Determinants of Market Value of Residential Condominium Properties: Case Study in Gampaha District

Abstract

In recent years, the demand for condominiums in Sri Lanka's Western Province has risen due to urbanization and land scarcity. Condominiums have a higher market value compared to other property types, emphasizing the need to understand the determinants of their market value. Determinants of market value vary from one property to another and heavily influence the decisions of buyers and sellers in the real estate market. This study focused on residential condominium owners within the Gampaha district's municipal council limits. Data was gathered from 107 participants through convenience sampling, employing a structured questionnaire. Statistical software was utilized to analyse the collected data, encompassing descriptive, correlation, and regression analyses. The study revealed that location is the most significant factor affecting market value, while economic, neighbourhood, environmental, and market factors also play significant roles. Policymakers should consider these factors when planning strategies for residential condominium development.