Market-leading Sri Lankan property portal LankaPropertyWeb has released a report on the state of the domestic property market in the country. Key among the findings is the fact that property prices have remained stable in Sri Lanka over the last few months and indeed over the last 3 quarters and have not been impacted by Covid-19, as has been the case in countries such as the UK, Australia and Singapore.
Traffic to the portal was up by 124% between the start of the lockdown and June, representing the highest traffic levels in the site’s 13-year history. Leads sent to customers were also up by a massive 228% as the housing market momentum seen in other countries in the wake of the onset of the global pandemic replicated itself in Sri Lanka. Despite global travel restrictions, interest in the national property market from abroad increased as well as traffic from Western European countries and the Middle East surged 19%.
Managing Director of LankaPropertyWeb, Daham Gunaratna said the high level of interest amongst buyers earlier in the year keeps increasing even now.
“We have also noticed a rise in ex-pats looking to buy properties in Sri Lanka as their second home. Investors are looking out for good bargains during this time too."
Now is absolutely the time to buy in Sri Lanka according to Gunaratna:
“With developers and sellers currently offering discounts of up to 15%, it is unlikely that any further discounts will be offered. This is because it may have a significant impact on their bottom-line. For buyers, this is the best time to invest in property before real estate prices start to pick up or savvy investors snap these deals.”
The site, which is part of the Frontier Digital Ventures portfolio, was among several portals around the world to hold a successful online expo in July to capitalise on the demand.