Colombo industrial land prices rise most in 3 years

13 November 2017 11:08 am - 0     - {{hitsCtrl.values.hits}}

A A A

  • Budget proposes to do away with land and apartment ownership restrictions for foreigners
  • Real estate developers hail the move
  • Economists warn of negative consequences of spikes in housing price

 

Land prices in Colombo have been hotter than anywhere else in the island and as of late the prices have been growing at an exponential pace due to the pent-up demand for government and private lands created by various projects from commercial to luxury residences. 


The latest statistics by the Central Bank showed that the Colombo land prices for industrial purpose have risen by 14.6 percent during the first six months of 2017 against the comparative period in 2016, which marked the highest since 2015. The overall index, which captured the residential and commercial land prices, also rose by an average 12.6 percent year-on-year (YoY).


 Unconfirmed statistics showed that Sri Lanka’s land prices in its commercial capital Colombo grew at a compound annual growth rate of 20 percent since the end of the separatist conflict in 2009. This was due to a massive anomaly said to have been created by the former Rajapaksa administration in allocating government land facing the Galle Face promenade to Shangri-La Hotel Colombo at double the going rate at the time. 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Employees’ health and safety our top-most priority - Brandix

When inquired, Brandix Apparel Limited said that health and safety of employe

“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

Last rites far from home

The body of the Sri Lankan migrant worker Bandu who died of coronavirus in Du

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.