Sri Lankans forecasts positive growth of local real estate market in 2016

Sri-Lanka

Jan 26, 2016 (LBO) – A new survey has revealed that 41 percent of Sri Lankans believe that demand for houses will increase in the next 12 months.

According to a newly-released report from Lamudi Sri Lanka, over 50 percent of respondents expect demand for both affordable and luxury apartments to grow this year.

The report focuses on a series of online surveys of real estate agents and customers as well as onsite data and interviews with local authorities, such as the Minister of Finance, Ravi Karunanayake.

The surveys expose house-hunting trends among buyers and renters, and explore new trends in sustainability, luxury real estate and the use of the Internet and social media in searching for property.

According to the data, the majority of Sri Lankans (72 percent) are looking for property to buy, while more than 60 percent of the respondents confirmed the use of online property portals to find real estate over the last year.

The survey targeting real estate agents revealed the extent to which the property market has moved online. Internet and social media now play a key role in the Sri Lankan real estate market.

According to survey results, nearly 85 percent of agents believe social media influences the modern house-hunter.

“Our research highlights the fact that Sri Lanka is on the right path to growth. The country’s GDP is growing; as is the amount of international interest in real estate,” Lamudi Sri Lanka’s MD Jafar Jafarov commented.

“While Colombo is currently targeted as the luxury ground, investors are also looking at the suburbs and growing cities such as Kandy, Gampaha and Galle for property investments,”

“The country’s real estate market has now emerged as one of the most promising in Asia.”

The 2016 budget also indicates future changes to Sri Lanka’s growing real estate market, with the government focusing on increasing foreign interest and future investment opportunities.

This is highlighted through country-wide infrastructure developments, conversations surrounding foreign ownership laws, and increased tourism projects.

See full report here.

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