Land prices are slowing down, The property value in the Western province has shown an increase of 14 percent in the last five years, which is less than the previous years.
The demand for high-end properties is on the decline at the moment.
Prices in Colombo 3 to 7 have recorded the slowest percentage increase of prices during the period, Land Price Index developed by LankaPropertyWeb (LPW), has revealed
land prices in Western Province of Sri Lanka the Ingiriya area in the Kalutara district recorded the highest percentage increase of 482% over the past 5 years. However, investors speculate that property prices in the suburban areas will catch up as the market for investment properties will rise in the near future As currency value depreciates investors may reach out to buy land as an investment in the suburban areas.
The rate of land prices increased in Colombo 9, 13, and 15 have risen by 113%, 87%, and 47% respectively over the last 5 years and this is a trend that may continue.