Property in Sri Lanka’s Colombo had risen 7.7 per cent in the second half of 2024 from a year earlier, according to a Land Valuation Indicator. According to the report, industrial land had risen 3.9 per cent in the first six months compared to a year earlier. Residential land had risen 9.9 per cent, and commercial land had risen 9.4 per cent.
The highest increase was observed in the Residential LVI, followed by Commercial and Industrial LVIs. Per perch, bare land prices are semi-annually obtained from the Government Valuation Department.
The Land Price Index (LPI) was 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.
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 Land Valuation Indicator (LVI) and has continued to be released semi-annually.
Source: Realty+
--Agencies
