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Commercial property market in Sri Lanka is now showing an exponential growth as local and foreign companies have started to develop their businesses. It is clear by this factor how foreign firms have already realized the strength of the booming Sri Lankan economy.
Moreover, post-war Sri Lanka has been recognized as a country favorable for the overall real estate market. Foreign Direct Investments will prevail further because of this reason. A large number of Southeast Asian companies and Western companies have already started significant amount of housing projects all over the country.
Foreign Investors started showing interest after the government’s decision to reduce tax on foreign ownership, renting, leasing etc.
Furthermore, commercial data property of Sri Lanka shows that there’s a shortage in supply of Grade A space all over the country.
World Trade Center can be considered as the largest commercial property as well as the property with highest rental rates available in Sri Lanka which comprised of 700,000 square feet.
Overall rental prices have gone up over the past five years. It has been a difficult task not only for foreign companies but also for local companies to find Grade A commercial property spaces.
Most of the foreign firms do not really consider about the price of the property as long as it is close to Colombo. Therefore the commercial property owners make the most out of this opportunity by raising the rental rates significantly.
As mentioned, it is more obvious now that the commercial real estate has a direct impact on the economy of Sri Lanka.
Sri Lanka Commercial Real Estate Demand Increases with FDI
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