Colombo has the highest housing prices in the world

2026-02-07 - 03:38

Parliamentarian Ravi Karunanayake states that Colombo has emerged as the city with the highest housing prices in the world. He notes that the prices of construction materials in Sri Lanka remain higher compared to other countries in the region. Accordingly, he points out that cement prices in Sri Lanka are 45% higher than in other countries, while iron prices are 75% higher compared to several other countries. He emphasises that the main reason for this situation is the prevailing tax system in the country. He further states that the Government should pay attention to the existing tax structure. Parliamentarian Ravi Karunanayake also notes that economic activity can be boosted by providing concessions to the construction sector.