Sri Lanka’s property market is witnessing a strong revival following the end of the civil strife.
The Lankan government has been clearing huge parcels of land in Colombo, Jaffna, Mullativu, Kilinochchi, Trincomalee, Hambantota, Galle, Kandy, Batticaloa and Hill Country regions like Nuwara Eliya for residential, hospitality and other commercial projects.
The country’s urban development authority, a single-window clearance agency, has been given a mandate to identify, clear and allocate land to investors.
`Our realty sector is seeing a lot of action in the last few months, with corporates and home buyers waiting for allotments. A large population of our own people staying in the US, Europe and Asia are investing in realty. Indian families too are investing,” said a senior official with the commerce & industries ministry in Sri Lanka.
The Lankan government has been urging its nationals to invest into the country’s real estate since the end of civil war. A Shankar, senior vice president in real estate consultancy Jones Lang LaSalle India, said there is a sudden spurt in demand for realty in Sri Lanka. “Many who stay outside are coming back,” he said.
Several Indian real estate developers are doing due-diligence and drawing up business plans for Sri Lanka. Colombo-based Indian businessman Somi Hazari of Shosova Group (formerly head of Indo-Lankan Chamber of Commerce and Industry), said, “A large number of Indians, businessmen and individuals, are finding Sri Lanka attractive for realty investment. Many Indian families have bought their second home or vacation home close to the beach or in the plantation areas in Lanka.”