Lanka’s land prices bounce back to growth – LPW
Sri Lanka’s land prices bounced back to growth according to the latest Land Price Index (LPI), conducted by LankaPropertyWeb (LPW).
The overall land prices in the Western Province increased by 7.8% compared to the previous year, according to the 2024 Western Province Land Price Index (LPI), developed by LPW.
The LPI, updated annually, monitors the trends in asking price values of lands for sale across all three districts of the Western Province – Gampaha, Kalutara, and Colombo.
Based on the Index findings, land prices in Gampaha District surged by 13% from the preceding year, while Kalutara witnessed an 8% rise. In the Colombo district (excluding Colombo 1-15), a growth of 8% was observed, with Colombo 1-15 explicitly marking a 2.3% increase.
Variations in land prices have been observed across various cities. Leading the surge in prices are Negombo, Ragama and Kadawatha, which have emerged as frontrunners with substantial escalations. Negombo, in particular, boasts an impressive 34% increase, underscoring its growing prominence as a desirable living and investment destination.
Kalutara District In Kalutara, land prices have experienced an average increase of 8% in 2024. Ingiriya stands out with an exceptional 27% surge, accompanied by a growth of 500% from Q1 2019 to Q1 2024, underscoring its potential as a promising investment destination.
Similarly, Panadura reflects buoyant market sentiment with a noteworthy 27% rise. Rajagiriya emerges as a nucleus of demand and development activities, boasting a 25% increase.
Additionally, Dehiwala has contributed to the district’s growth trajectory with a respectable 19% increase.The Managing Director of LankaPropertyWeb, Daham Gunaratna, said, “Over the past 12 months, we’ve seen an increase in demand for land and heightened market activity. This trend has been propelled by banks offering low loan rates starting from as low as 12% and demand for house construction picking up, among other factors.”
“With the economic situation improving and interest rates decreasing, we have seen resurgence in land interest in the past year. An example is the number of new land sales projects coming into the market during this period.”
The historical land price data from 2019 released by LankaPropertyWeb, along with the Land Price Index, shows that all cities in the Western Province showed an average price increase of 57.7% for the last 5 years, with Ingiriya showing a remarkable 500% increase during this period.
More details can be obtained from, www.lankapropertyweb.com/land_prices.php
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