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While local interest rates have risen, they still remain at levels substantially lower than that prior to the pandemic, which would benefit buyers who are making investments through bank loans. Strong fundamentals As previously mentioned, the fundamentals remain unchanged. The twin growth drivers of the urban condominium market, cost and convenience, remain relevant.
In fact, given recent appreciation of land prices as per the LVI, condominiums are perhaps even more attractive now, in relative terms, as building a house of your own becomes increasingly less affordable. In addition, the greater convenience offered by condominiums, for instance in terms of security, repairs and cleaning, has perhaps increased further, due to ongoing power disruptions, which particularly affect households.
Increasing urbanisation also remains a key consideration, in terms of which Sri Lanka is still catching up to its peers. However, the situation is changing. This will fuel the growth of the real estate market, particularly for residential condominiums, with vertical living undoubtedly being the future of urban living, given space constraints and high land prices. As tourism recovers, prospects could improve for both commercial and residential real estate.
This can potentially offer new avenues for investors in condominiums, including for long-term renting of properties to tourists. High-quality condominium developers are well-positioned to capitalise on this opportunity. During the pandemic, many realised the importance of having a well-designed, attractive and functional living space and easy access to amenities such as pools and gyms.
But when you are selecting a lawyer, consider his or her experience and speciality or ask for recommendations from a trusted friend or family. Appointing a lawyer earlier on in the property buying or investing process can help you with; Conveyancing Preparing the Title Deeds and other documents Setting up a property ownership firm in Sri Lanka if required Assisting with resident visa applications Negotiating the Sale and Purchase Agreement Settling legal dues if you are a foreigner Setting up a company for the transaction to be made through if required Setting up a company bank account for funds to be transferred through if required Preparing the Power of Attorney, if you wish to allow someone else to sign on your behalf A lawyer will typically charge 0.
Step 3: Gather your funds Unless you have the required funds to purchase your dream home right off, the best option is to apply for a housing loan. To fund this, local commercial banks offer different housing loan schemes for locals and Sri Lankan expats. They are customized based on repayment period, repayment conditions, profession, value, etc.
You can compare the latest home loan rates and decide on the best one for you. Use a home loan calculator as well to find out what your monthly repayments will be. For this, you need to open up bank accounts in a local bank to maintain everyday living funds and pay for the property purchase.
If the property is being purchased through the company, then the account should be opened under its name. An inward investment account IIA is the special bank account offered by international and selected local commercial banks in the country for such property investments. Transacting through this account for your property investment would mean that remitting funds to overseas can be done easily.
Transfer funds to your new IIA account. Provide official documents of the purchase to the bank ex: sale receipt. You will need them if you decide to sell the property or repatriate money out of Sri Lanka. Before the government changed the law, they only allowed foreigners to purchase condominiums above the 3rd floor. However, with the recent changes foreigners can now purchase apartments on any floor in any part of the country on a cash basis.
They can also lease land in the country up to 99 years. This agreement shall include; Payment schedule including a deposit Obligations of the buyer and seller Terms and conditions related to the deposit The SPA should also include details on when the contract can be terminated, reasons for termination, penalties, etc.
Step 5: Do the legal work The sale of a property is only complete after all the legal paperwork is done. This includes the title deeds, ownership history, proof of the absence of legal disputes related to the property, survey plans, building certificates, street line certificates, certificates of conformity and documents to show payments of taxes and local rates.
Check the validity of each of these documents with a lawyer and confirm their authenticity. What matters is that the building construction is in line with the building certification and that other additional constructions, apart from the approved plan, have not been constructed. A public notary notarizes the change in ownership and confirms the transfer.
He will also receive the keys of the property and title documents on your behalf and register the DOT while notifying the local council or municipality of the change in ownership.
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Step 3: Appoint a lawyer Property lawyers or attorneys in the industry assist buyers and sellers with the legal aspects involved in purchasing a property. As a buyer, working with a trusted lawyer would mean that it reduces your chances of being scammed by fake sellers. But when you are selecting a lawyer, consider his or her experience and speciality or ask for recommendations from a trusted friend or family. Appointing a lawyer earlier on in the property buying or investing process can help you with; Conveyancing Preparing the Title Deeds and other documents Setting up a property ownership firm in Sri Lanka if required Assisting with resident visa applications Negotiating the Sale and Purchase Agreement Settling legal dues if you are a foreigner Setting up a company for the transaction to be made through if required Setting up a company bank account for funds to be transferred through if required Preparing the Power of Attorney, if you wish to allow someone else to sign on your behalf A lawyer will typically charge 0.
Step 3: Gather your funds Unless you have the required funds to purchase your dream home right off, the best option is to apply for a housing loan. To fund this, local commercial banks offer different housing loan schemes for locals and Sri Lankan expats. They are customized based on repayment period, repayment conditions, profession, value, etc. You can compare the latest home loan rates and decide on the best one for you. Use a home loan calculator as well to find out what your monthly repayments will be.
For this, you need to open up bank accounts in a local bank to maintain everyday living funds and pay for the property purchase. If the property is being purchased through the company, then the account should be opened under its name. An Inward Investment Account IIA is the special bank account offered by international and selected local commercial banks in the country for such property investments.
Transacting through this account for your property investment would mean that remitting funds to overseas can be done easily. Transfer funds to your new IIA account. Provide official documents of the purchase to the bank ex: sale receipt. You will need them if you decide to sell the property or repatriate money out of Sri Lanka. Before the government changed the law, they only allowed foreigners to purchase condominiums above the 3rd floor. However, with the recent changes foreigners can now purchase apartments on any floor in any part of the country on a cash basis.
They can also lease land in the country up to 99 years. This agreement shall include; Payment schedule including a deposit Obligations of the buyer and seller Terms and conditions related to the deposit The SPA should also include details on when the contract can be terminated, reasons for termination, penalties, etc. Step 5: Do the legal work The sale of a property is only complete after all the legal paperwork is done.
This includes the title deeds, ownership history, proof of the absence of legal disputes related to the property, survey plans, building certificates, street line certificates, certificates of conformity and documents to show payments of taxes and local rates. Check the validity of each of these documents with a lawyer and confirm their authenticity. Apart from those English is spoken in all parts of Sri Lanka.
So communication is identified as a very rare problem within the country. The economy of the island is thriving at the moment after the 30 year war took place. The major industries such as Tea production, Apparel and Textile industry are expanding its scope while many more industries like real estate and tourism is emerging with great investment opportunities targeting the aim of being wonder of Asia.
Why Sri Lanka After the end of colonial era of Sri Lanka, no sooner the internal conflicts within different ethnic groups started rising. As a result, many tragedies took place over the last 50 years. But the rising of liberation tigers created a 30 year civil war in the country dragging it to the bottom of development. Fortunately the current government was able to put an end to those dark years. Now Sri Lanka is back on track in the race of development and it has achieved a lot within the last few years.
The government has taken many steps needed to ensure the economical and social environment needed for the investors to visit the island. To support the investors they have allowed total foreign ownership across almost all areas of the economy and the safety of foreign investment is guaranteed by the constitution.
The literacy level of the country is admirable and relatively better in south Asia.
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How To Purchase Land In Sri Lanka As A Foreigner
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