Colombo District Land Values Show Rise in 2020 – Prospects Good for the Future

During the second half of 2020, the Colombo district in Sri Lanka saw its land values rise by 4.6% when compared to the previous year; this was according to an online article published by EconomyNext on 26th February 2021. The statistics were garnered from the Land Valuation Indicator which also showed an over 4% increase in residential, commercial and industrial values.

Additionally, according to the Daily FT in an article posted online on 18th March 2021, the local real estate market is expected to transition from a buyers’ market to a sellers’ market; this is because more demand for real estate is expected. This bodes well for property developers in Sri Lanka including well-established names such as John Keells Properties, offering smart and luxury apartments in Colombo. This is also good news for the economy as the country looks to get back on track following the challenges posed by COVID-19 last year.