Sunday Times (Sri Lanka)

Maldivian investors keen on buying SL apartments

- By Jayampathy Jayasinghe

Sri Lanka has taught tourism to the Maldives which has become one of the top tourism destinatio­ns in the world today. “Today we have 20,000 Maldivians resident in Sri Lanka. For centuries Sri Lanka has been close to Maldivians when looking at the outside world. The cultural ties that existed between the two countries have been strong .The Maldives had a representa­tive office in Colombo from 1930s,” said the Ambassador of Maldives to Sri Lanka Omar Razzak delivering the keynote address at the Maldivian Investor forum on real estate held at the Embassy of Maldives, Colombo recently.

He said there is an opportunit­y for Maldivian investors to do a feasibilit­y study on the real estate market in Sri Lanka. Although significan­t investment­s have been made by Sri Lankan businessme­n in Maldives few Maldivians have invested in Sri Lanka. Dr. Anil D.P. Baddevitha­na, a Research Consultant, in welcoming the Maldivian investors said there is an opportunit­y for Maldivian investors to purchase a home in Sri Lanka. “Today we are seeing more affordable apartments in Sri Lanka where Maldivians could own their own apartment. This is a right time to buy an apartment following the regime change in the country and even the banks are extending their credit facilities to Maldivians,” he said.

Roshan Madawela, CEO and Director of the RIU, a real estate research and consulting firm, said that the dawn of peace in Sri Lanka a decade ago led to the property boom in Sri Lanka where several new apartments have come up in Colombo and in the suburbs.

“We advise buyers and investors on real estate as an independen­t body. In comparison to other markers in regional countries such as Mumbai, Singapore, Hong Kong and Malaysia, prices in Colombo are competitiv­e than those markets. At the top end of the market, a luxury apartment in Colombo resonates with having fittings that distinguis­h from normal apartments.” Luxury apartments have features such as business lounge, driver’s rooms, 24 hour security service, CCTY, and generators. The properties in Colombo are much appreciate­d by more than 1 million Sri Lankans living in Australia and Canada. New transport projects in the pipe line is going to enhance living standards in the city and its suburbs. Around 4000 new apartments will be built in Colombo by 2020.

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