Are foreigners allowed to own property in Colombo?

"Foreigners are allowed to own property in Colombo, but there are certain restrictions and conditions they need to follow. Foreign nationals can purchase apartments or condominiums in Sri Lanka without any restrictions, as long as the property is above the ground floor. However, when it comes to purchasing land, foreigners are not allowed to directly own freehold land. They can, however, lease land for a period of up to 99 years. Alternatively, a foreigner can invest in a local company that owns the land, but the foreign ownership in the company should not exceed 49%. It is essential for foreigners to consult with a local lawyer and follow the proper legal procedures when purchasing property in Colombo, Sri Lanka," explained one expat living in Colombo, Sri Lanka.