Our advisory and market intelligence team will be able to assist you with any information that you require about the market. We also provide brokerage, investment advisory, development advisory, project marketing and sales and property management for those looking to invest. Pease contact us for more details.

Some of the main legislations are as follows:

• Land (Restriction on Alienation) Act No. 38 of 2014
• Apartment Ownership Law No. 11 of 1973, as amended
• Ceiling on Housing and Property Law
• Prevention of Frauds Ordinance
• Registration of Documents Ordinance
• Stamp Duty Act
• Land Reform Law
• Registration of Title Act No. 21 of 1998

• There is a 1% Stamp Duty for leasing land up to 99 years.
• If buying a property, there will be a 3% Stamp Duty on first 100,000 and 4% thereafter.
• Legal fees will be 2-3% of the purchase price
• Taxes on possession and operation of real estate – Assessment rates are payable to the local authority of the area where the land is situated. This would be calculated on the basis of an annual value given by the local authority after an inspection/valuation of the property. Assessment rates are payable quarterly.
• In addition, there are certain charges payable to the Urban Development Authority (UDA). However, UDA charges are not applicable to all premises and would be payable depending on the nature and use of the premises.

VAT should be exempted if you’re buying the property from a private seller (owner) in the secondary market (re-sale), unless the property is owned by a VAT registered company.

Capital Gains Tax is a 10% tax on the profit of an investment asset sale.

Under the current law, a foreigner can get in to the property market using the following options:

• By leasing the property (99 year lease)
• By inheriting
• By a gift from parents
• Part of a private company with a local shareholding of 50% or above
• Part of a public (listed) company (these have no restrictions on foreign shareholding)
• Buy an apartment / condominium (any floor)
• By obtaining Dual Citizenship

There are two types of property tenure in Sri Lanka:

• Freehold
• Leasehold

The terms of leases granted by the government and/or private individuals may vary and may depend on the purpose for which the land is to be used and the agreement between the parties.

When buying a home/land, you have the option to perform several rounds of inspections or property viewings. You will be accompanied by a real estate agent from Acquest who will be able to give you a tour and answer any queries you may have with regard to the property.

When a purchase offer is submitted to the seller there are generally four possible responses. The first is an accepted offer, the second is a counter offer, the third is a rejected offer, and the final is an offer that is not responded to. If your offer is rejected, meaning the seller says no and doesn’t counter, you have the right to place another offer. It’s not very common an offer is rejected or not responded to, unless a seller is offended by a low-ball offer.

There is not a standard answer to this question. A purchase offer will have a “life.” The “life of the offer” can vary from 12 hours to 3 or 4 days. There are many circumstances that can affect the length of the “life of the offer.” Acquest will be able to provide insight as to how long of a “life” to give to your offer. If you’re looking to purchase a home/land that is newly listed and the possibility of multiple offers exists, a shorter life is recommended. If the home/land you’re looking to purchase has been on the market for 3 months and the seller is located out of town, a 3-4 day “life” maybe necessary and/or recommended.

Acquest (Private) limited will assist you in making an offer and communicating it to the seller, which will include the following information:

• Complete legal description of the property
• Down payment and financing details
• Price you are offering
• Proposed closing date
• Length of time the offer is valid
• Details of the deal

Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.

Acquest (Private) limited being Sri Lanka’s premier real estate services provider has an expert market intelligence unit and well experienced agents who will help you make the decision. We take numerous factors in to consideration including: what homes/lands sell for in the area, the condition of the property and how long it’s been on the market. By the time you’re ready to make an offer, you should have a good idea of what the home/land is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home/land.

The answer is, there is no specific number of homes/lands you should look at before buying. Don’t feel that if you were to purchase a home/land you looked at that you’re making a mistake. We at Acquest will help you throughout this journey and ensure only the best options are presented to you for consideration.

There is truly no concrete “correct” answer to this question. There are pro’s and con’s to buying a home before selling your current home and the same can be said about selling your current home before buying another.

Buying a home before selling your current home

The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up. This can reduce the stress and pressure of having to find a home once your current home is sold. This however also can create disappointment and heartbreak. If you are unable to purchase a new home without having to sell your current home, you’re purchase offer is going to be contingent upon sale and transfer of title of your current home. If your current home does not sell in a timely manner, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase, which can be devastating.

Selling your current home/land before buying a new home

The time it takes to sell your current home/land is unpredictable. Selling your current home before buying a new home will put you in an ideal position to negotiate on the new home you’re purchasing due to the fact you are purchasing without the sale contingency of your current home. One risk of selling your current home without buying a new home first is the chance of not being able to have a place to live.

However in the case of a land there is always the freedom to buy or sell leisurely, unless there is an urgency.

Obtaining home loans are not what it used to be many years ago. Most of the major banks now offer simplified steps when applying for a home loan. There are a lot of options on the market. Do your research and get familiarised with the different banks / lenders out there and the housing loan products on offer, and what banks look for when evaluating a home loan applications.

There are a number of potential advantages and disadvantages to buying a house or an apartment. Here are a few considerations,

Pros:

• Autonomy over the property
• Attractive to the family
• Possibility of renovating/enlarging
• No management fees

Cons:

• More to maintain (i.e., yard, garage)
• The convenience of having facilities within one roof (e.g GYM, Pool, Clubhouse, Etc)
• Typically requires a larger deposit

There are plenty of pluses and minuses to buying apartments as investments, too. Here are a few considerations:

Pros:

• Payments can be stretched and special payment plans may be on offer for a New Development while an upfront payment will be required for a completed apartment.
• Less maintenance in comparison to a house
• Services such as 24 hours security and access to common amenities such as a Gymnasium, Swimming Pool etc.

Cons:

• Usually smaller and more compact in comparison to houses
• Pets may not be permitted in most apartment complexes
• Customization of your property may not be possible

Deciding on where to buy is a personal decision and depends on what factors are important to you. For example, if you have school-aged children, you’ll most likely want to choose an area that’s in close proximity to schools. If you work in the city, you might want to live in a location with good transport options. Aside from your own preferences, it’s also important to consider whether the prospective location is somewhere with healthy demand. Ideally, you want to choose a suburb that’s within your budget but also has enough demand if you decide to rent it out or sell it.

Typically, people look for properties that are:

• Within easy reach of areas of employment, like hospitals, large shopping malls, airports, business districts or army bases
• Near the city/business district for young professional sharers or couples
• If it’s a family home, close to desirable schools, parks, shops and other facilities
• Close to public transport

When you’re in the process of looking for a home/land, it’s important to choose a property that offers a good balance between growth potential and live-ability – especially because you’ll most likely be living in it for an extended period of time.

If you’re looking to buy but aren’t sure what to look for speak to us for advise based on your requirements

Please refer below illustration

• The main measurement unit in Sri Lanka is a perch.
• 1 Perch = 25.29 Sqm = 272.21 Sq Ft
• 1 Acre = 160 Perches = 4 Roods = 4,000 Sqm

Regardless of whether you are financing your new property or buying outright, it’s definitely best to have your all your financial priorities ready in advance. Properties move very quickly here in Sri Lanka – if your finances are not ready to go the seller is likely to move onto another buyer and you are likely to miss out.

This really depends on the seller and the situation under which the property is being sold at. However at Acquest we like to keep proceedings as transparent as possible and ensure both the buyer and seller are appraised of the current situation regarding a property.

Please reach out to us by phone or e-mail and one of our competent property advisors/agents will get in touch with you in order to set up a viewing and give you a guided tour of the property.

The purchase of a house or a land is a buying journey and can take place over a period of time. However our expert team will ensure a smooth transition in the buying process making it hassle free to the buyer.

We have an extensive portfolio of over 4000 inventory covering a wide range and variety of requirements, with houses and lands geographically scattered around central Colombo, Colombo suburbs and island wide.

Yes we do, we offer specialized services to expat clients

We have a clientele of highly reputed and well respected individuals who are most often repeat clients. Our client testimonials demonstrate our competence and quality of service.

We understand that most clients are free after working hours or weekends and are able to accommodate their requirements to ensure highest convenience to them.

When buying a home or a land, it’s strongly recommended to enlist the services of a real estate company. A real estate agent is more than just a sales person. A real estate agent may act on your behalf, providing you with advice and guidance when buying or selling a home/land. Due to the constant changing of the market, the information available on listings is not always 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with a real estate agent. Furthermore, real estate agents would have inspected the properties for sale beforehand and thus have insights into what exactly should be offered based on buyer’s requirement making it convenient for the house/land seeker. In addition, attempting to buy a home without a real estate agent can really make the home buying process more difficult due to the complexities of modern real estate transactions since they usually incorporate legal and financial attributes, which takes them well beyond more simple transactions, such as the sale of an automobile. The Agent will also handle the details of negotiation.

The landlord is responsible for maintaining the property in a good state of repair. If you do damage to the property you are expected to cover the cost of putting this right. Acquest could also help you repair these in cosultation with the landlord

The landlord is responsible for maintaining the property in a good state of repair. If you do damage to the property you are expected to cover the cost of putting this right. Acquest could also help you repair these in cosultation with the landlord

The landlord is responsible for maintaining the property in a good state of repair. If you do damage to the property you are expected to cover the cost of putting this right. Acquest could also help you repair these in cosultation with the landlord

The landlord is responsible for maintaining the property in a good state of repair. If you do damage to the property you are expected to cover the cost of putting this right. Acquest could also help you repair these in cosultation with the landlord