Land prices bounce back, says LankaPropertyWeb
View(s):Land prices have bounced back to growth in the latest Land Price Index by LankaPropertyWeb.
The overall land prices in the Western Province increased by 7.8 per cent compared to the previous year, according to the 2024 Western Province Land Price Index (LPI), developed by LankaPropertyWeb (LPW).
It said in a media release that the Land Price Index (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 per cent from the preceding year, while Kalutara witnessed an 8 per cent rise. In the Colombo district (excluding Colombo 1-15), a growth of 8 per cent was observed, with Colombo 1-15 explicitly marking a 2.3 per cent increase.
The increase in the land prices in all three districts of the Western Province reverses last year’s decline in the Gampaha and Kalutara districts. In contrast, the Colombo district (including Colombo city) has shown a consecutive price increase.
In Gampaha District, land prices have experienced an average increase of 13 per cent in 2024 compared to the previous year. Variations in land prices have been observed across various cities. Leading the surge in prices are Negombo, Ragama, and Kadawatha, which have emerged as front-runners with substantial escalations. Negombo, in particular, boasts an impressive 34 per cent increase, underscoring its growing prominence as a desirable living and investment destination. Similarly, Ragama showcased a commendable 27 per cent increase, attracting savvy real estate investors with its promising prospects, thus contributing to the overall growth and appeal of the Gampaha region the website said.
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