Land Value Indicator of Colombo district expands by 17% in 1H22

20 August 2022 04:49 am Views - 3050

• LVI increases to 186.9 during first six months of 2022
• A deceleration of increasing trend observed in 2H21
• All sub-indicators of LVI have contributed to overall increase
• Industrial LVI recorded highest annual increase

The Colombo district saw its Land Value Indicator (LVI) increase to 186.9 during the first half of 2022. 

The Statistics Department of the Central Bank of Sri Lanka this week shared that the latest LVI measure is an annual increase of 17 percent and a semi-annual increase of 4.6 percent. 

However, it is a deceleration of the increasing trend observed in the second half of 2021, the Statistics Department said in a statement.

All sub-indicators of the LVI, namely Residential LVI, Commercial LVI and Industrial LVI, contributed to the overall increase.

The Industrial LVI recorded the highest annual increase of 20.6 percent, followed by the Commercial LVI and Residential LVI.

The per perch bare land prices are obtained from the Government Valuation Department on a semi-annual basis.
The Land Price Index (LPI), compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semi-annual basis, covers the five DS divisions in the Colombo district. From 2017 onwards, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo district and was rebased considering the first half of 2017 as the base period. 

From 2020 onwards, the LPI was renamed as the Land Valuation Indicator and continued to be released on a semi-annual basis.