Expat and international investors reignite Sri Lanka’s property sector

As developers increased their marketing efforts in the midst of the pandemic 

View of the Colombo city skyline with modern architecture buildings, including the Lotus Tower. msmsha/Shutterstock

Since the pandemic has disrupted business activity in the real estate, construction and tourism sectorsLanka Business Online reported that industry leaders have ramped up their marketing efforts to reach out to consumers and potential investorsYet, even before the outbreak, analysts reveal that the Sri Lanka Easter Attacks in April 2019 have already drastically affected sales and enquiries both locally and internationally.  

Nevertheless, Lonely Planet still ranked the island country as the best place to visit in 2019, stating: “The country has been upset, but continues to be an incredible place to visit. It still tops our Best in Travel for 2019.” 

As Sri Lanka recovers from one disturbance to the next, real estate leaders are confident that they will soon see the light at the end of the tunnel.

“Since 2009, Colombo 2 real estate value, in particular, had tripled in just five years,” said Rohith Dissanayake, the director of sales and marketing at Capitol TwinPeaks. 

“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.” 

More: Asia Property Awards (Sri Lanka) winners selflessly devote their time and resources to combat the virus

As a member of Capitol Developers, Rohith has been active in helping promote and stabilise consumer sentiment towards Sri Lankan real estate. In 2018, Capitol Developers received the award for the Best Condo Interior Design, along with one highly commended trophy at the 2nd PropertyGuru Asia Property Awards (Sri Lanka).

To help the industry recover, several developers have been offering an array of ultramodern, class A to C commercial and residential properties, which reignited the interest of international and expat investors and helped regain the industry’s momentum. 

Analysts expect thdevelopments located in the Colombo 1 and 2 area to generate higher investment returns, especially the properties near the reclaimed land project or the Port City that is predicted to produce high rental yields and capital gains. 

More: Sri Lanka eyes a revival as the political transition and pandemic cripple the tourism industry

Award-winning property Capitol TwinPeaks is classified as a class A residential property based on international rating as it is located right next to the Beira Lake in Colombo. As we speak, it is slowly becoming as one of the fastest-selling condominiums in the island country. 

If you know of any developers or real estate projects in Sri Lanka that deserve to receive our prestigious awards, particularly during these trying times, nominate them for the 4th Asia Property Awards (Sri Lanka) on or before 4 September 2020! Simply visit asiapropertyawards.com/en/award/asia-property-awards-sri-lanka/ for more details.