(PRESS RELEASE) – The RIU Investor roadshow in London 2016 kicked off on Saturday at the Sri Lankan Medical and Dental Association Dinner dance which was held at the Radisson Edwardian hotel in West London. The occasion was graced by over 300 doctors, dentists and professionals from the medical association residing in the UK. As one of the key sponsors of the event, RIU held one-on-one discussions with people who were interested in the property market in Sri Lana as well those interested in property in the UK. The latter has witnessed renewed investor interested in the wake of the Brexit vote.
According to a recent report from Saville in London, the prime London market is yet to show its response to the Brexit vote. The report claimed that the swift appointment of the new Prime Minister served towards removing a major source of potential uncertainty in the market. Moreover, a weaker sterling combined with a further 0.25% cut in interest rates has served to bolster demand from both overseas and domestic sources respectively.
The underlying message is that London will remain to be viewed as a safe haven investment destination in the global context despite some level of short-term uncertainty that was triggered by Brexit. According to Savile, a US$2 million property in London remains very competitive on the global stage when the cost of purchasing, holding and selling property is considered as compared with New York, Hong Kong, Paris, Tokyo and Singapore.
Recent studies show there are more than 600,000 Sri Lankan’s living in OECD countries. However, when we account for second and third generation Sri Lankans living overseas, along with students who stay back and work, we are actually facing a much higher population of (NRSLs). According to RIU’s own primary research, bankers have confirmed that they have records of fund transfers from Canada, UK and Australia that indicate a very much higher number of NRSL’s who have an active interest in the Sri Lankan market. Speaking to delegates at the event, CEO of RIU, Roshan Madawela, said that “if we only consider the Blue Color workers and not the White Color workers, mainly located in the Middle East, RIU’s own estimate of NRSL’s who still have some connection to Sri Lanka is over 2 million”.
Next up, the RIU Investor Roadshow London 2016 is hosting an Investor Forum at the Sri Lanka High Commission in London on Friday with guest speakers who will make presentations on Real estate in Sri Lanka as well as London, speak about investment into health and alternative medicines as well as disclosing findings from a recent study conducted by Lankaporperty.com and RIU. The event will be graced by the Hon High Commissioner and senior officials at the Sri Lankan High Commission as well as leading NRSL and local businessmen and representatives from the major real estate companies based in London, Colombo and Mumbai.
On Saturday, RIU will be the major sponsor for the Dharmarajah College Charity Ball which will be held at the Grange City Hotel Tower Bridge, London.
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