Foreign Property News | Posted by Hnin Ei Khin
Land values in Sri Lanka's commercial capital Colombo on average has increased 18 percent compared to the prices a year ago according to the biannual Land Price Index (LPI) compiled by Central Bank of Sri Lanka.
The three sub-indices of LPI, namely residential, commercial and industrial have contributed to this increase. The residential land values year-on-year (YOY) increased by 17.2 percent and commercial land values by 17.4 percent while industrial land values increased by 19.4 percent.
The Land Price Index (LPI) for Colombo District reached 125.9 during the second half of 2018, recording an increase of 18 percent compared to the 116.3 in the 2nd half of 2017.
The Central Bank compiles and analyses several indicators, in order to monitor the developments in the real estate sector. Accordingly, the Land Price Index is compiled biannually covering the Colombo District since 1998.
Sri Lanka’s legal system comprises the Roman Dutch law introduced by the Dutch during Dutch occupation of the Island, the British law, introduced during British occupation and also a set of laws known as ‘personal laws.’
Sri Lanka’s personal laws are
The Kandyan law: Applies to all Sinhalese families and their descendents, that were living in the provinces that came under the Kandyan Kingdom at the time the British took over the Kandyan Kingdom. (These families may now be living outside the Kandyan Provinces, but may still opt to use the Kandyan law)
Thesawalamai Law: The personal laws of the Thesawalamai law applies to Tamils of the Jaffna Province ( also called the Malabar inhabitants of the Jaffna Province).
The territorial aspect of the Thesawalamai laws apply to all immovable property (land and buildings) in the Jaffna province - regardless of the ethnicity and religion of the owners. Under the territorial laws, any land and property in the Jaffna Province owned by Buddhists, Sinhalese or Muslims, would also come under the Thesawalamai laws although the owners are not Jaffna Tamils.
Muslim Law: applies to followers of Islam/Muslims living anywhere in the country
Ref: Property Report
