During the first half of 2022, the Colombo district’s Land Value Indicator (LVI) increased to 186.9.
The Central Bank of Sri Lanka’s Statistics Department announced this week that the latest LVI measure shows an annual increase of 17 percent and a semi-annual increase of 4.6 percent.
However, it is a slowing of the increasing trend seen in the second half of 2021, according to a statement from the Statistics Department.
The overall increase was driven by all LVI sub-indicators, namely Residential LVI, Commercial LVI, and Industrial LVI.
The Industrial LVI increased the most in a year, by 20.6 percent, followed by the Commercial LVI and the Residential LVI.
The per perch bare land prices are obtained semi-annually from the Government Valuation Department.
The Land Price Index (LPI) covers the five DS divisions in the Colombo district and was compiled annually from 1998 to 2008 and semi-annually from 2009 to 2017. From 2017, its geographical coverage was expanded to include all 13 DS divisions in the Colombo district, and it was rebased on the first half of 2017.
From 2020 onwards, the LPI was renamed the Land Valuation Indicator and was still released semi-annually.