial ValueResidential Value
Bauddhaloka Mawatha10 Million – 15 Million10 Million – 12 Million
Horton Place13 Million – 15 Million13 Million – 15 Million
Barnes Place13 Million – 15 Million13 Million – 15 Million
Ward Place12 Million – 15 Million12 Million – 15 Million
Wijerama Mawatha12 Million – 15 Million12 Million – 14 Million
Maitland Place10 Million – 12 Million10 Million – 12 Million

Colombo 3

Colombo 3 is one of the biggest commercial spots and also a residential neighborhood for the high-end crowd of Sri Lanka. There are many shopping malls and foreign embassies located throughout Colombo 3. Also, the Prime Minister’s House (Colombo) is located in Colombo 3 and it surrounds a multi-ethnic area. Many Chinese expatriates have opened shops and other businesses that cater to the Chinese expatriate community.

LocationCommercial ValueResidential Value
Galle Road12 Million – 16 Million14 Million – 16 Million
Duplication Road12 Million – 16 Million12 Million – 16 Million
Charles Drive12 Million – 15 Million12 Million – 15 Million
Bagatalle Road12 Million – 12 Million 9  Million – 12 Million
Queens Road11 Million – 12 Million11 Million – 12 Million
Alfred House Garden10 Million – 12 Million10 Million – 12 Million
Alfred Place10 Million – 12 Million10 Million – 12 Million

Colombo 4

Colombo 4 spans out to the marine drive to Havelock town, it is home to some of the biggest educational institutes and prestigious schools. It also has many diplomatic consulates located in various areas. Colombo 4 covers Bambalapitiya and also part of Wellawatte.

 LocationCommercial ValueResidential Value
Vajira Road5 Million – 7 Million5 Million – 7 Million
Station Road4 Million – 6 Million4 Million – 6 Million
Visaka Road5 Million – 7 Million5 Million – 7 Million
De Fonseka Place5 Million – 6 Million5 Million – 6 Million
Melbourne Avenue4 Million – 5 Million4 Million – 5 Million

Colombo 5

Colombo 5 covers Havelock Town, Kirulapana and Kirilapone North.  Havelock Town is a one of the largest developments in Colombo and also Colombo 5 houses many important individuals. Also, there are many prestigious colleges covering Colombo 5 and also some embassies.

LocationCommercial ValueResidential Value
Elibank Road7 Million – 10 Million7 Million – 10 Million
Park Road4 Million – 6 Million4 Million – 6 Million
Fife Road4 Million – 6 Million4 Million – 6 Million
Isipathana Mawatha4 Million – 6 Million4 Million – 6 Million
Havelock Road4 Million – 5 Million4 Million – 6 Million

Colombo 6

Colombo 6 covers two major suburbs such as Wellawatte and Pamankade. Colombo 6 is home to many ethnic groups and also different religious shrines.

LocationCommercial ValueResidential Value
W. A Silva Mawatha4 Million – 6 Million4 Million – 6 Million
Stratford Avenue4 Million – 6 Million4 Million – 6 Million
Hampdon Lane3 Million – 5 Million3 Million – 5 Million
Ramakrishna Road3.5 Million – 5.5 Million3.5 Million – 5.5 Million
Manning Place4 Million – 6 Million4 Million – 6 Million

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More than 6000 new residential units are estimated to enter the Lankan real estate market. The most in demand seems to be 3 bedroom units among all levels of dwellings over the past years.

Residential properties have become a good hedge against rising inflation in this Island.

Current Trends in Apartment Architecture

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With a huge change in the lifestyle preferences, it has become essential especially for upcoming apartments and residencies in Sri Lanka to focus on the current concepts, designs and amenities to cater to present generation.

 

Let’s take a look at some of the trending apartment architecture today.

 

Bringing Nature Around and In-Doors.

Today’s home buyers love an environment with lush greenery in their living spaces and surroundings. They prefer to have plants in-doors and make eco-friendly investments. Today’s developers are incorporating natural elements such as natural materials, sunlight and greenery in their new projects making it a healthy one for mother-nature and residents.

Vivid Colours for the Living Spaces

For decades neutral colours and designs dominated interior spaces. But now pops of vibrant colours and jewel tones are being combined with deep earth tones for a more energetic tone. These colours are infused even through decorative items like vases, artworks or even stacks of books.

Smart Bathrooms

The ultra-modern bathrooms have become sleeker, cleaner and smarter. Gone are the day’s bathrooms revolved around stylish Tiles. Today’s bathrooms are designed to be more like a Spa for a soothing re-treat. Baths are evolving into sculptural pieces. From floor heating systems to smart faucets, the bathrooms are an exquisite aspect of modern luxury apartments.

Community-Centric Spaces

The idea of community living is progressing, with architects designing spaces that creates a sense of community and connection. From Roof-top Gardens and Lounges, Swimming Pool, Pub, Gyms, BBQ Terrace, Yoga Decks and Recreational Games inside the Premises, these spaces enrich social interactions and contribute to a gratifying urban lifestyle.

Astute Storage Spaces

Apartments now have dedicated storage for everything. For example, in the kitchen; the clutter has been lifted from cabinets and countertops to a pantry space containing prep stations, sink and Ovens.

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