The Sri Lankan real estate market experienced a positive growth in recent years. This provided people with exciting opportunities for purchasing real estate. While making money on this growing market, buyers must consider certain factors to get the most for their money. They should also consider the features and amenities which will allow comfortable living in the years to come.
There are many popular places to live near the coast in Sri Lanka. All of these have its own unique opportunities and challenges to consider when purchasing real estate.
Colombo
Are you looking to live in a metropolitan area in Sri Lanka? Then, you may consider buying a home in Sri Lanka’s largest city of Colombo. Located on the country’s west coast, Colombo is home to approximately 555,031 people within the city limits. It is situated on a large harbor and features a picturesque canal system. This large urban area offers various options in dining and entertainment. Additionally, as host to many of the country’s corporate offices and large business headquarters, Colombo provides many opportunities for jobs.
Developed facilities, public transportation, and many job vacancies in Colombo provide a high standard of living. But it also drives up land prices within the city limits. In addition to this, Colombo has a regulation governing minimum land size (number of perches) on which construction is allowed. This makes building a new home a complicated and costly option.
In response to these high prices and land restrictions, the number of high-rise buildings continues to grow. In turn, this has made apartments a popular option for home ownership within the city. This abundant market for luxury apartments for sale in Colombo is seen on houses for sale ads online. These direct sales are beneficial to the buyer as the price is often more negotiable. In fact, this provides more possibility to get what you desire within budget.
Although costly, buying a home within Colombo can provide a lot of job and cultural opportunities.
Dehiwala
Dehiwala is located just south of the Colombo’s center. It is a great option for a house or land in a suburban setting with access to comforts. With many options to buy an existing home or plot of land, this suburb offers opportunities for property ownership. At the same time, there is also easy access to Colombo’s employment opportunities.
Slightly less expensive than urban Colombo, there are large, comfortable houses for sale in Dehiwala. They are in safe residential areas with parking. In fact, Dehiwala has a new type of enclosed housing development. This is gaining popularity in Sri Lanka. These are surrounded by security-patrolled boundary walls. They also offer private houses. They also provide recreation options, too. Often, they have their own small food markets. This adds to self-sufficiency. This additional type of housing in Sri Lanka is giving buyers more options to choose from than ever.
However, as Dehiwala continues to grow in popularity, the infrastructure and industry have also grown. This is to cope with the booming population. As a result, this is leading to a greater congestion than ever before.
For buyers intending to build their home, Dehiwala has residential land plots accessible by public transportation.
Galle
Sri Lanka’s fourth largest city is Galle. It is located at Sri Lanka’s southwestern tip. Moreover, it offers a lower cost of living. It is also a good option for buyers seeking a less populated area with strong infrastructure and public transportation. Galle is also home to a natural harbor and many cultural landmarks. They are close to churches, mosques, museums and all the needed conveniences. Galle also has a major railway station and the E Class Highway. So, it is convenient for traveling within city limits or to Colombo.
As a result, there are many houses for rent in Galle. In addition, Galle also has many colonial homes as well as new construction in the colonial style.
Land Laws in Sri Lanka
However, there are land laws within Sri Lanka which buyers must consider. First, a buyer should check that the land type allows building houses. In addition, make sure that it is not strictly for commercial use. Additionally, land in Sri Lanka is often classified as “divided” or “undivided”. Knowing the land’s classification is crucial. This is due to the restrictions on allowable sale parameters and permanent structures on undivided parcels. Additionally, those wanting to build close to the beach must first research the construction restrictions governing coastal areas.
Further, you should look for land with existing water, drainage and electricity capabilities. Otherwise, you will have to spend more to get these services. If you cannot find such land, consider purchasing land with a pre-existing structure. Then you can tear down or renovate.
Final Words
There is property in Sri Lanka to suit just about any buyer. They come with large urban centers, miles of beautiful coastlines and small picturesque towns. Classified ads sites can be a great place to get an idea of the different types of real estate available. You can also check for a given area and the average prices. You should do careful research on available properties. In fact, consider local laws and visit multiple sites before making an offer. This way, you can get the most from this abundant marketplace.
