The Land Valuation Indicator (LVI) for Colombo District increased by 6.9 percent year-on-year in the first half of 2024, fueled by growth in all sub-indicators—Residential, Commercial, and Industrial.
Both the Residential and Commercial LVIs experienced significant increases of 8.5 percent, while the Industrial LVI rose by a more modest 3.7 percent.
On a semi-annual basis, the LVI and its sub-indicators exhibited stronger growth in the first half of 2024 compared to the latter half of 2023, with the Industrial LVI trailing behind the others.
The LVI, which originated as the Land Price Index (LPI), initially covered five DS divisions in Colombo District on an annual basis from 1998 to 2008 and on a semi-annual basis from 2009 to 2017.
Since 2017, the scope of the LVI has expanded to include all 13 DS divisions, with the first half of 2017 serving as the base period.
The LPI was renamed the LVI in 2020 and continues to be published semi-annually.
The LVI calculation accounts for different land uses, with distinct sub-indicators for Residential, Commercial, and Industrial lands. These are derived from the average per perch bare land price within each DS division, with the overall LVI being the simple average of these sub-indicators.
Source: Daily Mirror
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