Market outlook for 2024

2023 has been an interesting year for those here at LRE who are involved in property transactions around our island paradise. We have seen a significant uptick in interest on the east coast which had been in dormant mode since 2018. People are at last realising that the east coast of Sri Lanka has so much to offer in terms of value, natural beauty, proximity to cultural sites and nature reserves, not to mention the spectacular beaches and the deep-sea fishing options.

The highlands attracted many new buyers this year because here again property values are still comparatively low and owning pristine estates or bungalows with spectacular views is high on the menu for so many people.

The surfing crowd identified the south’s beaches many years ago so property interest there has been constantly increasing even during the Covid period. The area from Galle down to Hambantota has no doubt been the busiest in terms of sales and property rentals this past year.

Prices continue to rise steadily in line with demand and it has been a real pleasure to see our market blossom and return to “normality”… At last our spectacular island is back on the map and once again attracting both significant investment from HNW individuals who set the stage for others to follow, and the younger crowd of budding entrepreneurs and Island Life lovers who are making smaller property investments with long term plans for a better lifestyle.

2024 will undoubtably give Sri Lankan real estate the wind beneath its wings to continue the ascent that it has been experiencing this year. Both ourselves and our clients are already very excited and making new property investment plans for the year ahead because, quite simply, we can sense the potential it holds.

There are few places on this planet that offer such a fabulous lifestyle, Sri Lanka has it together with so much diversity, natural beauty, and the most welcoming and generous people… it’s near impossible to beat!