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Rajagiriya: A constrained market with high growth velocity
Daily FT
|December 16, 2025
IN 2024, Rajagiriya reaffirmed its position as one of the most constrained and high-potential suburbs in Colombo's apartment market.
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With a 29.7% price increase year-over-year; rising from $ 91 to $ 118 per sq. ft. from 2023 Q4 to 2024 Q4, it outperformed other suburbs such as Battaramulla (21.9%), Malabe (7.5%), and Thalawathugoda (24.6%). Only Mount Lavinia showed a comparable rebound of 29%, but with nearly 61% more supply than Rajagiriya.
Over the five-year span from Q4 2020 to Q4 2024, Rajagiriya's has made remarkable recovery to its pre-pandemic prices. Its price recovery from the 2022 trough ($ 78 per sq. ft.) to 2024 ($ 118) represents a 51.3% gain in just two years, the second highest among 13 other suburbs, only behind Mount Lavinia.
Supply rigidity and saturation metrics
This story is from the December 16, 2025 edition of Daily FT.
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