Construction & Real Estate

Sri Lanka Construction & Real Estate

Sri Lanka’s construction industry has been a major beneficiary of the country’s rapid economic development over the past six years. Since the end of the civil war in May 2009, the country has rushed to make up for more than two and a half decades of intermittent building activity across most segments, from high-end residential housing to commercial and office space to a variety of key infrastructure segments. In 2015 and early 2016 Sri Lanka’s real estate market expanded rapidly, continuing a medium-term growth trend that has been fuelled by an increased appetite for residential property among the nation’s wealthy and middle-class population, growing demand for grade-A office and commercial space from local and foreign corporates, and rising interest in the country as a tourist destination.

This chapter contains a viewpoint from Patali Champika Ranawaka, Minister of Megopolis and Western Region Development; and an interview with Ranjit Fernando, Chairman, Urban Development Authority.