Sri Lanka real estate regains momentum with international and expat markets

Wednesday, 17 July 2019 00:00 -     - {{hitsCtrl.values.hits}}

Colombo 2’s landmark projects (from left): Capitol TwinPeaks, Altair, Colombo City Centre 

Following recent marketing efforts by industry leaders as well as by the Sri Lanka Tourism Board Authority (SLTBA), Sri Lanka’s many affected industries including tourism, real estate and construction have begun to see a slow regain in momentum.

Capitol TwinPeaks Director Sales and Marketing Rohith Dissanayake

Following on from the recent Sri Lanka Easter attacks, several industries, alongside travel and tourism, namely real estate and construction, aviation, and several more were severely affected with a notable drastic decline in enquiries and sales, both locally and internationally. 

Lonely Planet has recently reaffirmed its ranking of Sri Lanka as the best place to visit in 2019, in spite of the Easter Sunday attacks stating: “The country has been upset, but continues to be an incredible place to visit. It still tops our Best in Travel for 2019”.

Capitol TwinPeaks Director Sales and Marketing Rohith Dissanayake, who as a part of Capitol Developers has been heavily involved in the promotion of and stabilisation of sentiment toward Sri Lanka real estate, noted, “Since 2009, Colombo 2 real estate value in particular had tripled in just five years. 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.” As Sri Lanka begins to rebuild, offering potential buyers and investors a host of contemporary, Class A-C category residential and commercial real estate, international and expat interest has begun to refocus on Sri Lanka. Properties particularly in the Colombo 1 and 2 area are expected to yield higher investment returns, particularly those located within the immediate periphery of the reclaimed land project (the Port City) which are expected to provide potentially high capital gains and rental yields.Capitol TwinPeaks is categorised as a ‘Class A’ residential property according to international grading, as it is ​located adjacent to the Beira Lake in Colombo 2, becoming one of Sri Lanka’s fastest selling condominiums. The project continues to be one of the very few real estate developments in Sri Lanka that continues ahead of schedule, offering international standard quality tied into Developer integrity and high ROI.