The Covid-19 Economic Crisis: Firm-Level Management Strategies Adopted by the Condominium Property Developers in Colombo

Abstract

The Sri Lankan condominium market has seen major negative effects because of the recent Covid-19 economic crisis. This research aims to gain insights into the firm-level strategies adopted by condominium developers in Colombo to effectively mitigate the economic shocks caused by the crisis. Through conducting five (05) in-depth interviews with leaders from condominium development firms, the study discerns that the Covid-19 economic crises have resulted in financial, labor, regulatory, and ethical ramifications for developers. Despite implementing financial strategies and control measures, the developers do not perceive to be completely restored from the adverse effects of the Covid-19 economic crisis. The lessons learned from this investigation hold relevance for the sector as it prepares to face a future, characterized by potential upheaval and uncertainty.