Land prices in Sri Lanka’s commercial capital records 13.6 percent increase in 1st half of 2019
The Central Bank of Sri Lanka (CBSL) in its Land Price Index has recorded that Colombo District has reached 132.2 during the first half of 2019, which is an increase of 13.6 percent compared to the same period of 2018.
The Central Bank has stated that the three sub-indices of Land Price Index (LPI), namely Residential, Commercial and Industrial have contributed to this increase.
Accordingly, industrial LPI has reportedly recorded the highest year-on-year increase of 14.9 percent, while the Commercial LPI and Residential LPI have increased by 13.2 percent and 12.8 percent, respectively.
Meanwhile, the LPI has recorded an increase of 5.1 percent from the second half of 2018 to the first half of 2019.
The Statistics Department of the Central Bank of Sri Lanka compiles LPI since 1998 covering five Divisional Secretariat divisions in the Colombo District.
The Statistics Department has stated that per perch, bare land prices were collected from the Government Valuation Department on a half-yearly basis.
OSL take:
The increasing business activities in the country as well as the ongoing development programme covering the entire country has resulted in the increase of land prices in Sri Lanka’s Colombo District. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made Sri Lanka the ideal business destination in the South Asian region. Therefore, investing in lands and real estate sectors in Sri Lanka would yield definite returns to the respective business/investor.
| Article Code : | VBS/AT/04092019/Z_2 |