COVID-19 reshaping Sri Lanka’s real estate market: Prime Group

Prime-Group

Jul 13, 2020 (LBO) – Sri Lanka’s residential apartment sales has been seeing renewed interest since January 2020 and post COVID -19 as well following a lull in the market in 2019, a real estate developer said.

Brahmanage Premalal, chairman, Prime Group speaking exclusively to Lanka Business Online said the impact on Residential Real Estate is less compared with the hospitality and retail segments.

However, he says there will be potential delays in investment activity over the next couple of months, owing to the uncertain economic conditions while a slowdown in the construction and engineering sector can be anticipated, as a result of the lock-down and limitations in financing too.

KPMG in report on post COVID – 19 impact to the economy says the residential apartment market has seen a lack of continuous demand, due to both concerns on the economic and political front and also inconsistent policies in the sector during the past few years.

More fundamental reforms in policies will have to be devised at national level, to attract foreign investment and expatriate demand in the market, the report added.