Colombo District Land Price Index records 13.6-pct increase in 1H 2019

Sep 03, 2019 (LBO) – Land Price Index for Colombo District, compiled by the Central Bank has reached 132.2 during the 1st half of 2019, recording an increase of 13.6 percent compared to the 1st half of 2018.

The three sub-indices of Land Price Index (LPI), namely Residential, Commercial and Industrial have contributed to this increase.

Industrial LPI recorded the highest year-on-year increase of 14.9 percent, while the Commercial LPI and Residential LPI increased by 13.2 percent and 12.8 percent, respectively.

Meanwhile, the LPI increased by 5.1 percent from 2nd half of 2018 to 1st half of 2019.

The Statistics Department (STD) of the Central Bank of Sri Lanka compiles LPI since 1998 covering 5 Divisional Secretariat (DS) divisions in the Colombo District.

With the recent developments in the real estate sector, STD expanded the geographical coverage of LPI to cover all DS divisions in the Colombo and revised its base period to 1st half of 2017.

This new series of LPI, with expanded coverage and revised base period, continues biannually since 2017.

The Statistics Department said per perch, bare land prices were collected from the Government Valuation Department on a half-yearly basis.