Sri Lanka has been ranked the second most unaffordable housing market in Asia, according to a new report by The Economist.
The report noted that cities across Asia are facing a growing shortage of affordable housing as rapid urbanisation drives millions of people into major urban centres. While countries such as India, Indonesia and the Philippines are experiencing fast city expansion, the supply of reasonably priced homes has failed to keep pace.
The Economist warned that the lack of affordable housing is becoming one of the biggest challenges facing Asian cities, affecting productivity, quality of life, and economic growth.
The report added that without significant investment in affordable housing, many of Asia’s major cities risk worsening congestion, inequality, and living conditions in the years ahead. (Newswire)
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