Sri Lanka’s real estate sector in the luxury segment in Colombo city may see an oversupply in four years’ time, said Paul Dwyer, Director, Indola Group, which is building Dusit Thani’s Beachfront residencies in Balapitiya.
“This is the reason we decided to invest in the real estate sector out of Colombo which has proved to be very successful. The first tower with 40 apartments has already been sold out, mostly to foreign buyers,” he said.
He was speaking at Lamudi’s Third Real Estate Expo last Saturday at the North Lawn, Taj Samudra.
Acquest CEO Chandaka de Soysa noted that over the last four years Sri Lanka’s real estate market has experienced tremendous growth driven mainly by local demand.
“All the large-scale projects have sold well in relation to the stage of construction they are currently in.”
De Soysa anticipates demand to remain strong in the medium term with increased interest from Sri Lankan expatriate buyers and growing domestic demand.
Constructing an ideal platform for all real estate requirements, the leading property portal Lamudi launched its first-ever real estate exhibition in May 2016.
The event received immense popularity and responses which led the company to introduce its second expo in September 2016.
During the event, Raintree Residencies launched its latest upcoming projects while developers like Capitol Twinpeaks, HomeLands Skyline, Iconic Galaxy and Global Housing too displayed their latest projects.
Visitors were able to view and discover these projects in 3D models obtaining a clear vision of every project.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets.
(SS)
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