






{"id":11172,"date":"2021-02-23T15:46:03","date_gmt":"2021-02-23T08:46:03","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11172"},"modified":"2021-06-04T16:04:02","modified_gmt":"2021-06-04T09:04:02","slug":"real-estate-activity-in-sri-lanka-thrive-amidst-covid-19","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/real-estate-activity-in-sri-lanka-thrive-amidst-covid-19\/","title":{"rendered":"Real estate activity in Sri Lanka thrive amidst COVID-19"},"content":{"rendered":"<p><span class=\"TextRun SCXW201364809 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW201364809 BCX0\">Property buyers and sellers were undaunted by the pandemic, says Lanka Property Web<\/span><\/span><span class=\"EOP SCXW201364809 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_11173\" aria-describedby=\"caption-attachment-11173\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-11173\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_187910858.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-11173\" class=\"wp-caption-text\"><span data-contrast=\"auto\">88 percent of property sellers<\/span><span data-contrast=\"auto\">\u00a0kept their initial tagged price, whilst four percent<\/span><span data-contrast=\"auto\">\u00a0increased their prices by\u00a0<\/span><span data-contrast=\"auto\">12 percent<\/span><span data-contrast=\"auto\">, indicating the stability of the market. <\/span>JaromirChalabala\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">real estate<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">listing site\u00a0<\/span><span data-contrast=\"auto\">LankaPropertyWeb<\/span><span data-contrast=\"auto\">\u00a0(LPW)<\/span><span data-contrast=\"auto\">, real estate <\/span><span data-contrast=\"auto\">activity\u00a0<\/span><span data-contrast=\"auto\">from both\u00a0<\/span><span data-contrast=\"auto\">property\u00a0<\/span><span data-contrast=\"auto\">buyer<\/span><span data-contrast=\"auto\">s and sellers surged since the turn of the<\/span><span data-contrast=\"auto\"> year, reported<\/span><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/www.lankabusinessonline.com\/lanka-property-web-says-sl-real-estate-market-stable-despite-pandemic\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-contrast=\"none\">Lanka Business Online<\/span><\/a><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">In January 2021,\u00a0<\/span><span data-contrast=\"auto\">the<\/span><span data-contrast=\"auto\">ir website<\/span><span data-contrast=\"auto\"> had a 23 percent rise <\/span><span data-contrast=\"auto\">in\u00a0<\/span><span data-contrast=\"auto\">visitors and 20 percent increase in leads generated\u00a0<\/span><span data-contrast=\"auto\">from\u00a0<\/span><span data-contrast=\"auto\">the\u00a0<\/span><span data-contrast=\"auto\">properties listed\u00a0<\/span><span data-contrast=\"auto\">compared to January 2020. <\/span><span data-contrast=\"auto\">The number of visitors also grew by 22 percent\u00a0<\/span><span data-contrast=\"auto\">and\u00a0<\/span><span data-contrast=\"auto\">leads by 20 percent from December 2020 to January 2021.<\/span><\/p>\n<p><span data-contrast=\"auto\">Lanka Business Online believes that this acceleration is industry-wide, seeing as another real estate site, house.lk<\/span><span data-contrast=\"auto\">\u00a0recorded<\/span><span data-contrast=\"auto\">\u00a0an all<\/span><span data-contrast=\"auto\">-time high number of visitors, boasting a<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">26 percent\u00a0<\/span><span data-contrast=\"auto\">surge<\/span><span data-contrast=\"auto\">\u00a0in visits throughout the month of January 2021 compared to a month before.<\/span><span data-contrast=\"auto\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As the government\u00a0<\/span><span data-contrast=\"auto\">starts\u00a0<\/span><span data-contrast=\"auto\">to ease COVID-19 restrictions across the country<\/span><span data-contrast=\"auto\">\u00a0and market confidence resumes,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">real estate<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">buyers have be<\/span><span data-contrast=\"auto\">come\u00a0more\u00a0<\/span><span data-contrast=\"auto\">optimistic about closing deals since the beginning of the year.<\/span><\/p>\n<p><span data-contrast=\"auto\">As a matter of fact, LPW reveals that among t<\/span><span data-contrast=\"auto\">he\u00a0<\/span><span data-contrast=\"auto\">63,250<\/span><span data-contrast=\"auto\">\u00a0property\u00a0<\/span><span data-contrast=\"auto\">adverti<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">ers<\/span><span data-contrast=\"auto\">, only eight percent have decided to lower their prices in 2020, with an average d<\/span><span data-contrast=\"auto\">iscount\u00a0<\/span><span data-contrast=\"auto\">of<\/span><span data-contrast=\"auto\">\u00a0about<\/span><span data-contrast=\"auto\">\u00a011 percent.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">They\u00a0<\/span><span data-contrast=\"auto\">sai<\/span><span data-contrast=\"auto\">d t<\/span><span data-contrast=\"auto\">hat most of these reductions were caused by the sellers\u2019\u00a0<\/span><span data-contrast=\"auto\">urgent need\u00a0<\/span><span data-contrast=\"auto\">to sell, thereby offering more discounts upon the closing of a sale.<\/span><\/p>\n<p><span data-contrast=\"auto\">More<\/span><span data-contrast=\"auto\">\u00a0LPW data published\u00a0<\/span><span data-contrast=\"auto\">uncovered\u00a0that 88 percent of property sellers<\/span><span data-contrast=\"auto\">\u00a0kept their initial tagged price, whilst four percent<\/span><span data-contrast=\"auto\">\u00a0increased their prices by\u00a0<\/span><span data-contrast=\"auto\">12 percent<\/span><span data-contrast=\"auto\">, indicating the stability of the market in the midst of the pandemic<\/span><span data-contrast=\"auto\">\u00a0and<\/span><span data-contrast=\"auto\">\u00a0enabling t<\/span><span data-contrast=\"none\">he<\/span><span data-contrast=\"none\">\u00a0<\/span><a href=\"https:\/\/www.asiapropertyawards.com\/en\/award\/asia-property-awards-sri-lanka-2021\/sri-lanka-property-awards2019\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-contrast=\"none\">PropertyGuru\u00a0<\/span><span data-contrast=\"none\">As<\/span><span data-contrast=\"none\">ia Property Awards<\/span><span data-contrast=\"none\">\u00a0(Sri Lanka)<\/span><\/a><span data-contrast=\"none\">\u00a0winners\u00a0<\/span><span data-contrast=\"none\">to take advantage<\/span><span data-contrast=\"none\">, namely Best Developer 2018-2019 Prime Group,\u00a0<\/span><span data-contrast=\"none\">Best Mixed Use Development\u202f 2019\u00a0<\/span><span data-contrast=\"none\">titleholder\u00a0<\/span><span data-contrast=\"none\">The One Transworks Square (Pvt) Ltd, and Best Boutique Developer 2018 Capital TRUST Residencies (Pvt.) Ltd.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Due to the price fluctuations and the<\/span><span data-contrast=\"auto\"> businesses&#8217; switch to work from home<\/span><span data-contrast=\"auto\"> arrangements,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">commercial property<\/span><span data-contrast=\"auto\"> advertisers had to resort to lowering their p<\/span><span data-contrast=\"auto\">rices by 13 percent in 2020.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When asked about the commercial property market,\u00a0the director at Menavid Realtors\u00a0Naveed Zaveer, said: \u201cThere has been an improvement in the property market since December 2020, with inquiries being made.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe opening of the Sri Lankan airport on the 21 st of January 2021 to tourists is also a positive step towards revitalising the economy. We stay positive and hopeful that this will create a positive mindset in the minds of the investors, motivating them to invest further in the property market.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/cse-and-sec-launches-real-estate-investment-trusts-in-sri-lanka\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: CSE and SEC launches Real Estate Investment Trusts in Sri Lanka<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">Based on a<\/span><span data-contrast=\"auto\">\u00a02020<\/span><span data-contrast=\"auto\">\u00a0study that tackled consumers\u2019 search\u00a0<\/span><span data-contrast=\"auto\">trend<\/span><span data-contrast=\"auto\">s, Colombo was\u00a0<\/span><span data-contrast=\"auto\">rated as the top in rental property searches, followed by Kandy then Dehiwala.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-contrast=\"auto\">As for sales property searches, Colombo remained at the top spot, followed by Kandy and Negombo, respectively.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In general,\u00a0<\/span><span data-contrast=\"auto\">LPW<\/span><span data-contrast=\"auto\">\u00a0said the\u00a0<\/span><span data-contrast=\"auto\">positive\u00a0<\/span><span data-contrast=\"auto\">market\u00a0<\/span><span data-contrast=\"auto\">sentiment\u00a0<\/span><span data-contrast=\"auto\">has been growing<\/span><span data-contrast=\"auto\">\u00a0steadily<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">among sellers and buyers since January 2021<\/span><span data-contrast=\"auto\">, particularly with the 54 percent increase in properties listed on their site\u00a0compared to\u00a0<\/span><span data-contrast=\"auto\">January\u00a0<\/span><span data-contrast=\"auto\">of last year<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Feedback from p<\/span><span data-contrast=\"auto\">roperty sellers and ag<\/span><span data-contrast=\"auto\">ents also\u00a0<\/span><span data-contrast=\"auto\">revealed that the market has been seeing a substantial rise in the number of\u00a0<\/span><span data-contrast=\"auto\">closed deals<\/span><span data-contrast=\"auto\">\u00a0since a month ago<\/span><span data-contrast=\"auto\">, which is why they recommend buyers to f<\/span><span data-contrast=\"auto\">inalise their transactions and take advantage of lower prices before they increase.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"none\">Know of any award-worthy homes, condos, flats, or other real estate projects in\u00a0<\/span><\/i><i><span data-contrast=\"none\">Sri Lanka<\/span><\/i><i><span data-contrast=\"none\">? Nominate them for the 2021 Asia\u00a0 <\/span><\/i><i><span data-contrast=\"none\">Property Awards<\/span><\/i><i><span data-contrast=\"none\">\u00a0(Sri Lanka)<\/span><\/i><i><span data-contrast=\"none\">\u00a0by\u00a0<\/span><\/i><i><span data-contrast=\"none\">9<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">July<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">202<\/span><\/i><i><span data-contrast=\"none\">1<\/span><\/i><i><span data-contrast=\"none\">. Simply visit\u00a0<\/span><\/i><a href=\"https:\/\/www.asiapropertyawards.com\/en\/award\/asia-property-awards-sri-lanka-2021\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span data-contrast=\"none\">asiapropertyawards.com\/en\/award\/asia-property-awards-sri-lanka<\/span><\/i><\/a><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">for more details.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property buyers and sellers were undaunted by the pandemic, says Lanka Property Web <\/p>\n","protected":false},"author":9,"featured_media":21035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[935,865,879,120],"class_list":["post-11172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-investors","tag-market-activity","tag-property-buyers","tag-sri-lanka","news_country-sri-lanka","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real estate activity in Sri Lanka thrive amidst COVID-19 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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