Contribution of the real estate sector for the socio economic development of the country.
Real estate meaning defined as land above and below the earth surface, including all things permanently attached to it, whatever natural or artificial.Simpaly we can saw it include land pulse man made things. And otherwise we can identify other theory of Real property; it is the defined as the interest, benefit and rights inherent in the ownership of real estate.it include Real estate and bundle of rights attached to the legal ownership.
This real estate sector is very important to country economic development site and Socio development site. Now we going to talk one by one country each part of economic and socio how important of real estate sector.
1 – National Output
End of the civil war in 2009, After 2009 Sri Lankan got fast growth in real estate sector and that point is very important in our county. And after that time period, 2016 was a very promising year for property, particularly in the capital city, Colombo. With an increased population thanks to urbanization driven by increasing GDP per capita.Beacouse this Colombo city has become transformed with high rise buildings and an increasing number of high profile companies and wealthy individuals moving in.And other wise so many companies and factories was built in inside in country’s other cities . It is very helpful to increase country’s income and increase GDP.
In this picture we can see after 2009 our GDP go up and growth rate go up in that situation our country real state sector is very important.
2 – Employment
In our country in Real estate sector we can some employment classes’ increase with new real estate opportunists. Is is, our country increase support services and providers such as facility management companies, property lawyers, a standardizing brokerage, loan facilities, etc. It is very good, because this service is good for our peoples .it is easy to work with real estate sector. That is good to our new employers. They have new options and have new business opportunities. It helps to increase our income. And GDP. Furthermore, real estate is a source of employment in all sorts of areas; not only for architects, builders and engineers, but also for legal and financial advisors, surveyors, facilities managers and all those who provide services for the construction industry.
3 – Living Standard
The economic growth of country it will help to improve the living stand of the people in the country. Which means it minimize the poverty in the country and it facilitate citizens to enjoy more comfortable lifestyle than before.in 2008/2009 poverty people in the country is 6.7% but in 2016 it was 4.1%.threre for generating employment opportunities also enhance social well-being of the country. House prices in many provinces are increasing, especially the Northern Province (a 23.47% increase was reported in the Global Property Guide for Sri Lanka). Other provinces where house prices are on the rise include Central Province Sabaragamuwa Province, Western Province, Southern Province and North West Province. Although there is a lot of emphasis on luxury property in real estate journals, more affordable property is coming onto the market as Sri Lanka becomes more of a middle-income country. In these details, we can see our people live stand go up with real estate and that is good for our country.
4 – FDI
After 2009, end of war, our country FDI go up, because investors can invest without risk it is good for florin investors. And especially Sport cities Colombo, Nelumkunune, Harbor of Hambanthota these are very big investment are after the war. And other side we can see other privet investment go up. These invest increase our GDP and living stand. Sri Lanka’s GDP follows this growth trend. According to the World Bank, Sri Lanka’s GDP growth has slowed down a little from the rapid changes observed between 2009 and 2016. IN this cause main reason is end of war. Because with war investors afraid to invest our country. But now they can do their invest well.
5 – Tourism
It’s no secret that Sri Lanka has seen a sharp rise in the number of tourists traveling to the island during the past decade.Beacuse after the war tourist filed go up very fast because other countries people not afraid to come our country. And investors invest to tourist side it is very profit full. 2017 recorded the highest number of tourist arrivals with 2,116,407 arrivals which was an increase of 3.2% from 2016. According to The Travel and Tourism Economic Impact 2017 Sri Lanka report, constructed by the World Travel and Tourism Council, the direct contribution of the tourism sector towards the country’s GDP in 2016 was USD4.4billion, 5.1% of total GDP. The sector contributes to the economic growth of the country in ways such as drawing foreign investments, infrastructural developments, and job creation by promoting tourisem,we attract more foreign direct investment to the country .most tourist attraction places , sinharaje,galle,sigiriye etc.
6 – Infrastructure
Real estate sector always develop country Infrastructure because it is very important to country’s all sides.it include roads, transportation, health service, education, electrics etc. This help to develop rural areas also their living stand. Example by Dakshine Highway road.it will also lead to establishing new residential apartment, retails, new good and service companies that area.