02 Jan The Latest Real Estate Trends in Sri Lanka
As funds are coming in from overseas in speculation for growth in the economy, real estate developments are rapidly progressing.
Colombo, the capital of Sri Lanka
The development of Colombo, the central city of Sri Lanka, is remarkable. Sri Lanka has continued economic growth at an annual rate of 5% since the civil war which lasted for 26 years and ended in 2009. During the recovery and growing phase, China has continued to invest in Sri Lanka. Currently, with the expected launching of digital TV broadcasting, there are a number of major construction projects in progress. The Lotus Tower is close to completion, with several hotel residences, office tower buildings, and shopping malls all up and coming to make up the trendy new city. All of these developments are funded by Chinese investors. China is also investing in the steadily underway Port City Project; a development that will create a new city by reclaiming two square kilometers of the southern tip of Colombo Harbor,
Why is China focused so much on Sri Lanka?
One reason is that of the geopolitical importance of Sri Lanka.
China is aiming for port development and promotion of trade in the region from the coastal area of China through Southeast Asia and South Asia to the east coast of Africa while setting up the concept of the ‘Silk Road Economic Area’, they call “One Belt One Road”. Sri Lanka located on the coast of India can also be an extremely important base in relations between the neighboring countries of China and India.
Sri Lanka is right above the sea lane carrying materials such as oil from the Middle East to East Asia. Just as modern cities Singapore and Hong Kong have evolved to be major ports of intermediary trade, Sri Lanka is following suit only now, vindicated from delayed advancement due to long-lasting civil war. The time is definitely now for Sri Lanka; cultivating its growth with a big wave of investments coming from influential neighboring countries.
AREAA Global explores the possibility of a small up-close trip to this developing nation in 2018. Stay tuned for updates.
For more information on Colombo & Sri Lanka real estate opportunities please contact Atsuko Yube, AREAA Global Board of Directors & Silicon Valley Chapter leadership at firstname.lastname@example.org