Land value in Sri Lanka’s Colombo District grows 10-pct in 2019 second half

Source: Economynext/Amitha Thennakoon

ECONOMYNEXT- The Land Valuations Indicator (LVI) for the Colombo District grew 10.4 percent in the second half of 2019 from a year earlier, the Central Bank of Sri Lanka said.

The indicator had grown to 138.9 points from 125 points a year earlier.

The per perch bare land prices across residential, commercial and industrial properties had grown, the central bank said.

The Residential LVI grew 10.7 percent, while both the commercial and industrial LVIs had grown 10.3 percent.

The index covers central Colombo and south to Moratuwa along the coast, Sri Jayawardenepura, Kaduwela, Kesbewa, Homagama running up to the Seethawaka and Padukka areas inland.

Sri Lanka’s economy has slowed in 2019, but inflation has picked up from a year earlier

Compared to the first half of 2019, land prices had grown 5.1 percent in the second half, the central bank said.

The rate of price increase has slowed down from a 16.8 percent growth in the second half of 2018 to a 12.8 percent growth in the first half of 2019, falling further in the last six months of 2019.

The central bank uses land prices recorded at the Government Valuation Department. (Colombo/Feb26/2020)

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