Real estate shows significant growth -KPMG
The market for real estate assets in Sri Lanka has shown significant
growth since 2009 with a marked increase in price levels of real estate
including bare lands, residential housing, commercial premises and
condominium apartments, a KPMG report stated. Increased foreign
investment interest in prime blocks of commercial land in Colombo,
acquisition and resale of leisure properties by private investors and a
general increase in confidence levels of household investors has fuelled
the development of Sri Lanka’s property market during the past 24
months, the report said. The changing landscape of Sri Lanka’s real
estate market is likely to be further elaborated by shifting lifestyles
of real estate buyers.
including broader acceptance for apartment style living, further
cities becoming accessible and equipped with necessary infrastructure
and a growing leisure sector across a number of districts in Sri Lanka.
Further transformation is likely to take place and Colombo could emerge
as a trade hub for South Asia.
Recent growth trends have shown increasing activity in the
construction industry, housing, property sales and apartment projects.
Individuals are also likely to have benefited from increasing property
prices and appear to continue to invest in real estate.
The city’s landscape is currently in a state of transition with the
government pursuing a policy of transformation that will beautify the
capital’s landscape.
Unlike most emerging economies the urban population in Sri Lanka has
not increased over the past five decades and only 15 percent of the
population live in cities.
The Report stated that despite issues regarding the classification of
urban and rural areas a vast majority of the population live in rural
areas.
The population in the city is estimated around 900,000 while the
floating population is around 500,000.
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