Land price inflation in Sri Lankaâ€™s Colombo district slowing
ECONOMYNEXT – Land prices in Sri Lanka’s Colombo district, where the capital is, rose over ten percent in the half-year ending December 2017 from a year ago, led by commercial properties but appear to be slowing down.
The Central Bank said its Land Price Index (LPI), compiled biannually covering the Colombo District, rose 10.4 per cent to December 2017, continuing the recent trend in land price movements in the district.
“All three sub-indices of LPI (Residential, Commercial and Industrial) contributed to this increase,” a statement said.
Residential land prices rose 9.7%, Commercial 11.2% and Industrial land rose 10.1% in the half year to December 2017.
But the data showed land price inflation is slowing in the past three six-month periods with the LPI itself having risen 12.8 percent up to end-December 2016, and slowing to 12.6 percent in the six months to June 2017.
Residential land price inflation showed the sharpest slowdown, falling to 9.7 percent in the six months to December 2017, from 11.9 percent in the period to June 2017 and 13.3 percent up to end-December 2016.
Commercial land price inflation has slowed to 11.2 percent in the period to December 2017 from 11.6 percent at end-June 2017 and 12.2 percent at end-December 2016.
Industrial land price growth also slowed, down to 10.1 percent to end-December 2017, from 14.6 percent at end-June 2017 and 13 percent at end-December 2016.
(COLOMBO, March 02, 2018)