Business
Colombo’s looming housing crunch: ‘Brace yourself for rising apartment prices’
By Rohan Parikh
As the Sri Lankan economy continues to grapple with the effects of the recent economic crisis and the slow pace of recovery, the country’s real estate market is also struggling to cope, particularly since the upcoming housing crunch in Colombo is now starting to raise concerns for both developers and prospective homeowners alike.
Colombo’s current inventory of apartments is expected to sell out soon, and contrary to popular belief, only a handful of new projects are currently in development as most developers have been adversely affected by the crisis- thus it is likely that the market will face a shortage of apartments.
This is a worrying trend to point out, as this indicates that the limited availability of apartments will lead to a surge in apartment prices, making it difficult or near impossible for prospective homeowners to find affordable housing in the city.
The housing crunch in Colombo is not only a concern for developers and prospective homeowners but also for the overall economic growth of the country. The lack of affordable housing can lead to a decrease in workforce, as people may not be able to afford living in the city and may have to relocate to other, more sub-urban areas. This could have a significant impact on the demand for goods and services and ultimately affect the country’s economic stability.
However, Sri Lanka has received a $3 billion loan from the International Monetary Fund (IMF) to help resolve the spiralling economic crisis that began after Sri Lanka defaulted on its debt in April 2022.
To address the upcoming housing crunch in Colombo, it is imperative that the Sri Lankan Government takes proactive steps to incentivize developers to invest in new projects. This could include offering tax breaks and other financial incentives, as well as streamlining approval processes and providing infrastructure support.
By encouraging the development of new housing stock, the government can not only help to alleviate the shortage of affordable housing in Colombo but also boost economic growth and create job opportunities in the construction sector. This, in turn, could help to stimulate demand for other goods and services, contributing to the overall development of the country’s economy.
However, given the current state of the real estate market and Sri Lanka’s economic situation, it is unlikely that these incentives will have an immediate impact, indicating that it could be a while before developers are able to make sizeable investments in new projects, leaving a gap in the market for new housing options.
As the Sri Lankan real estate sector confronts the challenges of a post-crisis landscape, it’s clear that the future of the industry depends on the ability of local developers to adapt and innovate. The upcoming housing crunch in Colombo is just one of the many obstacles that developers must overcome to succeed in the market. But with the right mind-set, strategies, and partnerships, there is still a path forward for the industry.
Iconic Developments is well-positioned to navigate the upcoming housing crunch in Colombo. Iconic Developments has established itself as a leading developer in the Sri Lankan real estate market, with a reputation for delivering innovative and high-quality projects that meet the evolving needs of the market. The company’s commitment to excellence has earned it a loyal customer base that values its attention to detail, customer satisfaction, and sustainable development practices.
Iconic Developments’ track record of success, commitment to excellence, and customer-centric approach make it a highly sought-after developer in the Sri Lankan real estate market, poised to navigate the upcoming housing crunch in Colombo and deliver sustainable, innovative projects that meet the evolving needs of the market.
Moreover, Iconic Developments has already taken steps to ensure that it has a strong pipeline of projects in the coming years. By strategically acquiring land in key areas of Colombo and investing in the latest technology and construction methods, the company is well-equipped to deliver new projects that meet the evolving needs of the market.
In conclusion, while the challenges facing the Sri Lankan real estate industry are daunting, the future remains bright for developers who are willing to adapt and innovate. By focusing on quality, sustainability, and customer satisfaction, developers can thrive in the post-crisis landscape, and create a better future for everyone.
Rohan Parikh is the Managing Director of Iconic Developments and has had a 20+ year career in Real Estate Development and graduated from the Wharton School of Business in the U.S.
Business
PM ‘Rings the Bell’ at CSE to champion financial literacy and investor education
As part of World Investor Week (WIW) 2026, the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) joined stock exchanges around the world in ringing the market opening bell for financial literacy on 5 October 2026, under the patronage of Dr. Harini Amarasuriya, Prime Minister of the Democratic Socialist Republic of Sri Lanka.
World Investor Week is an annual global campaign led by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and investor protection. The “Ring the Bell for Financial Literacy” initiative, pioneered by the World Federation of Exchanges (WFE), brings together stock exchanges and other stakeholders worldwide to promote greater financial literacy and encourage individuals to make informed financial decisions.
The ceremony also marked the 40th anniversary of the CSE and the joint launch by the SEC and the CSE of the Stock Market Game, an online stock market simulation based on the ATrad trading system.
The Stock Market Game enables participants to gain practical experience of how the stock market works, make investment decisions and construct portfolios of listed shares without using real money. The platform is accessible through the websites of the SEC and CSE and is expected to serve as an important practical tool for promoting financial education. It is envisaged that the Stock Market Game will also be used to conduct simulation competitions among universities and the 100 Capital Market Clubs established in schools across the country.
The ceremony also featured the commemorative issuance of a stamp and First Day Cover to mark the 40th anniversary of the CSE. Issued in collaboration with the Department of Posts and the Philatelic Bureau of Sri Lanka, the commemorative stamp and First Day Cover were presented to Prime Minister Dr. Harini Amarasuriya, by the SEC Chairman Snr. Prof. D.B.P.H. Dissabandara and Ray Abeywardena, Director CSE and Chairman of Central Depository Systems (CDS).
Welcoming the gathering, Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the importance of obtaining reliable information when making investment decisions.
“We operate in a digital world where a vast amount of information and data is disseminated through social media. While some of this information is factual, some may be inaccurate or misleading. When investing in the stock market, it is essential to make informed and prudent investment decisions. Therefore, investors should obtain information and data from reliable and responsible sources and persons before making investment decisions.”
Addressing the gathering, SEC Chairman Snr. Prof. D.B.P.H. Dissabandara emphasised that the SEC’s role extends beyond regulation to facilitating the further development of the capital market.
“The SEC needs to determine how best to introduce the stock market to Generation Alpha, Generation Beta and generations beyond. When it comes to investors, we need to build confidence in the market, because people will invest only when they have confidence in the market.’’
Business
Rs. 5 million worth of prizes to be given at 8th edition of CSE Masterminds Quiz Competition
The Colombo Stock Exchange (CSE) has announced that the eighth edition of the CSE Masterminds Quiz will be held on 9th October 2026, from 3.00 p.m. onwards, at the Main Ballroom, Shangri-La Colombo.
Recognised as Sri Lanka’s premier capital market quiz competition, CSE Masterminds brings together teams from the public and private sectors. Participants will be tested across international business, global markets, current affairs, the Sri Lankan economy and business, the Sri Lankan stock market, and sports and entertainment, before a concluding rapid-fire round.
This year the winning team can win up to Rs. 2,000,000, the runners-up up to Rs. 1,000,000, and the second runners-up Rs. 750,000. Sector awards will also be presented to the highest-performing team from each participating sector. Guest participants will also be able to compete in rounds of Audience questions, and will have the opportunity to participate a raffle draw for three free return tickets provided by Fits Aviation (Pvt) Ltd.
The evening will also include an exclusive after-party with live music provided by the band ‘Doctor’ featuring guest performer Umara Sinhawansa, fine food and beverages, providing an opportunity for networking and celebration. Every participant will receive a premium goodie bag made possible by the support of the event’s sponsorship partners. Collectively, the event will feature over Rs. 5 million worth of prizes, rewards, and giveaways, encompassing championship prizes, sector awards, audience engagement prizes, raffle draw offerings, and goodie bags.
Sponsorship partners include:
Platinum Sponsors: Hatton National Bank PLC and Bartleet Religare Stockbrokers (Pvt) Ltd.
Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Asha Securities Ltd., and Lanka Securities (Pvt) Ltd.
Silver Sponsors: Barista Coffee Lanka (Pvt) Ltd., Capital Trust Holdings (Pvt) Ltd., LOLC Holdings PLC, Arpico Ataraxia Asset Management (Pvt) Ltd., IronOne Technologies (Pvt) Ltd., and LankaPay (Pvt) Ltd.
Co-Sponsors: Access Engineering PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, CryptoGen (Pvt) Ltd., Deloitte Lanka (Private) Limited, Dialog Finance PLC, Efutures (Pvt) Ltd., People’s Leasing & Finance PLC, Senfin Asset Management (Pvt) Ltd., and Softlogic Stockbrokers (Pvt) Ltd.
Business
NCCSL to conduct practical workshop on food labelling and advertising regulations in Sri Lanka
The National Chamber of Commerce of Sri Lanka (NCCSL) is organizing a one-day practical workshop on “Food Labelling & Advertising Regulations in Sri Lanka” on Thursday, 8th October 2026 from 9.00 a.m. to 4.30 p.m. at the National Chamber of Commerce, Colombo 10. The workshop has been organised to provide a practical understanding of the latest regulatory requirements governing the food products labelling and advertising of food products in Sri Lanka, with particular attention to regulatory developments applicable in 2026, compliance requirements, and the potential legal and financial implications of non-compliance.
As food products increasingly compete not only with quality and price but also on packaging, labelling and promotional claims, businesses must ensure the information they communicate to consumers is accurate, transparent and consistent with applicable regulatory requirements. Understanding these requirements is therefore essential for businesses seeking to protect their brands, maintain consumer confidence, and minimize regulatory and legal risks.
The practical workshop will go beyond an overview of regulations and focus on how businesses can apply regulatory requirements in their day-to-day operations. Participants will be guided through key areas of food regulatory compliance, including the national food regulatory framework, recent food labelling regulations and key changes, mandatory approvals and prohibitions relating to food labelling, and the litigation process associated with regulatory violations. The programme will also cover several areas of growing importance to the food industry, including the EU EMPCO Directive, food colour coding regulations, regulations relating to food trans-fatty acids and the importance of compliance in the use of food additives. Practical exercises will further enable participants to apply their knowledge to real-world compliance situations and strengthen their ability to identify potential regulatory concerns.
For further information and registration, please contact the National Chamber of Commerce of Sri Lanka on 011 4741788 – Nethmi or Udula – 071 403 4775.
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