Foreign apartment buyers to borrow in Sri Lanka: Budget2017

ECONOMYNEXT – Foreign buyers of apartments in Sri Lanka will be allowed to borrow up to 40 percent of the value from local banks, Finance Minister Ravi Karunanayake said.

But the debt must be serviced with foreign funds, he said.

Restrictions on lower floors will also be relaxed, he said.

Sri Lanka has seen a number of high priced hotels coming up, raising fears of a bubble. Some banks are already putting the brakes on apartment lending.

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