Land value growth rate dips in second half of 2023

Land Valuation Indicator (LVI) for Colombo District indicated a slowdown on a year-on-year basis, recording a growth rate of 7.1% during the second half of 2023. 

Central Bank said this slowdown could be observed in all sub-indicators of LVI, namely Residential, Commercial and Industrial LVIs which recorded annual increases of 8.8%, 6.7% and 5.9%, respectively. 

LVI indicated a deceleration on semi-annual basis as well registering a moderate growth of growth of 2.1% during the second half of 2023, compared to the first half of 2023. This deceleration was largely attributable to the slower increase in Industrial LVI followed by Commercial and Residential LVIs compared to the first half of 2023.