“Despite economic downturn new property development visible”
Despite an economic downturn in Sri Lanka and high cost of materials, new property development is taking place, said Managing Director of LankaPropertyWeb, Daham Gunaratna at the eighth annual Lanka Property Show at The Kingsbury in Colombo.
He said that new developers too are still coming into the market and launching their projects.
“This industry has given a message to the country and the world that we are still standing strong and will continue to flourish during these turbulent times and I thank the exhibitors for their support to convey that message. With the ‘good news’ coming from the IMF we can already see the positivity in the real estate market flushing more.”
He said that 38 projects were displayed at the exhibition and 1/3rd of them showcased at the event for the first time. The success of Lanka Property Show 2023 has demonstrated the resiliency of Sri Lanka’s real estate industry. “Notwithstanding the obstacles created by the global epidemic and economic downturn, the sector has continued to flourish, providing numerous investment opportunities for both domestic and foreign investors,” he said. The mission of the Lanka Property Show is to bring all projects and real estate services under one location for buyers to easily find a property and related services in one location and allow the exhibitors to reach a wider audience.
With properties being promoted between 15.7M and above USD 1M, this year’s event offered housing and investment opportunities to a broader audience and also reached them via both physical and virtual mediums, underpinning a successful blueprint for future events to come.
LankaPropertyWeb event saw close to 10,000 visitors attending both physically and virtually, including foreign investors and there were 28 exhibitors at the event, including prominent real estate developers, construction firms, banks, and other associated enterprises. The show also featured a Legal Advisory panel for the first time, where visitors could address their real estate-related legal matters.
The Sri Lanka Real Estate Investment Forum was held parallelly to the Lanka Property Show 2023. Speakers from the real estate sector, academia, and the government provided their perspectives on a variety of themes, including sustainable development, urban planning, and real estate investing techniques.
LankaPropertyWeb is the leading online real estate platform in Sri Lanka and provides a variety of property-related services, including property listings, property news, market analysis, and legal and financial assistance.