Published on 20 October 2006 at 02:42 pm
Filed in Property News for Sri Lanka » Sri Lanka’s Property Market Suffering
Sri Lanka’s property market was already suffering following the government’s reintroduction of the 100% property tax that’s levied against foreign buyers of Sri Lankan real estate, but since December 2005 when the Tamil Tigers increased their violent efforts to secure a homeland in the nation, the Sri Lankan property market has been a no go area for most investors.
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The investment potential from real estate in Sri Lanka is significant but the property market is immature and suffers from having a government that cannot commit to attracting foreign direct investment.
This makes the property buying process in Sri Lanka particularly unpleasant for an international investor; but those who are committed to buying real estate in Sri Lanka for investment purposes can achieve their goals but need to be prepared for hurdles and hiccups.
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The property investment potential in Sri Lanka is broad and stems from two primary facts; firstly Sri Lanka is an incredibly popular tourist destination and secondly Sri Lanka is growing in popularity with Western second home seekers looking for an alternative and affordable winter sun destination.
International investors looking to profit from property in Sri Lanka are however restricted by the government currently, and those who commit to the Sri Lankan property market should consider doing so for at least the medium term.
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Sri Lanka, the ‘teardrop of India’ is a country that presents property investors with as many opportunities as it does challenges making the real estate sector on this Asian island one of the world’s more exciting prospects for a property purchaser.
The stunning tropical beaches and resorts are a massive draw for tourists, second homers and even retirees, and land and property for sale or development are in abundance - but the government of Sri Lanka have imposed extreme taxation on foreign buyers and while they are keen to attract foreign investment they are also keen to control it.
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