Property market: Now the time to buy
View(s):“Now is the time to buy” was the chorus of property experts at the Lanka Property Show 2019, according to a media release issued by Lanka Property Web on the recently-held Lanka Property Show 2019.
This year’s event also comprised a very perceptive panel discussion themed ‘Real Estate Market Outlook of 2019’ and included industry experts who discussed about the status of the property market and its prospects. Brahmanage Premalal- Chairman, Prime Group said: “The need is always there in affordable luxury segments which we cater to mostly. The biggest challenge in property sales is how you deliver the product, managing the costs on top of the taxes and bank interest.”
When asked about how the property market can be more robust and affordable, Ravi Abeysuriya Group Director – Candor Holdings was quoted as saying: “Cost is a major issue for the developer as well as the buyer. The way the Government is managing the macro economy, interest rates are moving up. If you look at the rest of the world, they have brought in financial instruments like Real Estate Investments Trust, where you can attract trillions of dollars. As a country we need these kinds of factors to attract foreign investors.”
A major topic discussed by all panelists was, “Is there a bubble in the property market?” One panellist said: “People must understand that the majority of our population is in Colombo which is 11.3 per cent of the total Sri Lankan population. It is impossible to make houses for all these people. In my opinion there will be a shortage of apartments in the next couple of years”.
Mr. Premalal said that due to the overall political and economic factors there was a slowdown, but the industry is picking up, adding: “I don’t see a bubble coming”.