Sri Lanka’s real estate sector which is expected to take a major blow due to COVID- 19 pandemic is likely to return to normal in another 6- 12 months’ time owing to Sri Lanka’s Government’s continuous efforts in controlling the spread of COVID-19 pandemic, Chairman and Managing Director of Home Lands Group Nalin Hearth said.
He also noted that there will be a slowdown across the industry due to construction halts, decline in new sales of luxury residential units and inability to collect cash from the presale stocks.
However, we’re confident the Government will successfully contain the spread of COVID- 19 in the country and as a result we’re hopeful that demand for land sales and luxury residential, commercial units will pick up in another 12 months’ time.
Further he mentioned that Sri Lankan expatriates and dual citizens especially those who are above 60 years of age are making inquiries to purchase residential units and lands with the intention of settling down in Sri Lanka following this health crisis.
“They are really keen to come back and spend the rest of their lives in Sri Lanka. As a result, there may be a huge demand for real estate sector projects in the post COVID -19 pandemic period Sri Lanka.
Once this health crisis passes, we also expect the support of government as well as the banks to commence our operations without any hindrance,” Herath said. He also expressed confidence that the prices of lands will gradually pick up within a year. In addition, we face issues in terms of collecting cash from the presale stocks. To address this issue, we intend to give our buyers a considerable period for repayments. It is estimated that the Sri Lanka property and land sale industry will bounce back up after the crisis creating the best real estate market after the Covid 19 pandemic.