Land Prices in Western Province Increase By 74% from 2018 to 2021

According to the annual Land Price Index released by LankaPropertyWeb, Sri Lanka’s number one real estate platform, in the Western Province (except Colombo Municipality area) the overall land price values have increased by 74% from 2018 to 2021. The company also revealed that, on an annual basis, the increase in average land prices between 2018 and 2021 was 15% (Annual Effective Rate). As a result, if an investor were to invest in property and hold it for 4 to 5 years, his initial investment would multiply largely over time.

When compared with the fluctuations in interest rates for fixed deposits, these values are a major contrast proving further towards the profitability of the real estate industry in the country.
Comparison between fixed deposit interest rates and land price fluctuations

Data: Central Bank of Sri Lanka and LankaPropertyWeb

Between the first quarters of 2019 to 2021, fixed deposit rates have reduced from 11.41% to 6.29%. While the land price acceleration in the Western Province slowed down from 22% in 2019 to 18.56% in 2021. This is especially significant given that in most countries across the world, the real estate market has experienced major downturns with the spread of COVID-19.

During the last 4 years, a growing demand for land in the suburbs was also witnessed with price increases being reported from Kolonnawa, Hanwella, Peliyagoda and Welampitiya in the Colombo district. Cities such as Kelaniya, Dompe and Kadawatha in the Gampaha district showed price increases as well, providing further evidence to the changing patterns of Sri Lankan property buyers.

Among these cities, however, what topped the list in fluctuation during the 4 years was Ingiriya in the Kalutara district. The land prices in the city had experienced a 246% increase from 2018 to 2021. This is an annual average increase of 51% with a 109% increase between 2020 to 2021.

The record of Ingiriya was followed by Angoda (195%) that ranked 2nd and Kolonnawa (183%), which had the 3rd highest land price fluctuations from 2018 to 2021. The data further revealed that on an annual average basis the increase in land prices in the former between 2020 to 2021 was 69% while the latter was at 4%.

Commenting on this the Head of Research at LankaPropertyWeb, Tharindu Jayarathne said, “When we analyse the land price movements for the last 4 years, it is inevitable that the demand has driven away from district capitals to suburbs which have development agendas. Most prices are tagged with infrastructure development prospects.”

With the changes in infrastructure taking place across the Western Province, people’s motive to shift towards the suburbs of Colombo and other parts of the province has continuously risen over the years. Budget proposals towards housing development plans, highway construction projects and transportation convenience of non-durable products like vegetables, has led to certain cities experiencing triple digit appreciation during the 4 years.

In Colombo this was recorded in Angoda, Kolonnawa, Hanwella, Peliyagoda, Wellampitiya, Hokandara and Homagama. While in the Kalutara district, triple digit land price increases were seen in Ingiriya and Wadduwa. In the Gampaha district Kelaniya, Dompe and Kadawatha showed similar patterns as well.

Besides the increasing trend in prices, lands in certain parts of the country still remain quite affordable and under a price of less than LKR 1 million. However, these lands also experienced an appreciation of over 100% per perch since Q1 of 2018.

Source: LankaPropertyWeb

Hanwella in the Colombo district and Dompe in the Gampaha district showed hikes of 168% and 156% during the 4 years with an annual average rate of 39% and 37% respectively, in the ‘under 1 million per perch’ segment.

A highlight in this data is that lands in Homagama also fall into this category of ‘Under LKR 1 million’. The land price data showed a fluctuation of 103% from 2018 to 2021 and an annual average of 26.62% (Annual effective).

As of this year, the government announced that over 8 development projects are to be commenced in Homagama. These projects include a wholesale exchange centre in Meegoda, a granary in Dodagama, a sports city in Diyagama, a knowledge city and mega supermarket in Homagama, a biodiversity city in Barawa, an apparel town in Ingirya-Dodagama and an export city in Kahathuduwa. This is further expected to drive land prices in Homagama to increase in the near future.
Land Prices in Colombo Municipality on an average increased by 8% from Q1 2020 to Q1 2021: LankaPropertyWeb

The average prices in the Colombo municipality between 1 - 15 have recorded minor fluctuations when compared to the rising demand for lands in the suburbs. In Colombo 1, 2, 4 and 5, land prices have increased slightly while Colombo 3, 6, 8, 9, 12, 14 and 15 have reduced when compared with the 2020 average per perch prices.

2 years ago, the land prices in these areas were higher and in demand. But with the changing patterns of Sri Lankan house buyers property prices have impacted largely.

While most price fluctuations during the 4 years were recorded from cities in the Western Province, Kandy in the Central Province, Galle and Matara in the Southern Province, and Kurunegala in the North Western Province also showed changes in land prices. From 2018 to 2021 land prices in Kandy increased by 45% while in Matara the records revealed an increase of 12%.

View the full list of land prices for Q1 2021 here

What Wikipedia Can't Tell You About Sri Lanka

What is Sri Lanka? Ceylon, Serendib, Taprobane, Pearl of the Indian Ocean and The Teardrop of India. It is a member of the South Asian Association for Regional Corporation (SAARC). A country that gained victory from a 30 year-long civil war and now, is the proud owner of Nelum Kuluna; The Tallest Completed Tower in South Asia. From the sandy beaches to the cold mountains and widespread jungles, the country promises you an island life experience unlike any other. 

Is Sri Lanka the hidden gem of South Asia? Well as you look through Google Maps you might find Sri Lanka separated by the Palk Strait, looking much smaller than the large Indian terrain. But with its 9 districts, 21 million population and unique culture, the Map of Sri Lanka is now becoming a highlight everyone wants to explore! 

A mixture of urban and modern to Asia’s very own version of the Te Fiti Island in Moana, here are some things you certainly wouldn't find online on Sri Lanka. 

• A Mix of Chilli, A Touch of Veggie, Sweet Wattalappam and Greasy Fries 

Flavor is never less than AMAZING!

As odd as this combination may seem to some, for us Sri Lankans it is a daily bread we know the meaning of all too well. You can’t have a traditional Sri Lankan meal without its local spice. A single meal is never complete without a vegan’s pick of veggies in it. A sweet tooth is nothing less than a wattalappam enjoyed during its ‘season’. And greasy fries is a treat we are all digging right now! 

Just like how these dishes make it work, the diversity in culture in Sri Lanka is a beautiful blend of Sinhalese, Tamils, Muslims, and Christians. You could be traveling from the North to the South, to the East to the West, yet there isn’t a single place where you wouldn’t be at the receiving end of this diversity. Sometimes this is so unique that even amongst the places where people of a particular religion are quite prominent in its presence, you will still find a blend of faiths like a painting with colorful strokes. 

The beauty in the country is in fact this diversity that has shaped its culture.

It doesn’t matter whether you are Sinhalese, Tamil, Muslim or Christian. You are SRI LANKAN.

Sri Lanka also has had foreign influences that have shaped its music, traditions, architecture and even language. From the Portuguese to the Dutch and the British, even today their traces remain. Most  houses for sale in Colombo especially in Colombo 7, still use British architectural styles in designing. While in areas like Galle this goes to a whole other level than the houses for rent in Colombo.Thus putting Sri Lanka in a much more unique platform than any other colonized nation.

A town with lasting foreign touches at every turn; Galle

 When one side of the world is celebrating the Lantern Festival in February, Sri Lanka celebrates its own version of a Lantern Festival in May commemorating the enlightenment of Lord Buddha. In April with the Sun moving from Pisces to Pies, Lankans celebrate the beginning of a New Year. Though it is mostly specific to the Sinhalese and Tamils, it is a festival enjoyed by all regardless of race. Honoring the Tooth Relic, a festival is held in August of every year for ten days straight with elephants and performers recreating a parade started over hundreds of years ago. 

A Traditional Sri Lankan Mask; A huge part of festive celebrations

Certain festivals are also shared with the rest of the world. From Deepavali to Eid Ul Fitr and Christmas, the diversity in the country has Sri Lankans embracing them all! 

Is Sri Lanka a good place to travel?  Of course! A vacation in Sri Lanka is never better than when it is in the season of celebrating. So if you are ever thinking of visiting, plan a trip to Sri Lanka to fit the festive schedule to enjoy the best stay in the best seasons! 

One thing about Lankans is that when we are in the festive mood, our holidays in fact have no expiry less than a month! 

How does the rest of the world see Sri Lanka as? Not that it matters, but we sure do love our holidays! This also probably explains why the first thing we go through in a new calendar is the holidays!

• It’s Hot N It’s Cold, It’s Rain N It’s Shine

Blame it on the influence of colonization in the country, but the weather is a topic that the Lankans share all too well with the British. Not to forget sipping on a cup of tea with a hint of Ginger, whenever we feel like it! After all, it is what the British introduced to the country during their colonial stay! 

Situated close to the equator Sri Lanka doesn't necessarily experience the 4 seasons like most countries do. Yet it has its own designated areas where it shines bright in its own season!

What is the Sri Lankan weather like you ask?

Hop on a train and travel to the hills in Nuwara Eliya to enjoy a touch of the chilly winter. Get off and move to the East or the North to enjoy the scorching sun and natural hot springs. Down South, you’ll find some of the most amazing beaches to ride the waves or chill while you get that natural tan. Welcome the urban city life in the West that is home to some of the most luxurious hotels and restaurants along with skyscrapers that are working their way to the top!

The Red Mosque in Pettah is a definite Instagram worthy site along with the busy market street

Even though most of the time in the city your climate experience is limited to either rain or shine, as the year ends the climate gets cold and during the months of February to May, a pair of sunglasses, an umbrella and sunscreen is a must! 

 The fun thing about the Sri Lankan weather is, it is based on where you are in the country and of course which time of the year it is! 

• A Trail in the Wilds, A Dip Under the Waterfalls, A Climb to the Peak

Sri Lanka certainly doesn’t lack at all in nature. And this has made a great contribution in putting the country as one of the best islands to visit in 2019.

The beaches are the BEST

If one were to ask ‘is it safe to travel to Sri Lanka?’ It certainly is! As a female travelling solo or a bunch of friends backpacking together, Sri Lanka is probably safer than other places in the South Asian region. Sure, it did experience its hardest hiccup after 10 years in April, with the Easter Sunday attacks affecting Sri Lanka Tourism largely, its ability to recover was incredible. But today, not only has the economy boosted through the past quarter but now it is very much safe to travel to Sri Lanka too!

So look up on Travel Information and the Best Places to Visit in Sri Lanka to enjoy the most out of your stay here!

Peacocks are now found even in the city!

What are some things to do in Sri Lanka? Well, from the long stretches of jungle and wildlife to the waterfalls flowing from meters above and the amazing hiking trails for an explorer’s thrill; what you are looking for, you will certainly get! However to enjoy the best views it is always recommended that you take public transport like the train or bus. This will definitely be an experience unlike any other. 

For the best or the worst! 

Traveling towards the mountains, Ella otherwise known as The Lovely Mountain Town Ella in Sri Lanka, is a hiker’s dream paradise. From the long hiking trails to the mountains waiting to be climbed up, it is a place that is sure to get rid of all that stress and pressure built up living a busy life! 

Nine Arch Bridge is a sight everyone wants to capture

The hike to Little Adam’s Peak on a day trip, exploring Ravana’s Cave, the famous Nine Arch Bridge, Ravana Waterfall, and Flying Ravana - Sri Lanka’s first-ever Mega Zipline are some of the many things awaiting the tourists and local visitors at the site. Yet to enjoy it all one full day’s trip is hardly enough! Instead, extend your stay for at least 3-4 days and find temporary living amongst the bungalows in Nuwara Eliya, villas or annex for rent.

The Tea plantation has been growing for more than half a century

Moving towards North you would be able to witness a postwar land working its way towards development and progress. A few kilometers down from Jaffna, Trincomalee is famous for its natural hot water springs and many other historical sights. In the past, the area was Sri Lanka’s first harbor that attracted Indians and other nationals into the country. 

Anuradhapura and Polonnaruwa are also significant ancient cities in Sri Lanka with a long history of the kings that ruled. The architectural constructions and the Sigiriya Rock Fortress bear witness to the amazing knowledge and intelligence our ancestors possessed. It is also a religiously important location with a deeply embedded Buddhist culture and temple constructions directed by the past kings. These are so well preserved even until today that including these, a total of 8 places in Sri Lanka have been recognized as World Heritage sites by the United Nations Educational, Scientific and Cultural Organization (UNESCO).  

In the Southern areas of Mirissa, Hikkaduwa, Galle the long stretches of sandy beaches not only promise fun and tan, but also gives you the opportunity to explore the sea life residing deep below. From scuba diving to whale watching and riding on glass boats, if you are looking to explore the unknown these are perfect places to visit! 

The National Park in Yala, the Wilpattu National Park, Kumana National Park are some of the many open wild spaces that brings Africa home to this little paradise. Enjoy your ride on the Sri Lanka Wildlife Safari Tours as you get as close as possible to your subject for that Instagram worthy shot. Who knows you might even encounter a closeup of Tuskers knocking on your windows or monkeys messing around! 

In most countries, many only look forward to visiting the suburbs while avoiding the city. This is generally because the city only has to offer a hustling and bustling life. But in Colombo Sri Lanka, this is so much more different. Even when you are in the city living in an annex for rent in Colombo, you wouldn't feel too far away from nature, especially because of this island essence. 

What are the must-see things in Colombo, Sri Lanka?

Beaches, green-lit trees, and amazing sights

The list could definitely go on. To start off the recently opened Lotus Tower is an absolute must-see especially if you are one for killer views. Galle Face Green, Gangaramaya Temple, Viharamahadevi Park, The Pettah Market, Dehiwala Zoo, The National Art Gallery are some others that stand out in the ‘Colombo Sri Lanka travel list’. 

One thing great about Colombo is that as long as you are on the coastal sides, you will definitely get to enjoy an amazing sunset, bask in a couple hours of tanning and take a stroll through the roads beautified by natural waters and green-lit trees. 

To provide this serene experience to anyone that visits the country, apartments for sale in Colombo and apartments for rent in Colombo are carefully designed with location and view in mind. 

In fact this is so carefully thought through that you would hardly find any rooms for rent in Colombo, homes, or lands, in a bad spot! However, this depends on how much effort you put into finding the best places to stay in too.  

While there are hardly any lands for sale in Colombo that aren’t surrounded by some form of nature, you might come across those that are a complete opposite. So do your homework beforehand! 

Sri Lanka has a lot to offer to anyone and everyone that visits. But it is up to you to know where to visit, how to get there and the best things to look forward to, to make the best out of this trip!  

LankaPropertyWeb sets up new Property Centre

Following over a decade of successful operation of helping people find, sell and rent property in Sri Lanka, LankaPropertyWeb.com which has become the most popular place for properties along with House.lk started a new chapter in its journey by establishing a ‘Property Centre (PC)' in Colombo. 

In a prime location at No.1 Bagatelle Road, Colombo 3 in the Platinum One Building, the new space is the first-ever Property Center to be found and facilitates both buyers and sellers on their property needs. 

“The Property Centre was conceptualized to provide assistance and build awareness on the property market in the country,” said Daham Gunaratna, Managing Director of Lanka Property Web (Pvt) Ltd, noting that they are also in the process of creating property advertising centres across the country.

“We have opened 14 such locations in greater Colombo so far with many more to be signed up soon. The Property Advertising Agents (PAA) network that we have across the country also aims to help advertisers submit property ads in addition to our website and app.” 

With the purpose of serving the customers and agents better while assisting them in terms of property-related matters, LankaPropertyWeb relocated from its previous venue in Colombo 4. At the new Property Center individuals can not only obtain assistance with their property advertising process but also apply for buyer and seller assistance such as legal, property valuation, documentation etc. involved in the process of purchasing and selling property. 

Initiated with the concept of being a ‘one-stop-shop’ to cater to all property needs of buyers, sellers, tenants and landlords; the Centre facilitates assistance in posting ads, handling paperwork such as property deeds and agreements, valuing property, professional consultation on purchasing apartments, making property investments, legal advice from an imminent panel of property expert lawyers, assistance with applying for mortgages and advice on best mortgage rates as well.

In the real estate industry, it is imperative to keep communication lines open with customers who are in the market to rent, lease, source a valuation, purchase or sell a property. With regards to this, LankaPropertyWeb which has been a dominant presence in the development of several neighbourhoods is currently expanding its service network through PAA to assist and help individuals to post property advertisements. Mr Gunaratna added that with this relocation, Lanka Property Web will be able to serve extensively to its loyal customers who have trusted the brand for more than a decade.

“We are immensely proud of our exceptional service levels that can be adapted to customers’ personal needs, including a face to face point of contact and direct them throughout the process.” 

Furthermore, the company shares knowledge and insight on the current property market, latest updates on the industry developments, future of property investment options available in the country etc. 

At the Center, prospective investors have the opportunity to discuss investment potentials as well. Accordingly, the Research and Analysis team of LPW will assist them with market research and feasibility studies done to understand the viability and ROI from such projects to make better-informed decisions. LPW plans to educate the public too using informative videos and articles on what to be aware of when purchasing and selling property.

New initiatives to develop the real estate business with the economic changes such as VAT reduction will assist potential investors to look for superior property investment opportunities while other related parties can search for opportunities to expand their businesses. In this context, LankaPropertyWeb, which is the most widely visited property website, will be the prime property centre to facilitate the end to end process. 

LankaPropertyWeb's experience in the property investment market has certified the company to carve out a stellar reputation in the industry for both the services it provides and the unparallel properties delivered.

Are Apartment Developers Moving to the Suburbs?

With Colombo city turning into a business hub more than a residential area, recent studies of LankaPropertyWeb (LPW) show that apartment developers are now exploring the suburbs to cater to the growing interest for vertical living amongst the locals. The numerous developments taking place in the main city resulting in diminishing space amongst houses for rent in Colombo and reducing demand for houses for sale in Colombo has, in fact, contributed to this interest largely. The rising population in the country and the changing lifestyles of people has also further influenced the number of apartments for rent and condominium construction taking place in the city. However, over the years such constructions taking place within the inner city of Colombo (i.e. Colombo 1-15), has continued to decrease in number.

Condominium projects from 2014 - 2019

According to the data gathered by the Condominium Management Authority (CMA), from 2014 to 2016 there is an increase in condominiums in Colombo. But from 2017 onwards an obvious reduction is seen. Apartment constructions in the other districts are following a downward slope as well. However, in the greater Colombo areas like Sri Jayawardena Pura Kotte, Mount Lavinia, Rajagiriya, etc. that exclude Colombo 1-15, a continuous rise in complex constructions has been witnessed. Thus turning into the modern home for many.

Commenting on this Daham Gunaratna, Managing Director of LankaPropertyWeb says "The main reason developers are moving out of Colombo could be the cost of construction in Colombo (mainly driven by high land value) and thus the price of apartments going up."

The opening of Sethsiripaya in Battaramulla by the former President Mahinda Rajapaksha in 2012, brought about plans to shift government offices into the administrative hub of Sri Jayawardenapura Kotte while leaving Colombo city for business affairs. As a result, now the 13 story building houses the Ministry of Transport and Civil Aviation, Ministry of Housing, Construction and Cultural Affairs, Ministry of Higher Education and Highways, etc. This has brought numerous improvements in terms of administration and service to the public.

Many development projects have also been directed towards uplifting the standard and infrastructure in the greater Colombo areas and the Western region on the whole. Introduction of the Western Region Master Plan 2030 that includes the construction of the Light Rail Transit system from Malabe to Fort with 16 stations, the Tech City Development Project directed in Malabe, Athurugiriya, Kaduwela and Homagama areas, creation of the Airport Business City, the BIA Gateway Project are some constructions expected to take place within the next ten years.

The Kottawa - Makumbura Multi-Modal Transport Hub which was opened in April of this year to the public, is one other development project that was taken up to improve the transport system in the greater Colombo areas.


Price changes in land in the greater Colombo areas 2018 - 2019

The data of CMA on land price changes show that over the quarters of the past year and this year, the changes in land prices are higher in the greater Colombo areas of Rajagiriya, Nawala, Kalubowila, and Dehiwala. Meanwhile, there is an evident hike in land for sale in Colombo 3, given the many developments taking place. However, the prices of the other areas of Colombo aren’t rising as high as the greater Colombo areas. 

Comparing this rise in land prices in greater Colombo with the increasing condominium constructions in these areas, the interest of condominium developers is justified quite obviously.

 Floor area in condominiums from 2014 -2019 

A reducing floor area space amongst apartments in Colombo and an increase of it in the greater Colombo areas shows that the latter are turning out to be more spacious than those in the main city.

Many established and recognized private universities are also increasing in number in the greater Colombo areas. This has created an access to education in these areas equally if not more available in quality and standard as the main city of Colombo.

Improvements in infrastructure, transport facilities, education and many more taking place in the greater Colombo areas, has developers now realizing the opportunities available for them. As a result, an increase in condominium construction in the greater Colombo areas is speculated within the near future!

Holiday Central of Sri Lanka

Situated 6000 metres above sea level, the district of Nuwara Eliya is the holiday capital of the country. Where most call the little England , Every year during the month of April it is swarmed with happy and gay holiday goers, both locals and internationals, that it is impossible find accommodation in the holiday Capital   Classified as a highland climate, it is virtually impossible to believe that 180 kilometres from the heat and humidity of Colombo exists a Little England with one of the greatest climates in the country. During the month of April, the whole place bursts into colour with beautiful flowers and holiday goers clad in every colour under the sun. It is a beautiful place all year round and a great place to settle into.

Buying Land in Nuwara Eliya

A land from this hilly terrain is an investment from which you can reap extremely good benefits. A plot from here is good for several purposes such as for developments, agriculture, housing holiday and many more. The most important thing though is to ensure that the land is in a place that suits your purpose mainly for holiday mood and relaxation  If you are planning to convert the plot into an agricultural land it is not the best idea to get it from the heart of the city. In this manner, you need to ensure that the land you buy is in a location that suits your purpose as well. If for example, you are going to build a house on the plot, you can maybe take your architect along with you when you go for inspections in order to get a professional assessment.  A land perch ranges between 150,000 LKR minimum to a maximum of 3,700,000 LKR with an average perch price of 1,6094,00. There is a hike in perch prices in 2019 compared to 2018.

Buying an Apartment in Nuwara Eliya

Little do most people know that there are apartments in the sleepy tea country of Nuwara Eliya. The difference however is that the apartments here are not skyscrapers. Most of them have been built in such a way so as not to mar the beautiful skyline of the region. For those who are looking for a comfortable, cosy place to settle down, this region is the ideal answer. While being charmingly beautiful in an English post card manner, the region also offers some of the best and well-appointed apartments in the country. Buying a flat in this region is one of the best decisions that you can make in terms of investments. 

One thing you should be concerned about when buying in Nuwara Eliya is about heat insulation. Therefore make sure that you check all the windows and any other openings of your flat so that it minimizes heat loss during the cold nights. If there are any, make sure that they are taken care of before you move in. The last thing you would want would be to freeze in the middle of the night simply because you failed to notice that one crack in the window panes!

Finding a Property for Sale in Nuwara Eliya

This zone is a place where the property market used to be high-end, but has now come to be more affordable and competitive. About a century ago, the population of this hilltop paradise comprised of British government officials and the local wealthy aristocrats. The estate workers lived in slums or did not have a permanent type of dwelling at the time. The dwellings and land properties (for there were no apartment complexes back in the day) were expensive and could be afforded only by the rich and elitein the country. Today however, looking at this region, you can find assets of all sorts. Be it a house, an apartment, a land or a commercial property, an average person can afford to buy without selling a kidney in the process. The best thing here is that there are enough types of properties offered at a variety of prices to suit everybody’s needs.

Nuwara Eliya: Beyond the Tourism

Tourism has made its claims on the picturesque region of Nuwara Eliya. If you simply look around you will notice the tour guides, locals and foreigners following them dazed eyed and awed. But there is much more to this region than the clichéd tourist sites. One of the best ways to do so is to have a local contact person there, who is willing to take you through a day in this region as a day tour, with no dilutions or illusions. The next time you visit this region, try to look beyond the tourism into the lives of the everyday man from here. Instead of taking a chauffeur driven hotel vehicle, try taking a bus down a winding hilly road. Try eating a local meal at a native’s house instead of a five star buffet at a hotel. Another enjoyable thing to do in this region will be to try your hand at tea plucking, working at a strawberry field or one of the extensive vegetable plantations. Hospitality –You can never get too many hotels, guest houses or holiday homes in this region. Almost all them are fully occupied during the peak season which starts each April and it is in dire need of more places to accommodate all the people who visit during the season. 

As per the above graph there is a steady growth in hotels compared to guest houses however the lower price ranges have a big demand for guest houses.

LankaPropertyWeb Records Growth And Success – 2018 In Review

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LankaPropertyWeb ‘s success, from humble beginnings as a startup in 2007, to be the leading real estate platform in Sri Lanka, can be attributed to several milestones that have been hit in the last few years.

Sri Lanka’s leading real estate website, LankaPropertyWeb.com, recorded another successful year in 2018, showing an extraordinary growth in traffic and other vital metrics to the website. Buoyed by the demand for rentals, new developments and sales, the website has recorded a significant increase in the number of users, visits, duration of the visit and most importantly, in the number of leads generated to advertisers and closed sales and lets. 

2018 saw LankaPropertyWeb grow drastically and achieve some significant milestones. LankaPropertyWeb won the award for Best Digital Integrated Campaign at the SLT Zero One Awards. The major accomplishment marks the acquisition of the country’s no.2 property portal lamudi.lk, firmly establishing the company as the dominant portal in the country. The acquisition includes the lamudi.lk domain and all its listings, plus the local operations of Lamudi Sri Lanka, making LankaPropertyWeb is Sri Lanka’s number 1 & dominant property website.

With a revenue growth of 61% compared to 2017 the company has seen a rise in the number of advertisers to 55%. The total number of users saw a growth of 20% and there was a substantial increase in mobile users as well which in the current real estate market is a crucial factor. In short, the duration of a visit increases as the website can offer more options and choices for the users to browse and select from. It is also proof that the users have shown a keen interest on the properties advertised.

The figures for 2018 shows that not only does the website bring in the visitors, but it also delivers on the vitals that are important for both sellers and landlords, by generating leads and providing leads resulting in a majority of advertisers managing to sell or rent the properties.” stated Daham Gunaratna, Managing Director of Lanka Property Web.

Leveraging technology to stay ahead in the business, LankaPropertyWeb offers its services to a clientele that was not yet tapped into in 2007 – the non-newspaper readers, the people constantly on the go, and foreigners and expats who were exploring investing in Sri Lanka, who would not have otherwise had visibility of the investment opportunities in the country.

Excelling in professionalism, integrity and exceptional service in delivering the most astounding standard of solutions tailored to your needs and objectives has contributed to Lanka Property Web’s success throughout the years, while it strives to bring in transparency and trust in to the industry and promote the country as an investment destination to global investors. Established in 2007 the company is Sri Lanka’s most visited property website with the most number of property listings.

LankaPropertyWeb recently held Sri Lanka’s flagship real estate event of the year, the Lanka Property Show 2019, which concluded successfully, drawing praise from both exhibitors and visitors and was held on the 9th and 10th of February at the Kingsbury Hotel. The event was the largest property show in the country with 30 stalls being occupied exhibitors. Also, this year’s show featured a diversified set of exhibitors, with house builders, banks, Solar providers and Hoke Internet solution providers also participating at the show.

In addition to offering a wide range of property options, for sale or rent, the site also offers additional property-related services and information. These include a House Price Index, the tracking of the average property prices in Sri Lanka and guides and tools such as a Mortgage calculator and guides to locals and foreigners on navigating Sri Lanka’s property related legal framework.  

With several property-related events and product launches planned for 2019/20, including hosting the Lanka Property show for the fifth time, an event in Australia, Lanka Property Web is anticipating continued growth of the sector. The company will continue to improve its technology and services to the users, helping them at each step of their property buying and selling process and by doing so, keep them abreast of the changing trends in the sector in 2019.