Sri Lanka’s real estate sector regains growth momentum with foreigners and expats buying In
Several industries in Sri Lanka like tourism, real estate and construction that were affected by the Easter Sunday attacks in April have begun to regain its growth momentum.
The real estate and construction sectors suffered a severe setback with a decline in enquiries and sales, both locally and internationally.
However, the aggressing tourism campaigns carried out by Sri Lanka’s tourism authorities and the revival of the tourism sector has also aided the growth in the real estate sector with inquiries being made by foreign and expatriate clientele.
Director Sales and Marketing, Capitol Twin Peaks, Rohith Dissanayake, who as a part of Capitol Developers has been heavily involved in the promotion of and stabilisation of sentiment toward Sri Lanka real estate, has been quoted as saying, “Since 2009, Colombo 2 real estate value in particular had tripled in just five years.
“Following recent incidents, Sri Lanka has faced a considerable decline in interest and sales not just in real estate, but within several industries. However, with the international community, local industry leaders and Sri Lanka authorities banding together to ensure safety and continuity of business, we have begun to see the start of Sri Lanka’s rise, again”.
With Sri Lanka now offering potential buyers and investors a host of contemporary, Class A – C category residential and commercial real estate, international and expat communities have returned their focus to Sri Lanka.
Accordingly, properties particularly in the Colombo 1 and 2 areas are expected to yield higher investment returns, particularly those located within the immediate periphery of the reclaimed land project (the Port City) which are expected to provide potentially high capital gains and rental yields.
Local media reports state that Capitol Twin Peaks is categorised as a ‘Class A’ residential property according to international grading, as it is located adjacent to the Beira Lake in Colombo 2, becoming one of Sri Lanka’s fastest selling condominiums.
The project continues to be one of the very few real estate developments in Sri Lanka that continues ahead of schedule, offering international standard quality, reports add.
OSL take:
Sri Lanka’s real estate sector is on a growth path with the continuous increase in the prices of real estate/properties in prime areas in the country. The increasing interest for business in Sri Lanka by foreign businesses/investors I’m Sri Lanka has boosted the demand for real estate in the island. The country’s development drive along with its geographical positioning in the Indian Ocean and the country’s expanding trade ties with foreign countries have resulted in Sri Lanka becoming a business centre in South Asia. Therefore investments in Sri Lanka’s real estate would be a business/investment opportunity that would bring good returns in the future.
| Article Code : | VBS/AT/31072019/Z_2 |