Sri Lanka’s Central Bank records increase in land prices in Colombo District
The Central Bank of Sri Lanka (CBSL) has stated that on yearly basis the Land Price Index for the period ending June 2017 has increased 12.6 percent, which the Bank notes is a continuation of the recent trend in land price movements in the Colombo district.
According to reports, all three sub-indices of the index (Residential 11.9%, Commercial 11.6% and Industrial 14.6%) have contributed to this increase.
In order to monitor the developments in the real estate sector, Central Bank has reportedly been compiling and analyzing several indicators.
The bi-annual Land Price Index (LPI) which is compiled covering the Colombo District since 1998 is one of the indicators of this nature.
In the compilation process of the Land Price Index, the Central Bank uses the land price data collected by the Valuation Department covering around 50 centers of five District Secretariat divisions1 in the Colombo District.
Colombo, Dehiwala, Homagama, Kaduwela and Kesbewa are the five divisional secretariat divisions considered in the Land Price Index.
The information gathered by the Central Bank of Sri Lanka on the increasing land prices in the Colombo District is a positive sign for those seeking investment opportunities in the country’s economic hub. It should be noted that it is now the best time for local investors or foreign investors together with local businesses to explore the possibilities of purchasing lands in the Colombo District given the continuously increasing land prices.
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