Colombo District land value up by 17 percent in first half of this year

The Colombo District land value increased by 17.0 percent during the first half of 2022, compared to the same period in 2021, the Central Bank has said.This is according to the Land Valuation Indicator (LVI) for the District.However, this shows a deceleration of the increasing trend observed in the second half of 2021, the Central Bank said.

“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 20.6 percent, followed by Commercial LVI and Residential LVI,” the Central Bank said.

Per perch bare land prices are obtained from the Government Valuation Department on a semi-annual basis, the bank said in a statement.

The Land Price Index (LPI) compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semi-annual 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.