Sky Castles

A change in land taxes and a stagnated economy has not crimped Sri Lankans desires to own a house in the skies. A change in land taxes and a stagnated economy has not crimped Sri Lankans desires to own a house in the skies. Property developers suffered a minor heart attack when the government re-introduced a 100 percent tax on foreigners owning land.

Besides pent up desires, condominium developers are cashing in on changing lifestyles, where parents and busy executives opt for apartments as against the traditional house.

“It’s pretty amazing, because most of our apartments are sold to Sri Lankans living here, or those having dual citizenship. The appetite is still there, though people talk of a bubble in the property market,” says Padmini Karunanayake, Deputy Chairman of Ceylinco Consolidated.

The diversified Ceylinco Group, is embarking on its fourth major luxury condominium project, besides putting up a string of low-mid income housing schemes and apartment complexes.

Karunanayake says galloping inflation and high construction costs are not deterring people from acquiring a home in the skies