In recent months the Research Intelligence Unit discussed the topic and found that Sri Lanka’s economy has been surviving with great resilience. Nonetheless, where real estate is concerned the country will see a decline in real estate assets including apartments due to a number of factors.
Those who wish to invest in apartments in Colombo should consider this the right time. Interest rates are at an all-time low and the value of the rupee is depreciating making it more affordable to those who earn in ponds and dollars.
The currently ongoing apartment projects suffer today as the depreciation of the rupee and the restrictions on imports have caused a cost hike to developers. This makes a future undersupply the realistic thing to expect.
Foreign Direct Investment is key when it comes to selling futuristic, high-end homes like those at TRI-ZEN. With the decline in FDIs in Sri Lanka, sellers will also be stagnant where sales are concerned.
Technology adoption crunch
Many buyers are now looking into the integration of technology into homes to make lifestyles more convenient. Local developers find this a challenge with heavily taxed imports and financial constraints.