Why Sri Lanka’s unsaturated real estate market works to its advantage

(PRESS RELEASE) 

Sri Lanka’s now-vibrant real estate market has developed greatly in recent years. Whilst the current growth trajectory has given way for many opportunities to continuously arise, the sector’s growthhas also seen alongside it the rise in property prices.

Analysts project that the luxury homes segment could potentially be oversupplying the Sri Lankan market by 2020. However, the generally unsaturated property market seems to be headed towards a bouyant future, boosted by easing of buying restrictions and influx of new quality projects and joint venture initiatives.

According to Prof.ChitraWeddikkara, managing director at QServe Pte Ltd, “construction is the barometer of our economy. The many tower cranes on the horizon indicate that the local construction sector is performing well. One of the reasons for this increase in activity is the launch and ongoing development of several high-rise projects.This advantage is due to the untapped and unsaturated property market in Sri Lanka.”

The renowned professorand commentator is a member of the independent judging panel of thesecond annual PropertyGuru Asia Property Awards (Sri Lanka) 2018, which will be held at the Shangri-La Hotel, Colombo for the first-time ever this on 12 July.

“The Colombo skyline in the last decade has been starved of construction but due to the development vision of the policy makers in Sri Lanka, we have the Megapolis development plan and thePort City Colombo project, to name a few. These developments have given global investors incentives to look into the untapped market to construct large scale projects in and out of Colombo.”

Many of the current development on the island will be recognised at the historic local edition of the prestigious PropertyGuru Asia Property Awards programme, which follows the well-received first Sri Lanka competition in November 2017that took place in Singapore, where nine of the finest developers and projects from Sri Lanka received the industry’s highest honours.

“Once again Sri Lanka’s real estate industry has cause for celebration with the first-ever local staging of PropertyGuru Asia Property Awards. Not only is this a huge honour for our growing property industry, but more importantly, it is an opportunity for the island to benefit from much needed positive international publicity, said another member of the 2018 awards judging panel Roshan Madawela, chief executive officer of Research Intelligence Unit.

He added that the event would open doors for many people and global investors to discover the country’s property sector. “Almost everyone who sets foot on this beautiful island sees the true potential of what ‘could be’ achieved here. I sincerely hope that the PropertyGuru Asia Property Awards will represent a further step in the direction of fulfilling the promise that Sri Lanka offers.”

Nominations for the Developer, Development and Design categoriesare being accepted until 11 May, with the official shortlist to be revealed in the first week of June.

There are open categories for residential projects in the following locations across the island: Colombo; Southern (Galle, Matara, Hambantota); Central (Kandy, NuwaraEliya, Matale); and North east (Jaffna, Kilinochchi, Mannar, Mullaitivu, Vavuniya).

In addition, there are special awards that will be given to developers with outstanding corporate social responsibility (CSR) and sustainable development initiatives.

For more information about the 2018 PropertyGuru Asia Property Awards (Sri Lanka), emailawards@propertyguru.comor visit the official website: AsiaPropertyAwards.com/sri-lanka-property-awards/