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Investing in real estate

For those looking to invest in real estate in Sri Lanka, there is no better time than the present, with the country’s civil conflict now an issue of the past. Along with economic development and growth currently being experienced in the country, there has also been an unprecedented interest in investment properties all over the island, especially the East coast which until a couple of years back was almost inaccessible.

As a major tourism destination, one of the sectors earmarked for immense growth over the next couple of years is tourism and leisure and is therefore understandably one of the best sectors to invest in. Its leading subsector for investment is accommodation - hotels, boutique hotels, guest houses and villas – of which there is understandably a great need for with growing tourist arrivals.

To achieve the required level of accommodation capacity and other services, the sector requires an investment of three billion dollars over next five years. Domestic residential, tourist accommodation and commercial real estate not only benefits from tourism but the government of Sri Lanka is also very active in promoting through incentives the concept of real estate investment and growth, which further makes it an attractive location for property investment.
Properties currently in demand are those located on the coastal belts of Sri Lanka, in the many seaside towns on the Southern and Eastern parts of the country.

Although one must be cautious when choosing properties to invest in and agents to deal with, several real estate agents in Sri Lanka provide genuine consultancy services for buyers, smoothening the process by advising buyers on all aspects of the property market and working with local agents located throughout the island, thereby being able to present a wide selection of property, from large hotel developments to small bungalows.

 

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