Mar 12, 2015 (LBO) – Sri Lankaâ€™s real estate sector is not in danger of reaching a property bubble as it is still growing at a faster pace than the economy and is showing signs of continuing to do so, a real estate professional says.
Since 2005 the island real estate market has grown from 7.6 percent to 10.3 percent in 2013.
â€œI donâ€™t see any signs of a real estate or property bubble in the near future, Hugh van der Kolff, managing director of Lamudi.lk said at a press conference.
â€œThe real estate and construction industry sectors are presently experiencing a boom and this trend is set to continue for a few years.â€
However, he warned that buying by expatriate Sri Lankan and foreigners who are driving the condo market may have peaked or be nearing its given peak due their finite numbers.
Kolff says the key market driver still remains to be the luxury condominium market which has picked up with in the last year with big players like JHK Waterfront and Altair also coming into the picture.
He made these comments while launching Lamudi.lkâ€™s offline property hotline, Dial 4 Home service.
The new service will allow people searching for properties to use a single platform to find their ideal home by dialing 011 4500 123.