How Covid -19 Changes the Real Estate Market – the challenge!

The real estate industry, just like every other industry went through took a bad hit with the pandemic taking over the world. Read on to find out more.

The COVID-19 pandemic caused chaos in most industries, but what about the real estate industry? Let’s find out a bit more about how the industry faired in Sri Lanka.

The real-estate industry in Sri Lanka

Overall the industry has seen a slowdown in growth. This is because during the months of complete lockdown, construction work on buildings had come to a halt and finances too were coming in at a very slow pace for property developers in Sri Lanka.

The industry now

At the moment, growth is still to pick up in real estate. Buyers have run out of funds and so have developers. Many developers like John Keells Properties are in the process of restarting work on construction keeping workers health and safety in mind.

The most severe impact

The leisure part of real estate took the worst economic hit with lockdowns across the world. However, with the country re-opening to tourists, the market will soon begin to pick up.

Is this the best time to invest?

Img via Unsplash

Well, if you have your funds at the ready, then this certainly is the best time to invest in a property. The reason being the lowest rates are available at this point in time but are bound to skyrocket.