Wednesday, 24 February 2021 09:37

Property buyers returning to the market, industry says Featured

Since the beginning of the year there has been an increase in real estate activity by property buyers and sellers, according to Sri Lanka’s leading property portal LankaProperty Web.

The company stated that a comparison between the number of visits to lankapropertyweb.com during the month of January in 2020 and 2021, showed an increase of 23 per cent while leads generated to advertisers on the site increased by 20 per cent.

LankaPropertyWeb (LPW) also saw an acceleration in visitors by 22 per cent and leads by 20 per cent when compared with December 2020 and January 2021. According to the site, January 2021 saw the highest number of visitors to the site since the start of the pandemic, it explained in a media release.

This trend seems industry wide as another property site, house.lk reported a 26 per cent jump in its visits during January in comparison with December 2020. House.lk also reported an all-time high number of visits to the site in January of this year.

With restrictions around COVID-19 easing and confidence returning to the market, property buyers are increasingly positive over closing sales since the start of this year.

In fact, the recently published data by LankaPropertyWeb revealed that only 8 per cent of its 63,250 advertisers had reduced advertised prices during 2020, with an average reduction of 11 per cent. In some cases, these reductions result from the seller’s urgency to sell and further discounts being offered to buyers when closing a sale.

88 per cent of property advertisers did not change their initial advertised price while 4 per cent of the advertisers increased their initial tagged price by 12 per cent. This shows that despite the pandemic, the real estate market in Sri Lanka has remained stable last year, the release said.

 

Last modified on Wednesday, 24 February 2021 11:57

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