Lanka Property Show 2019 sends out message that now is the time to purchase properties
Sri Lanka’s property experts reportedly observed that now is the time to buy property in the country at the recently held Lanka Property Show 2019.
This observation was made in a media release issued by Lanka Property Web on the recently held show.
According to reports, this year’s event had comprised a very perceptive panel discussion themed ‘Real Estate Market Outlook of 2019’ and had included industry experts who discussed about the status of the property market and its prospects.
Brahmanage Premalal, Chairman, Prime Group has reportedly said: “The need is always there in affordable luxury segments which we cater to mostly. The biggest challenge in property sales is how you deliver the product, managing the costs on top of the taxes and bank interest.”
When asked about how the property market can be more robust and affordable, Ravi Abeysuriya, Group Director, Candor Holdings was quoted as saying: “Cost is a major issue for the developer as well as the buyer. The way the Government is managing the macro economy, interest rates are moving up. If you look at the rest of the world, they have brought in financial instruments like Real Estate Investments Trust, where you can attract trillions of dollars. As a country we need these kinds of factors to attract foreign investors.”
The media release has stated that a major topic discussed by all panelists was, “Is there a bubble in the property market?”
One panelist had said: “People must understand that the majority of our population is in Colombo which is 11.3 per cent of the total Sri Lankan population. It is impossible to make houses for all these people. In my opinion there will be a shortage of apartments in the next couple of years”.
OSL take:
The sentiments of property experts in Sri Lanka that now is the time to buy properties in the country would undoubtedly boost the confidence levels of foreign businesses/investors to invest in real estate in the island nation. Sri Lanka is currently following a strong development agenda aimed at strengthening and consolidating the country’s overall economy while making it a business hub in the Indian Ocean region. Therefore, purchasing properties in Sri Lanka would definitely be an investment that would yield fruitful results in the near future. The country’s development agenda has resulted in a demand in the house and property sectors.
| Article Code : | VBS/AT/25022019/Z_5 |