Sotheby's
International Realty in Sri Lanka says investor interest in properties on the
island of the Indian Ocean is re-emerging, and the company is looking for
market properties outside Colombo's capital. "Sri Lanka Sotheby's
International Realty is satisfied to announce that it is receiving positive
signals from the market, with increasing interest from various quarters around
the world in Sri Lanka and particular properties on the island," the real
estate broker.
"Sotheby's
expects 2020 to be much better than 2019." With interest re-kindled in Sri
Lanka, Sotheby's is looking to market properties outside of Colombo. "The
company is looking for character properties, historical heritage, modern
architectural masterpieces, properties situated in places of natural beauty, all
of which Sri Lanka has in abundance," the company said.
The firm is
marketing Sapphire Residencies, a high-rise luxury property in the capital
Colombo promoted by India's ITC group. In 2019, an economic downturn, value-added
tax on Easter Sunday assaults on residential property, and political
instability hit Sri Lanka. "All these factors now appear to be easing to allow
more hope and optimism among all stakeholders," said Sotheby's. While
interest is growing, prices are under pressure in the country, and ' realistic
' expectations will guide sales, the firm said.
"The
gradual electoral permanence and progress in the overall security situation,
although it will still be a buyers ' market, has boosted confidence in the
local and international market," the company said.
"It is evident
that estate prices will tweak to the current market circumstances, where
realistic seller expectations will improve sales chances.” It is only natural
that after such a marked downturn in the market, international buyers will be
scouting attractive investment opportunities on the island."
Also, increasing
demand from local and international companies for quality office and business
space is spurring private-sector investment. Alone at the Port City, the
suggested International Financial Center will add 5.65 million square meters of
new mixed-use property.
Attracted by the
robust economic growth, developers from far away are increasingly focusing on
Sri Lanka, particularly Colombo; concerning significant current Chinese
investment in Colombo, the Japanese company Belluna Co. has lately announced
plans to invest US$ 500 million in real estate projects here.
OSL Take: Sri
Lanka's government's aggressive development program has further risen property
prices, making properties on the island an accessible investment opportunity
with short-term advantages. The proposed project of Colombo Port City will also
improve land value. Foreign businesses/investors could, therefore, explore
possibilities for business/investment in the real estate industry in Sri Lanka.
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