Sotheby’s says interest re-emerging in Sri Lanka properties

ECONOMYNEXT – Sotheby’s International Realty in Sri Lanka says investor interest in properties in the Indian Ocean island is re-emerging and the firm is looking to market properties outside of the capital Colombo.

“Sri Lanka Sotheby’s International Realty is pleased to announce that it is receiving positive signals from the market, with increasing interest in Sri Lanka and particular properties in the island from various quarters around the world,” the real estate broker.

“Sotheby’s expects 2020 to be significantly better than 2019.”

With interest re-kindled in Sri Lanka Sotheby’s is looking for properties outside Colombo to market.

“The company is seeking properties with character, historical heritage, modern architectural masterpieces, properties situated at places of natural beauty – all of which Sri Lanka has in abundance,” the firm said.

The firm is marketing Sapphire Residencies, a high rise luxury property promoted by India’s ITC group in the capital Colombo.

In 2019 Sri Lanka was hit by an economic downturn, value added tax on residential property Easter Sunday attacks and political instability.

“All these factors now seem to be easing to allow for greater hope and optimism amongst all stakeholders,” Sotheby’s said.

Though there is increasing interest, prices are under pressure in the country and ‘realistic’ expectations will drive sales, the firm said.

“Although it will still be a buyers’ market, the gradual political stability and improvement in the overall security situation has boosted confidence in the local and international market,” the company said.

“In fact, it is evident that property prices will be adjusted to the current market conditions, where realistic expectations from sellers will improve chances of sales.

“It is but natural that international buyers will be scouting attractive investment opportunities in the island after such a marked market downturn.”

Sotheby’s said tourism has already picked up and the country’s natural beauty and made in a luxury destination. (Colombo/Jan02/2019)