SL, one of the most dynamic new real estate markets -research

Ramani KANGARAARACHCHI

Sri Lanka is one of the most dynamic new real estate markets in Asia Pacific region according to a research report titled "Real Estate in Sri Lanka'. This was revealed at the launch of the report by Jones Lang LaSalle at Cinnamon Lakeside Hotel yesterday.

Jones Lang LaSalle Asia Pacific CEO, Alastair Hughes said that Sri Lanka is an extremely promising market for organized commercial, residential and retail real estate services. The country has been on a strong growth trajectory since the re-establishment of political stability.

The report highlights that investment grade office stock in Colombo is expected to multiply 2.4 times in the next 4-5 years. And the IT sector is expected to generate an additional demand of 7 million square feet of office space during 2012-2015.

It said that the expected surge in tourism will require a near doubling of hospitality infrastructure in the coming years.

Chairperson Sri Lanka operations Gagan Singh said, that the company already has half a million square feet of quality real estate under management in Sri Lanka, with clients ranging from leading residential developers to the IT field and their aim is to combine local market knowledge.

The report has analyzed past and present real estate growth trends taking into account country's demographic and socio-economic characteristics.