Real estate, perfect hedge against depreciating currency
While Sri Lanka is grappling with the economic crisis and the rupee keeps depreciating, the property market is providing a perfect hedge for investors to dump a lump sum of money. Property developers are optimistic that even through the worst economic crisis, the real estate market has not seen any major impact.
Prices of lands, houses, apartments and rentals have kept on increasing even though there is a crisis in the country and there are people investing heavily, a property developer told the Business Times.
He said, “The diaspora has been carefully monitoring the rupee depreciation since 2019 for three years and waiting to invest in the country. The government needs to get its act together and fasten the approvals for projects. The C Form which is provided to a developer to do up a building, is not updated till today.”
Sri Lanka can take advantage of the rising energy costs in European countries to attract tourists and investors into Sri Lanka if it gets the power, fuel, medicines and essential goods sorted out. “It’s cheaper for the Western countries to spend three to four months in Sri Lanka than to spend on the increased energy costs. Why would they come to Sri Lanka when they can go to Thailand or Cambodia where there is power, fuel and essentials? Sri Lanka needs to act fast,” he noted.
He also mentioned that banks can encourage younger generations to invest in the property market by increasing the mortgage period and by lowering the down payment. Some investments are ruined when banks don’t take risks.
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