Lamudi explores real estate prices in Gampaha

Located approximately 28 kilometers away from the Colombo city center is Gampaha, capital city of the Gampaha District, situated in northeast Colombo. It is known to be the sixth largest urban area in the Western Province after Colombo, Kalutara, Negombo, Panadura and Avissawella.

Real Estate in Gampaha – Then & Now

Today, Gampaha attracts residents in search of mid-range and luxury living spaces. Many categories of real estate, like commercial property, residential property, land and property for rent are currently offered in the city, welcoming the high standards of real estate and its owners into the district. Large-scale businesses, banks, financial institutions, universities and restaurants have made Gampaha home to their operations, which make their products and services more accessible to people outside the capital city. Typically, a two-floor commercial space would cost between Rs. 20 million and Rs. 30 million for spaces sized between 2,500 to 7,500 square feet.   Over the years, the city has experienced an improvement in real estate development. The market has been enhanced by experienced developers and constructors. In the past, property prices in Gampaha were known to be below market standards, making it very affordable to the public. However, said properties were of usually of mid-standard quality. The availability of luxury properties was low. Recently, the quality standards of the city’s real estate have risen. More luxurious properties are being built, and the result has been international recognition for high-quality properties. Residential properties had average sale prices between Rs. 4.5 million and Rs. 7 million. According to recent records and research, 87 percent of Gampaha’s real estate seekers prefer buying over renting because of the city’s promising investment climate. Residential properties range between Rs. 8.75 million and 12.5 million based on the buyer’s preference. Residential properties range from 12 to 15 square perches (3,200 to 4,000 square feet) in size for an average house that suits a family of at least four. A massive improvement is underway in terms of developing the city by using cutting edge technology and modern architectural techniques which delivers a promising set of facilities and benefits to investors and buyers of real estate in the area. On classifieds, real estate platforms and other methods of advertising are known to have over 300 to 500 listings updated every month as they target mid-range and luxury buyers, offering a wide range of properties to choose from. Gampaha also carries a massive demand for land purchases as the city is more of a residential area than a commercial area. Potential buyers have invested in land over the years to contribute to the development of property and commercial spaces, bearing the fact that the demand for residential land is high since most of the city’s lands are located in a calm and peaceful environment, away from the busy city, allowing easy access from and to Colombo, and other major neighboring cities. Investors and Developers have been very keen on contributing to the city’s growth in terms of real estate and property, being motivated by the urban culture and the increasing demand for potential value. (Lamudi Media Release)