{"id":3596,"date":"2019-07-10T11:49:25","date_gmt":"2019-07-10T11:49:25","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3596"},"modified":"2021-06-04T14:32:18","modified_gmt":"2021-06-04T07:32:18","slug":"non-colombo-markets-to-drive-sri-lanka-property-sector-by-2024","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/non-colombo-markets-to-drive-sri-lanka-property-sector-by-2024\/","title":{"rendered":"Non-Colombo markets to drive Sri Lanka property sector by 2024"},"content":{"rendered":"<p>A new national plan for the island means it will be the &#8216;little&#8217; towns steering the island\u2019s real estate into a brighter future<\/p>\n<figure id=\"attachment_3597\" aria-describedby=\"caption-attachment-3597\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3597\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1169999389.jpg\" alt=\"\" width=\"1000\" height=\"563\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1169999389.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1169999389-300x169.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/07\/shutterstock_1169999389-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3597\" class=\"wp-caption-text\">Galle fort, Sri Lanka. X_vini\/Shutterstock<\/figcaption><\/figure>\n<p>Colombo may be the beating, thriving nexus of Sri Lanka, but it certainly does not hold a monopoly on the stream of capital entering the island nation.<\/p>\n<p>From Galle and Hambantota in the south to Nuwara Eliya in the country\u2019s historic highlands, there is almost something for every type of investor or property seeker in this island. Its strategic location in the Indian Ocean, after all, has made it an important fulcrum of maritime policy, with everyone from China and India, even the US, vying for a piece of the action.<\/p>\n<p>Although Colombo is home to 11.3 percent of the total Sri Lankan population, other areas of note in Sri Lanka are coming into their own as legitimate residential real estate markets.<\/p>\n<p>The first-tier cities of Galle, Kandy, Kurunegala, Matara, Hambantota, Jaffna and Trincomalee have seen considerable demand, according to Nirmal de Silva, CEO of Paramount Realty and head judge of this year\u2019s Asia Property Awards (Sri Lanka). \u201cThe lower cost of property, continuous improvements to infrastructure, and close proximity to tourist attractions are some of the key demand drivers outside Colombo,\u201d he said.<\/p>\n<p>Demand for tier-II cities will even rise in the next five years, forecasts de Silva. Such cities, including Athurugiriya, Homagama, Ja-Ela, Kadawatha, Kelaniya, Kotte, Malabe, Moratuwa, Panadura, Pannipitiya, Thalawathugoda, and Wattala will be good areas in which to invest because of continuous improvements in infrastructure and facilities.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/uda-chairman-named-2019-real-estate-personality-of-the-year-by-propertyguru-asia-property-awards-sri-lanka\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: UDA Chairman named 2019 Sri Lanka Real Estate Personality of the Year by PropertyGuru<\/strong><\/a><\/p>\n<p>The National Physical Plan proposes a network of transport infrastructure projects that will change the landscape of the island in the next 30 years. By 2025, for example, Colombo will be connected by expressway to Matara and Hambantota\u2014two of the locations eligible for this year\u2019s Best Residential Development (Southern) prize. A railway is also being planned connecting Polgahawela and Jaffana, a region covered by the accolade for Best Residential Development (North East).<\/p>\n<p>This year\u2019s awards will also honour the best residential developments in central Sri Lanka and even the country\u2019s tourist-friendly neighbour: the Maldives.<\/p>\n<p>Through the auspices of the Urban Development Authority (UDA), the National Physical Plan will fashion Sri Lankan cities into better versions of themselves, mitigating decades of spur-of-the-moment development and a paucity of city-specific urban plans.<\/p>\n<p>\u201cWe all fault most of the cities and towns in Sri Lanka for being disorderly and ad-hoc; unpleasant and not conducive for living; non-responsive and not attractive for business; amongst other things,\u201d said Dr. Jagath Munasinghe, chairman of the UDA and director-general of the National Physical Planning Department (NPPD).<\/p>\n<p>\u201cThe UDA is now in the process of preparing plans for all urban areas, including Colombo, its metro regions, and other major cities such as Kandy, Galle, Kurunegala, Rathnapura, Anuradhapura, etcetera, where the real estate businesses are mostly concentrated. These plans have adopted a novel approach which I would call \u2018pro-development,\u2019 deviating from the conventional regulatory based approach,\u201d added Munasinghe who also won the title of 2019 Sri Lanka Real Estate Personality of the Year.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/sri-lanka-will-never-be-the-same-in-2050-heres-why\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Sri Lanka will never be the same in 2050. Here\u2019s why<\/strong><\/a><\/p>\n<p>The plans include regulatory measures that guide physical developments in appropriate locations. They also give developers a flexible framework around which they can base their projects, with incentives for green building, among others. In recognition of these, Asia Property Awards (Sri Lanka) has opened the categories of Best Green Development and the Special Recognition in Sustainable Development.<\/p>\n<p>\u201cWe can expect well-structured and well-facilitated, environmentally sustainable and socially responsible development activities in these locations in the near future,\u201d Munasinghe said.<\/p>\n<p><em>Do you know of any exemplary real estate development in Sri Lanka, especially those outside Colombo? Nominate them to the 2019 Asia Property Awards (Sri Lanka) until 23 August. Find more details here: <\/em><em><a href=\"https:\/\/www.asiapropertyawards.com\/award\/sri-lanka-property-awards\/\">https:\/\/www.asiapropertyawards.com\/award\/sri-lanka-property-awards\/<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8216;Little towns&#8217; steering the island\u2019s real estate into a brighter future<\/p>\n","protected":false},"author":8,"featured_media":20169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101],"tags":[379,121,370,371,372,120],"class_list":["post-3596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","tag-apa-sri-lanka","tag-colombo","tag-galle","tag-hambantota","tag-kandy","tag-sri-lanka","news_country-sri-lanka","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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