Sri Lanka Real Estate Expo

Sri Lanka which has a connection with the Muslim world spanning back to the arrival of Arab traders in the 7th Century AD, evidenced not only by the countries 9.7%Muslim community today but also by beautiful ancient Islamic architectural sites and mosques. Sri Lanka has in recent years become an increasingly attractive real estate investment destination for foreigners and expats alike. This, surprisingly has however not been particularly the case from Islamic investors and jurisdictions.

This Sri Lankan Real Estate Expo should help to spark that interest not just because of the religious and cultural connections but because of the unprecedented levels of growth and great real estate investment opportunities that the country offers. This of course should be interest to all savy real estate investors not just Muslim but also expat Sri i Lankan’s and International investors also

Although Colombo’s high-end luxury property such as hotels, condos and retail outlets comprise the main draw, other areas – such as Galle and Colombo’s suburbs – are also receiving increased attention and investment from both foreign and domestic sources, as well as from expats looking to return home after the cessation of a decades-long civil conflict in 2009.

The private sector is the main driver in Sri Lanka’s real estate development, with the majority of developers hailing from Sri Lanka, China and India.

Encouraged by recent infrastructure improvements to the capital such as the E02 Expressway – colloquially known as the Colombo Outer Ring Road – and ongoing projects such as the Colombo International Finance City (CIFC), property developers have moved in with high-end residential developments that will permanently alter Colombo’s skyline and economy.

Meanwhile, investors and developers alike have been flocking to seize a piece of Galle’s sought-after ocean-view holiday and second-home properties, with foreign investors making up a large portion of the buyers there.The country’s GDP is growing, as is the amount of international interest in real estate. While Colombo is currently targeted as a luxury area, investors are also looking at the suburbs and growing cities such as Kandy, Gampaha and Galle for property investments.

The government’s 2018 budget also served to further boost the country’s foreign investment and trade objectives. Crucially, the latest changes allow foreigners to buy property freehold within condominium developments, and will allow majority-foreign-owned companies listed on the Colombo Stock Exchange to purchase and build on freehold land. Agents suggest that the budget changes pave the way for the sort of modern, serviced holiday villas that have proven popular among foreign investors in destinations such as Bali and Phuket.

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