The Research Intelligence Units’ suburban apartment price index for February reveals that the apartment prices are continuing to decline in US dollar terms making it an opportune time for foreign investors. 

However, this is not the case when the prices are calculated in LKR terms, RIUNIT says. 

According to the latest RIUNIT data, suburban average apartment price in LKR terms increased to Rs. 27,154 per sq.ft. in February from Rs. 26,902 per sq.ft in January while the prices in US dollar terms rose to US$ 75 per sq.ft. from US$ 74 per sq.ft.  

Among 13 selected Colombo suburban the highest price is recorded in the Mount Lavinia area with US$143 per sq.ft. which is also the highest gain of 39 percent compared to February 2022. 

The lowest drop is recorded in Wattala area with US$ 58 per sq ft. which is a 35 percent drop compared to the previous year, RIUNIT added.