Real Estate in Colombo, Sri Lanka

How do I find a place to live in Colombo?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"If you are looking for a place to live in Colombo, there are a variety of options available. You can search online for rental properties, or contact a local real estate agent to help you find a suitable place. Additionally, you can look for rental postings in local newspapers or on bulletin boards in the city. You can also ask friends and family who live in Colombo for recommendations. Once you have narrowed down your search, you can visit the properties in person to get a better feel for the area and decide if it is the right fit for you," said one expat who made the move to Colombo.

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What is a typical expat home or apartment like in Colombo?

"Expat homes and apartments in Colombo are typically modern and spacious, with air conditioning, high-speed internet, and other amenities. Many expats choose to live in the city center, where they can enjoy easy access to restaurants, shops, and other attractions. Expat homes and apartments often come with balconies or terraces, providing stunning views of the city skyline. Security is also a priority for many expats, with many buildings offering 24-hour security guards and CCTV surveillance," said one person in Colombo.

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What is the average cost of housing in Colombo?

If you are thinking about moving to Colombo, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The cost of housing in Colombo varies depending on the location and type of property. Generally, the average cost of a one-bedroom apartment in the city center is around $1,000 per month, while a three-bedroom apartment in the suburbs can cost around $1,500 per month. Prices for larger homes and villas can range from $2,000 to $4,000 per month," remarked one foreigner who made the move to Colombo.

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Should I buy or rent a home in Colombo?

If you have not spent a lot of time in Colombo, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"When deciding whether to buy or rent a home in Colombo, it is important to consider your budget, lifestyle, and long-term plans. Buying a home in Colombo can be a great investment, as property values are likely to appreciate over time. However, it is important to factor in the cost of maintenance and repairs, as well as the cost of a down payment and closing costs. Renting a home in Colombo can be a more affordable option in the short-term, and it can also provide more flexibility if you are not sure how long you will be living in the city. Ultimately, the decision to buy or rent a home in Colombo should be based on your individual needs and preferences," remarked one member in Colombo.

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What do I need to know when buying property in Colombo?

When we asked expats what advice they would give a foreigner before buying a property in Colombo, they said:

"When buying property in Colombo, it is important to research the area and the property thoroughly. Make sure to check the zoning regulations and any restrictions that may apply to the property. It is also important to understand the local laws and regulations related to property ownership. Additionally, it is important to understand the tax implications of buying property in Sri Lanka, as well as any other fees or costs associated with the purchase. It is also important to have a lawyer review any contracts or documents related to the purchase. Finally, it is important to be aware of any potential risks associated with the purchase, such as environmental hazards or political instability," wrote one expat who made the move to Colombo.

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Are foreigners allowed to own property in Colombo?

When we asked expats what advice they would give a foreigner before buying a property in Colombo, they said...

"Yes, foreigners are allowed to own property in Colombo. The Sri Lankan government has implemented a number of measures to make it easier for foreigners to purchase property in the country. Foreigners can purchase property in Colombo through a registered company, or through a lease agreement with a Sri Lankan citizen. The government also allows foreigners to purchase property through a limited liability company, which is a company that is owned by a foreign investor and managed by a Sri Lankan citizen. In addition, foreigners can also purchase property through a foreign investment company, which is a company that is owned by a foreign investor and managed by a Sri Lankan citizen," explained one person living in Colombo, Sri Lanka.

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What appliances are typically included in a rental?

We asked foreigners in Colombo what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Colombo typically include a refrigerator, stove, oven, washing machine, and air conditioning unit. Other common appliances may include a microwave, dishwasher, and water heater. Furniture may also be included in the rental, such as beds, sofas, and tables," explained one person living in Colombo, Sri Lanka.

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Additional Information about Searching for a Home in Colombo:

We asked foreigners in Colombo what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats can search for homes in Colombo by looking online for real estate websites that specialize in the area. They can also contact local real estate agents who can provide them with information about available properties. Additionally, expats can look for classified ads in local newspapers and online forums to find homes for rent or sale. Finally, expats can also ask their friends and colleagues for recommendations on where to look for homes in Colombo," said one expat in Colombo.

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