LPW’s 2024 Land Price Index Reveals Growth

In a significant turn of events, land prices in the Western Province of Sri Lanka have shown a remarkable rebound, marking a notable uptick in the latest findings of the Land Price Index (LPI) by LankaPropertyWeb (LPW). According to the 2024 Western Province LPI, there has been a robust 7.8% increase in land prices compared to the previous year. This comprehensive index, updated annually, sheds light on the positive trajectory of land values across all three districts of the Western province – Gampaha, Kalutara, and Colombo.

Gampaha District, a bustling region known for its economic activity, has witnessed an impressive surge of 13% in land prices in 2024. Noteworthy spikes have been observed in cities like Negombo, Ragama, and Kadawatha, with Negombo leading the pack with a staggering 34% increase. The district’s growing prominence as both a residential and investment destination is further emphasized by these escalations.

Similarly, Kalutara District has experienced an average 8% increase in land prices, with areas like Ingiriya and Panadura standing out with remarkable surges of 27%. These developments underscore the region’s potential as an attractive investment hub and reflect the vibrant dynamics of its real estate landscape.

In the Colombo District, encompassing both Colombo 1-15 and other areas, a mixed picture emerges. While Colombo 1-15 has shown a modest 2.3% increase in land prices, the overall district (excluding Colombo 1-15) has experienced an average 8% growth. Rajagiriya and Dehiwala are among the areas contributing significantly to this growth, signaling sustained investor interest and development activities within the district.

Commenting on the release of the 2024 LPI, Mr. Daham Gunaratna, the Managing Director of LankaPropertyWeb, highlighted the increased demand for land and heightened market activity over the past year. Factors such as low loan rates offered by banks and rising demand for house construction have contributed to this resurgence in land interest.

The historical data provided by LankaPropertyWeb reveals a significant upward trend in land prices over the past five years, with an average increase of 57.7% across all cities in the Western Province. Ingiriya stands out with an astounding 500% increase during this period, showcasing the region’s remarkable growth potential.

Introducing the LPW LPI: Your Guide to Sri Lanka’s Real Estate Trends

Here at LankaPropertyWeb (LPW), we’re excited to unveil our latest tool for real estate enthusiasts and investors: the Land Price Index (LPI). Designed to capture annual changes in land prices, the LPI offers invaluable insights into one of Sri Lanka’s most populated provinces – the Western Province.

So, what exactly does the LPI entail? Drawing from publicly available asking prices for bare lands published in LPW and other online media, our index provides a comprehensive overview of land price fluctuations. By considering 2018 as the base year with a price index of 100, we track how land prices have evolved over the years. The most recent update for Q1 2024 allows for a comparison with the average of Q1 2023, giving you a clear picture of the market trends.

Why is this information essential? Whether you’re a buyer, seller, or investor, understanding land prices is crucial for making informed decisions. But we don’t stop there. We recognize that prices can vary significantly within an area, with factors like proximity to main roads or junctions influencing value. That’s why we encourage you to explore our ‘land for sale‘ listings for your desired neighborhood and consult with estate agents or registered valuers for more accurate pricing information.

But wait, there’s more! Alongside the LPI, LPW offers a suite of tools and services to enhance your real estate search. From property listings and valuation reports to price meters and house price indexes, we’ve got everything you need to navigate the market with confidence. Plus, our market insight reports provide invaluable analysis to help you stay ahead of the curve.

As the premier online real estate marketplace in Sri Lanka, we’re committed to delivering top-notch service to our users. Whether you’re buying, selling, or investing, LPW is here to support you every step of the way. So why wait? Visit www.LankaPropertyWeb.com today to explore our full range of tools and resources and take your real estate journey to new heights.

The complete list of land prices for Q1 2024 can be viewed at: www.lankapropertyweb.com/land_prices.php

Posted Date: 27th May 2024

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