Current Real Estate Market Conditions in Sri Lanka

February 1, 2022
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Real Estate Market in Sri Lanka

The real estate market is one of the recently emerging markets in the territories of Sri Lanka. Since this is quite a market related to the concept of urbanization, the market is established mostly in highly commercial areas such as Western and Southern provinces in the country. Yet, one can witness that it has become a major part of other areas as well, rooting in initial levels. However, this is such a market that can be affected by a slight change in the economic system in the country since this deals with properties that are a part of the inhabitants in it. You may be wondering now what this so important market is? The real estate market is the market where the properties containing lands and buildings are involved in commercial dealings particularly in purchasing and selling. Therefore, it is a market that moves forward with the ups and downs of the economic and financial conditions of the country. 

History of Real Estate Market in Sri Lanka

The beginning of the journey of the real estate market in Sri Lanka runs back to the late 19s with small-scale initiatives. Back then neither the market nor the real estate properties had emerged to a visible extent. However, constantly evolving business technologies, minds, and personalities became responsible for changing the small-scale history into a larger scale present. As a result, this market embraced a significant position within the context of Sri Lanka towards the early 20s. Aftermath, it only developed and widened its territories rather than dropping down its value even by connecting the dots globally. Currently, as a booming industry, it has stabilized its potential by increasing the number of investments while marking the landmark of the real estate industry in Colombo. According to the contemporary scenario, investing in Colombo for a real estate property leads to an incredible fortune in the near future which comprises the 75%-80% multiplications of the investment itself. 

“Current value does not always matter, what matters the most is how valuable it can be in future”

Recent Changes Happened in The Real Estate Market in Sri Lanka

As mentioned above, Colombo, being the home of the market in Sri Lanka, contains a number of valuable properties around the city with an astounding demand from both the buying and selling parties. For instance, the apartment complexes in Ward place, Horton place, Barnes place, Maitland place, Alfred place along with the new projects such as sapphire residences, marina square, 146 Residencies, etc. are a few of them. Everything had been normal in the industry and market without any flaw until early 2020. Since this is a market directly affected by the economic status and the financial condition of the nation, the unfortunate hassles that happened in 2020 and 2021 caused impromptu changes in it. 

After the unexpected demissive Easter attack in April 2019, the slightly affected real estate industry worked on the recovery piling up promising anticipations towards 2021. Though the beginning of the year seems calm and fortuitous for the industry, the threatening storm of the Covid-19 pandemic hits hard on the market by turning the tables once again. As it puts a full stop to several industries in the country, similarly it almost showed a termination to the real estate market as well. The main reason for that was the decreasing foreign investments and lack of incoming foreign population. Since this is developed to be an industry that has a global stand, the traveling bans, export-import bans and physical barriers in between the countries could make a real change in the market. Apart from that, the economic crisis and lack of inland revenue also played a huge part in these revolutionary changes in the market. Lack of sophisticated people and environment is not a good place for the real estate market which always deals with purchasing and selling. 

Present Situation of The Real Estate Market In Sri Lanka

Currently, although the pandemic has not still seen its end, the real estate marketers are in the process of restating their position within the island. Though the country has not fully recovered from all the hazardous consequences of the pandemic, everything is getting normalized even amidst its presence. Hence, the real estate market also embraces their previous routines to a considerable extent without letting their industry fade out. Once again the buyers and sellers are in the process of building their future with the market and the developers are in the process of finding new dimensions to expand their workforce. This new normalized energy has shed fresh light on the market to continue with its acquainted operations while planning on the strategies to stabilize their stand even if another crisis rises. Thus, though the economy and the global connections are still wavering within the island, the real estate market is back on the action to overcome the challenges they faced during the uncertain past two years for a more certain and hassle-free future. 

“Navigating the industry with the current resources will bring it to another level when the things become really normal one day”  

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Ongoing Best Apartment Projects in Sri Lanka

November 16, 2021
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Sri Lanka has a great potential for investments made in the Real Estate Industry and it is currently booming due to many Foreign Direct Investments in Sri Lanka such as the Colombo Port City. Investing in an Apartment in Colombo can multiply your investment by at least 50% in the first 1 -2 years and more within 5 years. Also, the demand for apartments in Sri Lanka is increasing day by day and here we have listed out some of the Best ongoing Apartment Projects in Sri Lanka:

606 The Address

The 800+ foot tall Residential Tower is the epitome of space, style, and magnificence. Blending contemporary designs with technology, the enthralling edifice stands tall overlooking the Indian Ocean and the cosmopolitan city of Colombo. Balancing aesthetics with function, 606 The Address sets a new benchmark in modern architecture. The tower features an exquisite, meticulously planned collection of residences combining aesthetic elegance and luxury finishes to offer utmost comfort and function. Our designers and developers have forged the capstone of lifestyle living, working across all aspects of development from planning, engineering, and interior design to ensure 606 The Address delivers an unmatched experience. Our collaborative emphasis is to surround residents with panache, functionality, and exquisite form, promoting an enviable lifestyle ambiance.

Sapphire Residences

Inspired by the famous Sri Lankan blue jewel, Sapphire Residences has been meticulously designed for those who expect the finest things in life. Towering 50 floors above the city and overlooking the adjacent ITC One hotel, Sapphire Residences is a collection of 132 superlative private residences that provide the best that modern living has to offer. Ideally located at the epicenter of the Galle Face oceanfront, these unique luxury apartments in Sri Lanka bring South Asia’s most exclusive and spacious elevated living experience to the country. Extraordinary spaces in which to breathe, to live, to relax – for all the family (and staff). In addition to over 40,000 sq ft of world-class leisure facilities, residents will have access to retail and office spaces, as well as many hotel and concierge services and amenities. Sapphire Residences will be defined by its residents. This extraordinary complex will be home to those who have ascended to the heights of success and achievement, there to enjoy the stylish, carefree living and the profound serenity it will offer.

Marina Square

Marina Square – Uptown Colombo is Sri Lanka’s first and largest harbor front luxury condominium project developed by three internationally reputed industry giants; Access Engineering PLC, China Harbour Engineering Company, and Mustafa Singapore. The complex will be developed on an expansive five-acre land consisting of 1068 condos over 36 floors across 5 towers as well as having two acres exclusively allocated for recreational facilities and common areas. Located minutes away from the anticipated developments such as the Colombo International Financial City (Port City) and Elevated Highway, Marina Square – Uptown Colombo offers modern living spaces with infinite ROI possibilities and unmatched rental opportunities. The infinity pool, the clubhouse, games room, unprecedented kids play area and the fully equipped gymnasium are all designed with the discerning city dwellers in mind. Even the commercial element situated within the complex is designed, for the convenience of the residents of Marina Square epitomizing the concept of Urban Luxury. The commercial area consisting of a food court, retail outlets, wellness services, and selected office spaces are all there to supplement and complement the needs of the residents in Marina Square – Uptown Colombo.

The Grand

A lifestyle of ultimate prestige within a breathtaking masterpiece of architecture, all wrapped up, in sheer comfort and exclusivity. These are the quintessential aspects of The Grand, Sri Lanka’s residential address of esteemed choice. The Grand, a project by Prime Group, bears the ultra-prestigious address of No. 64, Ward Place, and has the distinction of being the tallest, residential development in the heart of Colombo 7. Every feature of The Grand narrates a story that complements value to its residents. Standing tall over 150 meters in height, Prime Grand is the only high rise in Colombo 07 now and into the foreseeable future ensuring that each and every apartment will have the privilege of unobstructed views from the beautiful silhouettes of the city skyline to the mountains of the hill country. Colombo 07 has always been the residential hotspot since the inception of modern Colombo. In Colombo 7, Ward Place has been the envy of the city from time untold. Surrounded by lush greenery and residential avenues, Ward Place brings together a unique sense of legacy and luxury. Prime Grand is ideally located in the heart of the most Residential Street of Colombo within a stone’s throw away from leading schools, hospitals, embassies, restaurants, and shopping malls. Thirty-seven floors of utmost privacy and prestige spanned across over an acre of prime real estate effortlessly marks Prime Grand, the Residential haven in the heart of Colombo 07.

Canterbury Lexus Golf Resort Apartments

Introducing Canterbury Lexus Resort Apartments – The second phase of the successful Canterbury Golf Resort Apartments – Piliyandala – Kahathuduwa. The super-luxurious atmosphere of a Canterbury Lexus Golf Resort apartment, whether two or three bedrooms, is undeniable, every square inch is meticulously designed, its dimensions, arrangement, and flawless synchronization of space and function are fitted with the highest quality of furnishings available and it’s intended to enhance elegant, welcoming, and thoroughly integrated lifestyles. The Canterbury golf apartments Piliyandala offers some of the most exclusive and unique residential apartments with a range of amenities.

146 Residencies – Thalawathugoda

Thalawathugoda, an enchanting residential neighborhood. Here, gracious, well-planned urbanization co-exists with cool, salubrious wetland environs. Into this, JAT Living introduces 146 Residencies, a vertical neighborhood of 112 enchanting dwellings, three floors of parking space, and an 8000 sq. ft. bliss-inducing rooftop with a yoga deck, pool, clubhouse, and a playground for the children. Thalawathugoda, a suburban city located just a short ride away from bustling Colombo, is an ideal place to put down your roots. Envision your morning run amidst the luscious paddy fields and, after, start your day with a delicious croissant and coffee from the multiple supermarkets and restaurants that help satisfy all your family’s needs. A few minute’s rides will take you not only to some of the country’s best hospitals but also to leading state and private banks, fuel stations, renowned schools, and top-rated entertainment venues such as Waters Edge. The location is also gifted with rare birds and vast walking tracks for your morning jog. Thalawathugoda provides simple access to inner Colombo and the Down South, thanks to Japan-Sri Lanka Friendship Road and the Southern Express Highway.

Important Documents Required for the Land Registration in Sri Lanka

December 4, 2020
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Every Property is supposed to have certain legal documents that show the overall information about the property. These documents are provided by the local municipality and also other government departments. Planning to buy a property? Well, get ready for major paperwork as the process involves providing (to authorities and the bank in case you are taking a home loan) and acquiring several documents (this ensures your ownership over the property). Here is a list of documents that are required for buying a Land:

Title Deed of the Land

Every Property in Sri Lanka has a Deed which is a formal document that confirms the interest, right, for the property and Title is a legal term that establishes the lawful ownership of a property owned by an individual or an organization. The “Title” is very important because it establishes the history of the property and it shows how ‘healthy’ is the property. The accepted practice is to check the pedigree of the “Title” going back 25 to 30 years. Therefore, the first step is to get the title clearance through an independent Lawyer/ Notary Public whom you can trust.

Approved Lot Plan of the Land

Every land has a master plan in which every plot of land is surveyed and there is a approved lot plan that is approved by the government. This approved documents is essential in the registration process.

Certificate of Ownership

This is an approved and certified certificate that shows the actual owner of the property or land. This document is also very vital in the registration process. It is provided by the Assessment Department of the relevant Municipal Council in the respective District or City.

Non-Vesting Certificate

Non-Vesting Certificate is also an important document that is required for the land registration and it is obtained by the relevant Municipal Council in the respective District or City.

Street Line Certification

This is also a formal document that is certified and issued by the local Pradeshiya Sabha and this document will clarify the actual street line of the property. The importance of this certificate is that the Pradeshiya Sabha is empowered to take action on building constructed by violating the street line.

Extracts of the Land

Extracts are a formal document that shows the overall history of the land and it is essential to check the extracts of a certain land before purchasing it. This document is a proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. Banks ask for this paper before granting you a home loan. It is important to obtain extracts of the land going back to at least 25 – 30 years.

Valuation

Valuation is a formal document that is obtained after the Licensed Valuer values the land in order to show the overall value of the land. The Valuation Process is important because there is a part in the registration process where the buyer has to submit the actual value provided by the valuer to the Inland Revenue Department and then they approve it in order to pay the stamp duty.

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