Writen by Abdul Mujeeb 4:23:00 PM - 0 Comments
Leading property portal Lamudi backs Sri Lanka’s capital city for commercial property
Five years after the end of the Sri Lankan civil war, Colombo has been transformed into one of South Asia’s hotspots for property investors.
With nearly a million inhabitants and a per capita income of more than $5358 USD, the city now has an impressive GDP of $5 billion USD, making it one of the richest cities in the region.
Global property portal Lamudi.lk has this week named Colombo as the country’s top location for those looking to buy commercial property. In light of the city’s incredible economic performance in recent years, Lamudi’s team of real estate experts have compiled five reasons why those looking to start a business should focus their attention on Colombo.
1. The city has a booming population. Population density of more than 17,344 inhabitants per square kilometer is a definite advantage for any investor. The high population density will ensure that your business will have an optimal daily customer exposure, which in term may lead to increased sales.
2. Infrastructure is improving dramatically. Even though roads in Sri Lanka may not have a good reputation, this is not an issue within Colombo. Investors have a good foundation to start their business, with the development of highways connecting the city with major metropolitan areas across the country combined, plus well-maintained railroads and reliable power and water supplies within the city.
3. A wide range of commercial properties are on the market. Recent land development projects carried out by the Urban Development Authority of Sri Lanka - as well as the construction of mega office apartments such as the WTC twin towers - mean there is a wide range of commercial real estate assets for any new investor who seeks to establish their business in Colombo.
4. The government is backing local businesses. The trend to support local businesses through tax incentives has encouraged many investors to seek opportunities not only within Colombo, but also throughout the island.
5. It is close to the harbour and the airport. Being a port city within a few hours’ drive of the airport, Colombo is easily connected to the world. This location will reduce your costs and transport time, which can be crucial for most small to medium scale businesses.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 500,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.
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