Improved business sentiment rekindles interest in local luxury property market
View(s):A mood of optimism and expectation pervades life in Sri Lanka this year as positive moves by the new government to streamline the nation’s tax structure, professionalise state-owned institutions, streamline ease-of-doing business standings and other business-friendly measures serve to provide economic stimulus.
With the International Monetary Fund (IMF) projecting a growth of 3.7 per cent GDP for Sri Lanka in 2020, there is reason for the rising business confidence in the country. A similar mood has infused the real estate and luxury housing market in the country as many projects which had stalled previously are now up and running, according to Sri Lanka Sotheby’s International Realty.
The company said in a media release that the Sri Lankan holiday home market has been one of the most dynamic real estate segments for the past two decades. The segment has attracted international investors, mainly from Western Europe, who have been fascinated by the immense natural and cultural beauty of Sri Lanka, its pristine beaches and relaxed lifestyle.
“Any challenges they faced were overcome by determination, patience, creativity and hard work. Sri Lanka, at the turn of the century, was an uncharted territory for property investment, where only few were prepared to navigate the complex web of red tape and loosely defined property laws. To achieve elaborate new designs and quality of finishes with the inexperienced workforce, early developers were taking uphill journeys, paved with many obstacles. Those brave and determent developers, which also included many Sri Lankan visionaries and entrepreneurs, created some of the best examples of luxury holiday home architecture, with the right balance of modern comforts and traditional Sri Lankan influences,” it said.
Today the type of investor in the Sri Lankan holiday home market is changing. They are not pioneers looking for affordable new destinations, prepared to spend years of hard work developing a beautiful property; but wealthy global professionals, financiers and entrepreneurs looking for a piece of paradise and a sanctuary from their busy lives. They are not confined by or particularly committed to any specific market, country or destination. They are prioritising comfort, convenience, transparency and quality of service, the release said.
Perceiving ample opportunity in Sri Lanka’s luxury real estate market, Sri Lanka Sotheby’s International Realty is expanding its operations across Sri Lanka and is actively searching for exclusive holiday home properties with character to market internationally.
Sri Lanka Sotheby’s International Realty said it has early indications of market recovery, with increasing interest for luxury holiday homes from international buyers and investors. Interest is expected to gain momentum in the second half of 2020 and accelerate in 2021 which makes early 2020 the right time to market properties and engage with prospective global buyers.