Sri Lanka’s Real Estate Market Picks Up – Attractive Mortgage Schemes Offered

The real estate market in Sri Lanka is getting back on track; with interest rates at just 7% per annum, mortgage loan opportunities have increased encouraging more locals to invest in real estate. As reported by the Daily FT in March, the buyer’s market is expected to shift to a seller’s market with demand being more than supply; this was according to the President of the Chamber of Construction Industries of Sri Lanka, Ranjith Gunatilleke.

Another factor encouraging local buyers is the launch of loan schemes. As highlighted on 23rd May 2021 on the Colombo Page news website, John Keells Properties have introduced ‘Freedom Mortgages’ for its TRI-ZEN residential development; an ideal option for those looking to enjoy living in Colombo, these apartments can be purchased via the scheme which features a partnership with HNB, DFCC Bank and Commercial Bank. It includes diverse mortgage packages with a two-year interest-free period; customers don’t have to make a payment for two years after an initial 20% payment.