ADOPTION OF SUSTAINABLE REAL ESTATE DEVELOPMENT IN SRI LANKA: A GAP ANALYSIS

Abstract

The real estate sector in Sri Lanka has been experiencing more remarkable growth during the past decades. The emergence of innovative local and foreign investors, favourable government policies, urbanisation, enhancement of housing requirements and other socioeconomic factors have driven the scope of the real estate sector to a greater extent. The drastic demand for investments and economic policies has transformed traditional real estate values into an innovative range while intersecting globalisation. The vast competition in the market, innovative trends, expansion of infrastructure, direct ownership opportunities, enrichment of living standards and growth of human needs have inspired real estate investors to achieve greater profits. Although such investment processes are empowered by governmental laws, regulations, policies and standards, the present nature of real estate investments exhibits a tendency not to sustain the future needs of Sri Lanka when achieving profits. Moreover, according to the literature and existing case studies, it is evident that investors avoid considering long-term solutions in real estate. Hence, this investigation demonstrates the necessity of adopting sustainable approaches to define a baseline for real estate investors’ financial perspectives within the Sri Lankan context. It examines the nature of practice in real estate to address the necessity of sustainable real estate development in Sri Lanka. The study has adopted a qualitative approach and aimed at obtaining data via secondary sources. The analysis of data was subjected to be undertaken through a content analysis for a better overview. The research findings are significant in assessing investment opportunities, valueadded real estate developments, sustainable necessities, and future trends in real estate development in Sri Lanka.

Keywords: Real Estate, Sustainable Real Estate Development, Sri Lanka.