Analysts Forecast Buoyant Property Market, Rising Land Prices In Sri Lanka
All signs indicate the Sri Lankan property market is fast emerging as a sunshine industry. Rising land prices, specifically in the prime property sector, have been observed recently while the general market sentiment was seen as beyond encouraging.
Exciting Property Market
In the just concluded 2018 Lanka Property Show, prospective buyers displayed keen interest on showcased properties that reservations and leads moved towards the upward trajectory when compared to the figures registered last year, according to the report by Sri Lankan edition of The Daily Mirror.
Per the solid indicators gleaned at the property trade event, there was “a strong and growing interest in the property market and especially in the apartments sector,” the publication said.
The show had successfully generated positive response from many property buyers that organisers are looking to stage a repeat in the second half of the year, the report added.
Rising Prices In CBD Areas
Meanwhile, the island nation is also witnessing a considerable spike on property prices, mostly seen in the country’s capital of Colombo. The ascending trend is predicted to continue as analysts pointed to the Chinese-funded The Port reclamation project as key catalyst for market growth in the South Asian country.
“Land prices in the central business district of the Sri Lankan capital Colombo appear to be peaking,” a report by the news site Economy Next said.
In fact, the same movement had been observed in the last five years and is likely to be sustained once The Port has been launched later in the year, which will see a whopping investment injection of $1.4 billion into the Sri Lankan economy, all coming from China, the report said.
By June 2018, the construction of high-rise buildings is slated to begin that will cover some 20 hectares of the reclaimed area. The activity is projected to create more job opportunities, induce further increase in local property prices and boost and already thriving Sri Lankan economy.