{"id":1560,"date":"2018-12-18T05:01:12","date_gmt":"2018-12-18T05:01:12","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1560"},"modified":"2021-06-04T14:09:40","modified_gmt":"2021-06-04T07:09:40","slug":"sri-lanka-condo-sales-slow-down","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/sri-lanka-condo-sales-slow-down\/","title":{"rendered":"Sri Lanka condo sales slow down"},"content":{"rendered":"<p><strong>Hopes of a recovery ahead of VAT implementation in 2019<\/strong><\/p>\n<figure id=\"attachment_1561\" aria-describedby=\"caption-attachment-1561\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1561\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Sri-Lanka-condo-sales-slow-down.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Sri-Lanka-condo-sales-slow-down.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Sri-Lanka-condo-sales-slow-down-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Sri-Lanka-condo-sales-slow-down-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1561\" class=\"wp-caption-text\">Colombo as seen from Galle Face. saha sanjeewa\/Shutterstock<\/figcaption><\/figure>\n<p>The condominium segment in Sri Lanka has decelerated due to uncertainty, the currency devaluation, and bottlenecks in funding, according to\u00a0a leading analyst.<\/p>\n<p>Monthly condominium sales in the island nation have dropped to just one to two units, compared with the average of eight to nine, the\u00a0<a href=\"http:\/\/www.dailymirror.lk\/article\/Condo-sales-hit-by-politics-falling-rupee-and-high-financing-cost--159881.html\" target=\"_blank\" rel=\"noopener noreferrer\">Mirror Business<\/a>\u00a0reported, citing property developers familiar with the matter.<\/p>\n<p>The drop in sales volume is attributable to political instability, the depreciation of the rupee, and lack of funds, according to KPMG Principal Deal Advisory Shiluka Goonawaradene.<\/p>\n<p>\u201cIt might change next year as VAT (value-added tax) is supposed to come into effect in April. Even if there\u2019s a bit of a slowdown in the market due to current situation, it will pick up early next year,\u201d Goonawaradene said.<\/p>\n<p>The 15-percent VAT will be levied on condominiums from April 1. However, KPMG expects the market\u00a0to evince signs of recovery in the first quarter of 2019.<\/p>\n<p>With the tax in effect, prices of condominiums could rise by anywhere between eight and 10 percent, the consultancy predicted.<\/p>\n<p>The depreciation of the rupee has already raised\u00a0the cost of dollar-priced condominiums by around 20 percent, deepening the dent on sales of luxe condominiums.<\/p>\n<p>A prolonged disruption in sales will have less impact on residential developers with wide access to\u00a0funding, Goonawaradene told the Mirror. \u201cIf you are a small developer, who depends on sales to carry out your project, then you have a problem; you might have to be a bit generous in prices and extend the payment terms.\u201d<\/p>\n<p>Sri Lanka has 14,000 semi-luxury and luxury apartment units in the pipeline by 2020, the Mirror reported, citing data from the Research Intelligence Unit (RIU).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hopes of a recovery ahead of VAT implementation in 2019<\/p>\n","protected":false},"author":2,"featured_media":19849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-sri-lanka","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sri Lanka condo sales slow down | 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\" href=\"https:\/\/www.asiapropertyawards.com\/en\/sri-lanka-condo-sales-slow-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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