LMD real estate survey indicates a boom in the market
A poll carried out by research firm Kantar TNS for the business magazine, LMD around seven out of 10 survey respondents in an islandwide survey held the perception that Colombo’s real estate sector was flourishing.
Whereas, around one fifth of the respondents believed otherwise, stating that “instances of growth and no growth” in addition to “people lack finances” as their reasons.
The survey also indicated that 38% of respondents held the belief that the property bubble was in danger of rupturing, stating “unreasonable prices” and the economy not being “strong enough to create demand” as their main motivations for this belief.
Whilst a sizeable 46% hold an optimistic view of the property market’s stability, 16%claim to be uncertain of their view.
The report also indicates that 50% of respondents believe that real estate prices in the city are reasonable, but 33% does not agree with this opinion and the balance 17% remains uncertain of their opinion.
Also, around six out of ten respondents believe that Colombo will progress to the status of a “world-class city” in the near future.
Factors such as“… improved city infrastructure, adherence to regulations, evaluating construction standards, affordable housing schemes and steps to address congestion and monitor bank lending methodologies…” have been cited as the reasons why respondents had confidence in the reliability of the country’s property market.
With high public perception in the country’s real estate market it shows that it remains a popular investment option. Property developers still have the potential to keep reaping the benefits of the country’s property boom.
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