Land prices in Colombo have surged by 7.7% in the second half of 2024 compared to the previous year, according to the latest Land Valuation Indicator (LVI).
The report highlights that residential land saw the highest increase, rising by 9.9%, followed by commercial land at 9.4% and industrial land at 3.9% over the same period.
The Land Valuation Indicator is based on per-perch bare land prices collected semi-annually from the Government Valuation Department.
Originally compiled as the Land Price Index (LPI) from 1998 to 2008 on an annual basis, it was updated semi-annually from 2009 to 2017, covering five DS divisions in the Colombo District. Since 2017, its scope has expanded to all 13 DS divisions, with the first half of 2017 set as the base period.
In 2020, the index was rebranded as the Land Valuation Indicator (LVI) and has continued to be released semi-annually, providing a comprehensive assessment of land price trends in Colombo.
