As a whole, the Sri Lankan economy is on a growth trajectory and glaring evidence of this is the booming real estate market, which consistently draws in big ticket investments from around the world. In addition to the lift, property prices are generally on the rise.
Such encouraging indicators further support the observation by many economists that Sri Lanka is visibly expanding with considerable focus on the property sector, according to Property Report.
“Global investors look to building large-scale projects in and out of Colombo,” the report said, adding the country’s real estate industry remains unsaturated, and certainly a state that works to the country’s interest.
Another boost to investors’ confidence is the recent move by the national government to implement greater regulatory measures on the property market as part of Colombo’s compliance to international standards and expectations.
Authorities have “taken steps to monitor and regulate,” actors in the property sector and the development is seen to improve transparency, a report by EconomyNext stated.
Property Projects As Gauge Of The Boom
Serving as proof that the economy and the property market is growing is the ongoing construction activities in Sri Lanka. Prof Chitra Weddikkara, managing director at QServe Pte Ltd, said the local construction scene appears to be doing well and “one of the reasons for this increase in activity is the launch and ongoing development of several high-rise projects.”
“Due to the development vision of the policy makers in Sri Lanka, we have the Megapolis development plan and the Port City Colombo project, to name a few,” Weddikkara was quoted by Property Report as saying.
As a result of the Colombo skyline benefitting from these giant developments, global investors took notice and seemingly convinced that entering the Sri Lankan market will lead to sure-fire incentives, she added.
In the same way, new players are exploring the possibility of getting involved in construction projects that will develop Sri Lanka’s untapped market, the property expert said.
This trend indicates that developments presently underway in Colombo represent but the start of a sustained boom and similar projects will be seen around the island nation, somehow supporting Weddikkara’s assertion that “construction is the barometer of our economy.”