{"id":28899,"date":"2016-10-07T09:18:57","date_gmt":"2016-10-07T02:18:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lankans-are-leaving-their-ancestral-homes-for-properties-of-their-own\/"},"modified":"2016-10-07T09:21:22","modified_gmt":"2016-10-07T02:21:22","slug":"sri-lankans-are-leaving-their-ancestral-homes-for-properties-of-their-own","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lankans-are-leaving-their-ancestral-homes-for-properties-of-their-own\/","title":{"rendered":"Sri Lankans are leaving their ancestral homes for properties of their own"},"content":{"rendered":"


\nThousands of units to crowd the residential market in four years
\nBuilding of Cargills Ceylon PLC and HSBC in Colombo. PhilipYb Studio \/ Shutterstock.com
\nSri Lankans prefer to invest their income in real estate more than securities, a recent survey conducted by LankaPropertyWeb.com and the Real-Estate Intelligence Unit (RIU) showed.
\nAround 44.1 percent of respondents selected real estate as their asset class of choice (as per the below pie chart), with 58.3 percent predicting an increase in property values. Although a majority of the respondents currently live in their ancestral homes, 58 percent expressed interest in buying property in the short to medium term, the report stated.
\nFor perspective, 33.9 percent preferred fixed deposits, while 17 percent and 5 percent wanted to plough their money into trusts and stocks, respectively.
\nMore: Is Sri Lanka\u2019s commercial capital ready to welcome overseas investors?
\nSixty-four percent of developers who participated in the survey expected a future oversupply in the residential market. The number of units available at the high end of the residential market may top 10,000 by 2020, according to RIU chief executive Roshan Madawala.
\nPrices of Sri Lanka apartments and houses have increased 42 percent and 41 percent, respectively, over the past four years, according to LankaPropertyWeb.com\u2019s National House Price Index.
\n\u201cMultifarious factors continue to exert upward pressure on the market,\u201d Madawala said in a statement. \u201cThese include demographic and life-style changes, overall optimism on the future of the market, tourism, rising interest from foreign investors and buyers, as well as increasing number of non-resident Sri Lankans (NRSLs) entering the market.\u201d<\/p>\n

Read next: Sri Lanka withdraws freehold land offer to Chinese developers
\n
\nSource : property-report.com
\nRead more…Sri Lankans are leaving their ancestral homes for properties of their own<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thousands of units to crowd the residential market in four years Building of Cargills Ceylon...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28899","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7w7","jetpack-related-posts":[{"id":44306,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lankas-first-ever-7-star-luxury-apartment-complex-is-underway\/","url_meta":{"origin":28899,"position":0},"title":"Sri Lanka\u2019s first ever 7-star luxury apartment complex is underway","date":"February 16, 2017","format":false,"excerpt":"\r A significant addition to the Colombo skyline Talk about room with a view. 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