Homes for Sale – Sri Lanka
Overview:
GDP growth of 7% per annum has become normal. Construction has grown at a double-digit rates and was 10.3% of GDP in 2013. The IT/outsourcing industry is booming. Shangri-La, Moevenpick, and many other luxury hotels have opened.
There has been significant spending on new infrastructure, and rising internal migration from the provinces into Colombo.
Real estate in Sri Lanka has also grown in the past few years and opened for investments by wealthy indians. Many big real estate developers in Sri Lanka target Indians for investments in their country.
The country offers exotic locations where indians can invest. Many Apartments for sale in Sri Lanka / Villas for sale in Sri Lanka / Homes for sale in Sri Lanka are located at prime serene beaches and the beautiful coastline.
FACTS
Commercial capital: Colombo
- Population : 21.2 million
- Area : 65,610 sq km (25,332 sq miles)
- Major languages: Sinhala, Tamil, English
- Major religions: Buddhism, Hinduism, Islam, Christianity
- Life expectancy : 72 years (men), 78 years (women)
- Currency : Sri Lankan rupee
RESIDENTIAL PROPERTY FACTS
Price (sq.m): n.a.
Rental Yield: n.a.
Rent/month: n.a.
Income Tax: 14.81%
Roundtrip Cost:107.60%
Cap Gains Tax: n.a.
Landlord and Tenant Law: Pro-Landlord
Where to Buy
- Western Region : Colombo
- Central Region: Kandy
- Southern Region : Galle
- Northern Province: Mannar
- Sabaragamuwa Province
Price History:
Four provinces appear to have had house price increases. The Northern Province had the biggest house price increase of around 23.47%.
It was followed by the Central Province (3.1%), Sabaragamuwa Province (2.9%), and Western Province, excluding Colombo (1.2%).
In contrast, the Southern Province and North West Province experienced price declines of 10.1% and 2.4%, respectively.
Price levels for condominium units per square foot (sq. ft.) in Sri Lanka are now (according to KPMG) around:
- Super Luxury ― US$ 230 to US$ 385
- Luxury ― US$ 115 to US$ 270
- Semi Luxury ― US$ 92 to US$ 170
Rental Yields:
High yields of 10% on the West coast of Sri Lanka
| Last Updated: Oct 28, 2005 | |||||
| Colombo | COST (US$) | YIELD (p.a.) | PRICE/SQ.M. (US$) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 70 sq. m. | 55,000 | 250 | 5.45% | 786 | 3.60 |
| 100 sq. m. | 95,000 | 350 | 4.42% | 950 | 3.50 |
| 150 sq. m. | 180,000 | 600 | 4.00% | 1,200 | 4.00 |
| 200 sq. m. | 270,000 | 780 | 3.47% | 1,350 | 3.90 |
| 250 sq. m. | 330,000 | 920 | 3.35% | 1,320 | 3.70 |
| 350 sq. m. | 400,000 | 1,200 | 3.60% | 1,143 | 3.40 |
| 500 sq. m. | 600,000 | 2,000 | 4.00% | 1,200 | 4.00 |
| West Coast | |||||
| 120 sq. m. | 50,000 | 400 | 9.60% | 417 | 3.30 |
| 150 sq. m. | 75,000 | 600 | 9.60% | 500 | 4.00 |
| 200 sq. m. | 100,000 | 800 | 9.60% | 500 | 4.00 |
| 250 sq. m. | 150,000 | 1,400 | 11.20% | 600 | 5.60 |
| 300 sq. m. | 200,000 | 1,800 | 10.80% | 667 | 6.00 |
| 500 sq. m. | 280,000 | 2,500 | 10.71% | 560 | 5.00 |
| 800 sq. m. | 420,000 | 3,000 | 8.57% | 525 | 3.80 |
| 1,000 sq. m. | 500,000 | 3,500 | 8.40% | 500 | 3.50 |
| 1,200 sq. m. | 600,000 | 3,800 | 7.60% | 500 | 3.20 |
| Mountains | |||||
| 250 sq. m. | 60,000 | 250 | 5.00% | 240 | 1.00 |
| 500 sq. m. | 150,000 | 550 | 4.40% | 300 | 1.10 |
| Source: Global Property Guide | |||||
Beachfront property along the West coast has the highest yields, averaging 10%; some properties yield more than 11%. Rents are predominantly seasonal, but this figure reflects long-term rental rates.
Yields around the capital Colombo are much lower, at about 3.5%.
