Average land prices in Colombo increased by 6.8 percent in first half of 2021

Average land prices in Colombo increased by 6.8 percent in first half of 2021

Sat, Aug 7, 2021, 08:44 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 07, Colombo: Land values in Sri Lanka’s commercial capital Colombo on average has increased 6.8 percent in first half of 2021, according to the biannual Land Price Index compiled by Central Bank of Sri Lanka.

The Land Valuation Indicator (LVI) of Colombo District increased to 155.1 during the first half of 2021, recording an annual increase of 9.5 percent while, on semi-annual basis the LVI marginally increased by 6.8 percent.

All sub-indicators of LVI, namely Residential LVI, Commercial LVI and Industrial LVI contributed to the overall increase. Industrial LVI recorded the highest annual increase of 10.1 percent, while Residential LVI increased by 9.6 percent and Commercial LVI recorded 8.8 percent increase.

The Land Price Index (LPI) compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semiannual basis, covering 5 DS divisions in the Colombo District. Subsequently, from 2017 onwards, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo District and hence it was rebased considering 1st half of 2017 as the base period. From 2020 onwards LPI was renamed as Land Valuation Indicator (LVI) and continued to be released on a semi-annual basis.

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