SL: Golden years in golden beaches, making investment waves
Sri Lanka can be marketed as a retirement destination, as it is ranked as one of the most affordable retirement destinations in the world, according to a top realtor.
“Sri Lanka is identified as the most affordable retirement destination for 2026, providing low living costs, affordable healthcare, and easy visa processes. Retirees can live comfortably on an estimated $1,000 per month, covering housing, food, utilities, and entertainment. Private healthcare in Colombo and low-cost public transport are key highlights. This is why we must move to market this as a favourite retirement destination,” Premalal Brahmanage, Managing Director, Prime Lands Residencies PLC, said. According to the 35th Annual Global Retirement Index by International Living, Sri Lanka was ranked as the world’s most affordable retirement destination, earning 98 points out of 100 in the index’s affordability category.
At the recent panel discussion of the Softlogic Investor Forum, he said that the real estate sector has been doing really well last year and is expected to grow this year as well, with low interest rates, more gated communities, and self-sufficient units. He noted that mid-tier apartments, ranging between Rs. 30 million and Rs. 60 million, will see high growth, while the luxury segment will also grow. The country’s positive image, landing a high spot at the best retirement index, and the displayed resilience after the horrendous cyclones, will all be growth drivers for apartments, he added.
Highlighting that real estate can be exported, he said that his company has already been marketing their own products abroad. Mr. Brahmanage advocated that, “exporting” Sri Lankan real estate to foreign investors and expatriates to drive foreign exchange, enhance economic stability will boost sectors like construction. “By focusing on overseas buyers, particularly Sri Lankan expatriates and foreign investors from India, Sri Lanka can turn its property market into a global, USD-denominated asset through developments in the Port City Colombo special economic zone,” Mr. Brahmanage told the Sunday Times Business.
He also pointed out that omitting the 35 per cent taxes for apartments will boost the sector and see more purchases in apartments, because then the developers can cut the apartment prices.
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