COVID 19 has been a disaster for many economies around the world. This distressing pandemic has had several effects on the Sri Lankan economy, particularly real estate, and according to research, real estate has been somewhat reshaped as a result of COVID 19. Colombo, as Sri Lanka's capital city, has, of course, become the epicenter of this change. Comprehensive research shows that in 2019, Colombo saw a significant increase in the value of the real estate; however, now that COVID 19 has taken its disruptive toll, what is the impact that the Colombo real estate sector is now facing?
It can be confirmed that the real estate value of apartments in Colombo has not changed significantly in comparison to many other countries such as the United Kingdom; despite the fact that many other sectors, such as tourism, were adversely affected by COVID 19, the general price of real estate in Colombo, Sri Lanka remains stable.
It may come as a surprise to many, but there has been a noticeable increase in the interest of many potential buyers in real estate during this time. This is demonstrated by the new, luxurious apartments in Canterbury Golf Resort and Canterbury Gardens which offer an elegant, modern apartment that is difficult to ignore! According to research, this increase began in mid-2020 and is still ongoing, with many buyers looking for new homes in Colombo.Many buyers are looking for luxury real estate in Colombo Sri Lanka.
Although the value of real estate property has remained somewhat reliable and there is genuine interest in Colombo's real estate. Additionally, research shows that when it comes to actually make a purchase – this process seems stalled. The new apartments in Colombo are also more expensive for wealthy buyers, making the property unaffordable for many people which makes resort apartment projects like Canterbury Golf Resort Apartments and Residencies - Piliyandala - Kahathuduwa and Santorini Resort Apartments and Residencies - Negombo the preferred choice.
Reduced Land Value
The outer suburbs, on the other hand, experienced no decline at all. The main reason for this large disparity is that many people prefer to live in a suburb rather than a bustling city, and the general price of land in Colombo appears to be more expensive for potential buyers.