Sri Lanka’s Colombo District records increase in land prices in second half of 2019
The Central Bank of Sri Lanka has reportedly stated that the Land Valuations Indicator (LVI) for the Colombo District has grown 10.4 percent in the second half of 2019 from a year earlier.
Accordingly, the indicator had grown to 138.9 points from 125 points a year earlier.
The Central Bank has stated that per perch bare land prices across residential, commercial and industrial properties had grown.
The Residential LVI grew 10.7 percent, while both the commercial and industrial LVIs had grown 10.3 percent, local media reports stated.
The Central Bank has further stated that compared to the first half of 2019, land prices had grown 5.1 percent in the second half.
The Central Bank of Sri Lanka uses land prices recorded at the Government Valuation Department.
OSL take:
The expansion in Sri Lanka’s economy has resulted in the increase in land value in the country’s commercial capital, Colombo. The ongoing development programme in the country has resulted in increasing business opportunities in Sri Lanka. Also, Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses could therefore explore opportunities in investing in Sri Lanka’s real estate market.
| Article Code : | VBS/AT/20200303/Z_6 |