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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka’s real estate bubble likely to explode in five years

Sri Lanka’s real estate bubble likely to explode in five years

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worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Even developers payments plans could be negotiated in favor of buyers now. After the payment for reservation, negotiation would change to quarterly or semi annual payments instead of original monthly payment plan. In previous years there was no such flexibility.
Most of developers are in one group that carries close family links. 
@Chinwi
Do u mind to produce a clue of the developer who dropped the price by Rs.2m?

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
A known developer . They are the builders cum sellers.

(Others such as Prime lands are managers and sellers . Usually they give the construction to builders like maga, access. )

When we inspected the place we realised that it will drag for at least another 1 1/2 years. + interior another 6 months.

They first sold the units at 19.5 . Offered 17.5 .
The buyer has to wait at least 2 years to occupy
and I told him keep your $s and grab opportunities at a better location.

econ


Global Moderator
@Chinwi wrote:Last week one sales person re-reached my friend working in MidEast  and lowered the previously offered selling price by 2 million !.
"machan March 31 ta kalin gaththoth laksha wissak adu karala dennamlu . Anthima unit deka nisaa.  Gamuda ? "

 My advice was- don't go for it.  last unit talking is rubbish.
Just wait calmly. Keep your Dollars with you -without converting to LKR-. You can get two way bargain in next couple of years.  

Most apartment builders (prime land, home land, CT, Blue mountain etc) are building apartments with money from future holders. I think there should be some regulatory mechanism to this. Otherwise this will be a another scam.

econ


Global Moderator
@samaritan wrote:
@Chinwi wrote:Last week one sales person re-reached my friend working in MidEast  and lowered the previously offered selling price by 2 million !.
"machan March 31 ta kalin gaththoth laksha wissak adu karala dennamlu . Anthima unit deka nisaa.  Gamuda ? "

 My advice was- don't go for it.  last unit talking is rubbish.
Just wait calmly. Keep your Dollars with you -without converting to LKR-. You can get two way bargain in next couple of years.  
Frequent full page advertisements can be seen in the news papers by developers stating last few apartments are for sale in the complexes under construction. If the demand was so high then it would be wise for the developer to hold back sale and sell them at a higher price once the project is completed. This was what the developers did when there was genuine demand but now the situation is pathetic. It is certainly a Buyers market.

of course there is no demand for such high priced apartments. Only a very limited proportion of people can afford apartments for 30-50 million rupees. They try to artificially show that there is grater demand.

samaritan


Moderator
Moderator
FALSE HOPES GIVEN TO LANDOWNERS BY BROKERS:

Sandamini Perera (Deputy Chairperson of Prime Group) in an interview with LMD's Yamini Sequeira had this to say:

"The real estate prices remain inflationary and would settle at lower rates if not for brokers. According to her, they tend to push prices up artificially, often convincing landowners that the going rate for a property is much higher than the market can sustain."

"This becomes unsustainable; but as a result, landowners tend to quote astronomical prices for which there are no buyers."
(source:LMD March 2017)

unquote:
There are properties listed for nearly a year without buyers as owners are relying on false hopes given by brokers. Very soon the bubble will burst and the real estate market will tumble.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Good thing is so far developers have delivered the product to end users even after scheduled time. 
At the time of real bursting period failing to meet the delivery obligation is possible.

samaritan


Moderator
Moderator
@worthiness wrote:Good thing is so far developers have delivered the product to end users even after scheduled time. 
At the time of real bursting period failing to meet the delivery obligation is possible.
Already there are clear signs of a burst!


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