The Condominium Property Volume, declined significantly by 91 per cent on a year-on-year basis and by 40 per cent compared to Q4,2022.

The overall prices of new condominiums in the Colombo district have increased following a brief stagnant period, with the Price Index for New Condominiums in Colombo district showing a year-on-year growth.

Further, taxes imposed on condominium sales including VAT and social security contribution levy as well as the high level of interest rates that prevailed during the quarter have contributed towards the adverse market conditions.

In terms of price categories, exactly half of the transactions reported were in the price category between Rs. 25 Mn—Rs. 50 Mn, the Central Bank report revealed.