Land Value Indicator of Colombo district expands by 14.8% in 2H22

• LVI increased to 205.2 during last six months of 2022
• All sub-indicators of LVI have contributed to overall increase
• Commercial LVI recorded highest annual increase

The Colombo district saw its Land Valuation Indicator (LVI) increase to 205.2 during the second half of 2022.
The Statistics Department of the Central Bank of Sri Lanka (CBSL) yesterday shared that the latest LVI has increased by 14.8 percent on a year-on-year basis. 

All sub-indicators of the LVI, namely the Residential LVI, Commercial LVI and Industrial LVI contributed to the overall increase.  The Commercial LVI recorded the highest annual increase of 15.7 percent, followed by the Residential LVI (15.2) and Industrial LVI (13.6). 

However, a downward trend was observed in the annual increase of the LVI in the second half of 2022, driven by the decline in the annual increase of the Industrial LVI. 

Meanwhile, the annual growth of the Residential and Commercial LVIs increased slightly during the second half of 2022, the CBSL said in a statement. In the first half of 2022, the LVI increased by 17 percent to 186.9. Even then, all sub-indicators of the LVI contributed to the overall increase. In 1H22, 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) was compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semi-annual basis, covering five DS divisions in the Colombo district. 

Subsequently, from 2017 onwards, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo district and hence it was rebased considering the first half of 2017 as the base period. From 2020 onwards, the LPI was renamed as the Land Valuation Indicator (LVI) and continued to be released on a semi-annual basis.