Nov 09, Colombo: Prices of Sri Lanka's land in Colombo district increased by 12.6 percent in the first six months of 2017, data released by the Central Bank Thursday on the bi-annual Land Price Index (LPI) showed.
In order to monitor the developments in the real estate sector, Central Bank has been compiling and analyzing several indicators and the LPI compiled covering the Colombo District since 1998 is one of the indicators of this nature.
In the compilation process of LPI, the Central Bank uses the land price data collected by the Valuation Department covering around 50 centers of five District Secretariat (DS) divisions in the Colombo District.
In view of the diverse nature of the land use and to maintain homogeneity, three indices for residential, commercial and industrial lands are computed separately. The overall LPI is computed by taking the average of these three sub-indices.
The LPI for the sub-indices for residential land increased by 11.9%, commercial land by 11.6% and industrial land by 14.6%.