Sotheby’s International Realty in Sri Lanka says investor interest in properties on the rise
Sotheby’s International Realty in Sri Lanka has reportedly said that investor interest in properties in Sri Lanka is re-emerging and the firm is looking to market properties outside of the capital Colombo.
“Sri Lanka Sotheby’s International Realty is pleased to announce that it is receiving positive signals from the market, with increasing interest in Sri Lanka and particular properties in the island from various quarters around the world,” the real estate broker has been quoted as saying in the local media.
“Sotheby’s expects 2020 to be significantly better than 2019.”
According to reports, with interest re-kindled in Sri Lanka, Sotheby’s is looking for properties outside Colombo to market.
“The company is seeking properties with character, historical heritage, modern architectural masterpieces, properties situated at places of natural beauty – all of which Sri Lanka has in abundance,” the firm has stated.
The firm is marketing Sapphire Residencies, a high rise luxury property promoted by India’s ITC group in Sri Lanka’s commercial capital, Colombo.
In 2019, Sri Lanka was hit by an economic downturn, value added tax on residential property, Easter Sunday attacks and political instability.
“All these factors now seem to be easing to allow for greater hope and optimism amongst all stakeholders,” Sotheby’s has said.
Though there is increasing interest, prices are under pressure in the country and ‘realistic’ expectations will drive sales, the firm said.
“Although it will still be a buyers’ market, the gradual political stability and improvement in the overall security situation has boosted confidence in the local and international market,” the company has noted.
Sotheby’s has added that tourism has already picked up and the country’s natural beauty and made in a luxury destination.
OSL take:
The expansion in Sri Lanka’s overall economic activities has resulted in an increase in demand for real estate in the country. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses/investors could explore business opportunities in Sri Lanka’s real estate and property development sectors.
| Article Code : | VBS/AT/20200107/Z_2 |