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15% Value Added Tax (VAT) on Residential Condominium Developments in 2022

The construction industry of Sri Lanka; after going through many hurdles from 2020, starting with the COVID-19 pandemic, then the shortage of raw materials, to the sky-rocketing of construction raw material prices, are now faced with the imposition of VAT from October 1st 2022.  The Prime Minister’s Media Division, on May 31st 2022, announced tax reforms to combat the government revenue loss and to...

Investing in Sri Lankan Real Estate

Imagine overlooking the crashing beach waves and feeling the cool ocean breeze stroking your cheeks as you sip on a cup of tea from the balcony of your 25th floor apartment. What a view, right? That is exactly the kind of modern island living that Sri Lanka welcomes you to. At the center of frequently used trade routes to the global market, Sri Lanka is an island rich with many natural resources...

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3 Things to be Mindful of When Purchasing an Apartment

From vertical living to multi-storied houses and ancestral homes in the countryside, housing has evolved throughout the years in different ways in different countries. The industrialized nations are branching out their vertical living styles to higher stories, while in the developing world housing is growing larger in width.  In Sri Lanka, high-rise buildings or condominiums are increasing...

TRI-ZEN reports surging demand as project crosses 45% completion

A combination of low interest rates and the launch of real estate-focused financial products is leading a trend towards investing in apartments, according to John Keells Holdings Vice President, Head of Sales and Marketing (Property Group), Nadeem Shums. Sri Lanka’s financial sector has reached a phase of low interest rates - for fixed income products and housing loans. Together with strong...

Sri Lanka property price disinflation in the capital Colombo ends

The slowdown in property price gains in Sri Lanka’s capital Colombo (disinflation) had ended with a near double digit annual gain, according to an index compiled by the country’s Central Bank. Land, residential and commercial property prices inflated a little under 20 percent in 2018 amid a strong economy recovery where pro-cyclical liquidity injections to target an output gap triggered a currency...

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