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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » PENDING PROPERTY BUBBLE BURST!

PENDING PROPERTY BUBBLE BURST!

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21PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Wed Mar 15, 2017 2:33 pm

econ


Global Moderator
@samaritan wrote:OUR ECONOMY IS LIKE SOMALIA BUT PROPERTY PRICES LIKE FLORIDA.PENDING PROPERTY BUBBLE BURST! - Page 2 Icon_lol
Yes that is absolutely correct. I can not figure out who will buy such a small apartments in Colombo at such high price levels.

22PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Wed Mar 15, 2017 2:36 pm

econ


Global Moderator
@samaritan wrote:
@jayathu wrote:I don't think property bubble will burst anytime soon but rising interest rate is a worry for the CSE. Most of the market expert and economist says there'll be a rate hike next month. Which will dampen the equity market even more.  


http://www.economynext.com/Sri_Lanka_03_month_Treasury_Bill_yield_reaches_9.47_pct-3-7518-3.html
In Sri Lanka a lot of stupid things take place contradictory to high profile theories.

Property prices reached dizzy heights over the past two years with a decline in economic growth. The Govt disposed the land opposite Galle Face to ITC at an exorbitant price. This triggered property prices to increase three fold driven by the demand created by property developers who are stuck now. Right now there aren't transactions taking place at the inflated price levels for freehold properties. The party is over!

http://www.dailymirror.lk/article/Mixed-sentiments-over-possible-property-bubble--125075.html

In the above press article CCI President who shares your view clearly states that "as long as the economy continues to grow like in the past there won't be a problem". Fair enough, but the economy had been on the decline in the past 2 years. Future growth???????????

CB Governor too stated that he is concerned about the Construction sector and are closely monitoring same for reasons which are obvious.

Analyse the pros & cons of the arguments in the press article, in my opinion a crash in the real estate market is imminent & inevitable. Wish to recall Mr.Murtaza Jafferjee (MD of JB Stock Brokers) who too predicted same long time ago.
I think current and past government both responsible for this inflated prices for colombo properties. Government hold the bulk of lands and only limited disposed to connected parties at an exorbitant price levels which are not matched with economy of the country.

23PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Wed Mar 15, 2017 2:58 pm

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
http://www.dailymirror.lk/article/HNB-says-comfortable-with-credit-growth-this-year--125527.html


Good info on property market from the view of HNB

24PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Wed Mar 15, 2017 6:55 pm

samaritan


Moderator
Moderator
@jayathu wrote:http://www.dailymirror.lk/article/HNB-says-comfortable-with-credit-growth-this-year--125527.html


Good info on property market from the view of HNB
A very defensive shape talk far from the truth. Property transactions in Colombo have drastically dropped over the past seven months or so. 

"Meka horage ammagen pena ahanawa wage wadak". Banks may have to hold onto possession of properties which will be less than half its value. Hope the banks have lent only one third the value. An imminent disaster in waiting and its already reflecting in the moves made by OSEA trimming their original project plans.

25PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Thu Mar 16, 2017 8:00 am

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I agree with somewhat what they say abt luxury apartments and mid range apartment demand. Currently Mid range apartments are selling well. If you check projects like waterfront, Havelock Town new phase, four four seven and other high end ones demand has come down. Mid range apartments which are coming up in rajagiriya bambalapitiya dematagoda kirulupona and nugegoda range arounds 20Mn-30Mn. For anyone to buy a land over there and build a house withing that price is difficult.

26PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Thu Mar 16, 2017 10:55 am

ice4083


Senior Equity Analytic
Senior Equity Analytic
My friend in Aussie tells me that apartment prices here are even more expensive than best places in Melbourne. He also told me that gambling Chinese people move into developing countries like ours when they see property development and do a pump & dump with the apartments too. They get out at the right time and we will find our usual fools holding on to properties twice their value soon.

27PENDING PROPERTY BUBBLE BURST! - Page 2 Empty Re: PENDING PROPERTY BUBBLE BURST! Thu Mar 16, 2017 11:02 am

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@ice4083 this happens at luxury apartment category, like what happened at Sydney. Chinese investors bought heavily into sydney high end apartments and started selling off after some time. Now prices of those has come down. Again beginning of this yr in Aussie Sydney high end market experiencing inflow of money Chinese investors due to lower prices which is prevailing.

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