Sri Lanka formerly known as “Serendib” was the origin land of the word “Serendipity”. Sri Lanka was said to be a land with immense natural treasures from plantations to gems, pearls. That is the reason why Ptolemy’s famous map of the island was sketched in the year 1535 with much accuracy without any advanced technology. Sri Lanka was a known location for many and was a centerpiece in international trade.
So why Sri Lanka is the Best Luxury Real Estate Investment Location in the world. Here are our picks;
Sri Lanka has been ranked as the no 1 destination, among 20 countries, for winter travel by USA Today. This list included well established destinations like Dubai, Abu Dhabi, Galapagos Islands, etc. Sri Lanka has great weather throughout the year and good for expats who would like to enjoy the best part of their lives.
Low Cost of Living
Colombo the commercial capital of Sri Lanka is ranked 358th out of 424 cities in the world by Numbeo, a popular cost of living analysis site. Colombo is 65.13% less costlier than in New York. All other major cities in Sri Lanka are less costlier than Colombo.
Openness and Friendliness towards Foreigners
There are many many testaments from foreign travelers about the generosity and hospitality of Sri Lankans towards them. One of the iconic was the 2004 Tsunami aftermath. During post Tsunami recovery many affected travelers didn’t have anything to wear during which Sri Lankans who also had their belongings washed out into sea helped the travelers first.
Low Taxes on Properties
With a new President and government, the taxes on properties have been reduced significantly to encourage foreign investments. Gazette notification 2151/52 has removed VAT taxes on apartments from 1st of December 2019 and Gazette 2147/59 has reduced VAT rate from 15% to 6%. These along with other benefits for foreign investors is an enticing prospect.
Rising demand for urban vertical living in Colombo
Colombo’s urban vertical living demand is skyrocketing with the increase of expats coming in as part of development projects being carried out in the country and living, working in the commercial capital. This fueled by the development and maintenance of infrastructure is helping demand to rise even more.
In conclusion the next decade in Sri Lanka for Luxury Real Estate looks very promising and surely an investment asset class which no ones wants to miss out.
Luxely.lk‘s mission is to promote and encourage the selling and renting of these increasing number of Luxury houses and apartments predominantly in the western province. We are achieving this by building a platform where potential buyers, tenants can meet with Luxury real estate agents who have offerings. Subscribe the Luxely.lk‘s email list, Facebook, Instagram, LinkedIn pages for updates.