Colombo land prices on an upward trajectory

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

“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 per cent, followed by Commercial LVI and Residential LVI,” the report 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 five Divisional Secretariat divisions in the Colombo District. Subsequently, from 2017 onward, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo District.