India ranks 54th in housing prices appreciation; rates fall 0.5% in Jun qtr

According to Knight Frank, India ranks 54th out of 55 nations in the global housing prices index, with rates of residential properties falling modestly by 0.5% year-on-year during the quarter ending June.

In the last global home price index report for the first quarter of this calendar year, India was ranked 55th.

Turkey continues to dominate the yearly rankings, with a 29.2% increase in home prices. New Zealand comes in second with a price increase of 25.9%, while the United States comes in third with an increase of 18.6%.

The Global House Price Index study follows the evolution of residential prices in 55 nations and territories throughout the world. In local currency, the index monitors nominal prices.

Overall, 18 countries saw double-digit increase in Q2 2021, with India and Spain being the only countries to have yearly house price declines.

Australia's yearly price increase rate of 16.4% was the highest since 2003.

“Despite the second wave's influence on recovery, India's mainstream home prices have mainly stayed steady with a negative tilt. Moving forward with the decreasing trend of COVID-19 cases and widespread immunisation push, the industry is projected to make a robust comeback with demand for houses only expected to rise in the following quarter.” According to Mr. Shishir Baijal, Chairman and Managing Director of Knight Frank India.

The index is growing at its highest rate since Q1 2005, according to the study. In the year leading up to June 2021, the pandemic-induced housing bubble continued, with prices jumping 9.2% on average across 55 nations and territories.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.